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Closing a Critical Gap in Financial Systems

The Problem

This company was preparing to offer its newest product in a competitive marketplace. They had an excellent reputation and didn’t want to jeopardize it. To minimize their risks, I was asked to review their product plans and supporting processes, to be sure they were ready for product launch.

The Solution

Once I understood how senior management defined “success” for the product, I talked with department heads and staff to grasp the planned approach and systems capabilities. One of the key functions of the product was to collect money on behalf of the customers.

The company had sound financial systems for handling its own money, but it became clear that the capabilities and controls for handling third-party funds were not in place. I quickly formed a team (composed of IT, operations and accounting) to define specifications, and then led the design and implementation of the solution.

The Result

The product was introduced successfully and on schedule, with back-office financial systems that satisfied both internal and client auditors.

Chief Financial Officer said: “Carolyn identified a critical problem and corrected it before it became visible outside the company. She helped make us look good to our customers.”

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