Risk Assessment and Remediation

Financial Reporting

Challenge: This worldwide leader in communication services was undergoing significant organizational change as a result of a recent merger. The integration of business and technology capabilities posed many significant challenges, and senior executives were concerned about operational risks in external financial reporting. The organization sought assistance from Celerity in determining the level of risk present and formulating a workable strategy to address the risks.

Solution: Celerity provided a small, quick strike team composed of senior consultants with expertise in risk assessment and mitigation coupled with significant experience in telecommunications, accounting, and financial reporting. In a matter of a few weeks, the Celerity team was able to assess the risks to external financial reporting within the enterprise and formulate a strategy to manage the risk mitigation effort. The team used an adaptable approach to risk mitigation coupled with program management expertise to support critical executive level reporting needs. The approach also provided integration with other project teams working on major process re-engineering and technology integration efforts that posed potential impacts to external financial reporting.

Results: Within the course of the first three weeks of the engagement, the Celerity team was able to define a comprehensive, collaborative approach and obtain buy-in of business and IT sponsors. Over the course of the next five months the Celerity team executed the approach, finishing ahead of the deadline. Additionally, the Celerity team identified and defined several key process improvement opportunities within the financial close and external financial reporting processes.