Finance Transformation for Elite Hedge Fund
Our client is an elite hedge fund providing investment services to large institutional clients.
Challenge
Given the diversity of its business portfolio coupled with recent growth, the client’s back office operations were quickly becoming prohibitively manual and were unable to scale to support the growing operation. The inability of the finance function to keep up with the organization’s rate of growth resulted in inefficient finance processes and precluded timely reporting and forecasting. To strengthen and modernize its finance function, the client engaged Clarendon Partners to assess and restructure its finance operating model to accommodate a digital transformation.
Solution & Delivery
Clarendon Partners worked with the client’s finance and accounting leadership and performed the following activities to assess the current state operating model, and to design and execute a digital transformation of its finance function:
Documented current state processes, systems and organizational structure and assessed against best practices. Performed a gap analysis to identify optimal finance operating models that would allow for improved automation and process efficiencies.
Worked with hedge fund leadership to author a detailed strategic plan covering all major functional areas, including mission, organizational structure, responsibility mapping, business process evolution, and business continuity & risk management.
Provided an assessment of current state processes utilizing Clarendon Partners’ digital process automation methodology which included the analysis of manual processes that could be automated.
Created a finance transformation roadmap to operationalize the strategic findings in the assessment.
Launched a Program Management Office (PMO) responsible for management and governance of the transformation (twelve workstreams).
Executed a system and implementation partner selection process to guide the client in selecting a new Enterprise Resource Planning tool (ERP).
Restructured the client’s finance and accounting organization to accommodate new automation and achieve more efficient operations.
Created policies and procedures to gain efficiencies and to adopt enhanced controls
Project Length: 1 year
Impact & Lasting Value
Employing the Clarendon Partners’ assessment, recommendations and roadmap, the new PMO led the client to a successful digital transformation of its finance function. This transformation included the adoption of a new finance operating model, the integration of a new ERP, and the redesign of processes to incorporate the new automation. The streamlined finance function now has the ability to scale and support the organization’s fast growth business strategy.