Product Control Workstation
Every day, Product Controllers face the difficult challenge of creating financial statements for each line of business they control. It’s a long process, typically taking hours to complete. The P&L process consists of multiple reconciliations across many systems and business functions. Upon completion, the output, a position level P&L and Balance Sheet, is passed on to internal consumers across the Front Office, Risk Management, Regulatory Reporting, and senior management.
T+1 position level Balance Sheet and P&L provides an understanding of profitability as well as a control to ensure the accuracy of inventory positions, cash movements and risk sensitivities. Being former Product Controllers ourselves we may be biased but… Product Control is the core engine for the Back Office of a bank.
Bringing together data from Front Office risk systems and Back Office settlement systems and ensuring data accuracy is the core driver of the daily process. Most organizations design their Front Office and Back Office architecture around the product types traded. As a result, the P&L process is typically difficult because of the sheer volume of systems. In addition, internal databases, data lakes, spreadsheets, workflow tools, and reporting tools all need to work in harmony to get the job done.
It’s 2023 and the digital age has arrived. Yet it seems like Product Control has been left off the party list. Isn’t it time for someone to finally solve the challenge.
Finray’s Product Control Workstation is that solution. One solution that provides data management, control, and transparency for Product Control.
Finray covers the entire Product Control function
Map your data to the Finray Common Data Model
Create a single subledger across all of your Back Office systems
Easily traverse across positions, transactions, and journals
Use the easy-to-create business rule capabilities to augment your data
Create reconciliations to validate the alignment of your source systems
Use the standard P&L and Balance Sheet reports and reconciliations
Create on-the-fly reports, dashboards or data off-loads to downstream systems
Product Control Workstation
Every day, Product Controllers face the difficult challenge of creating financial statements for each line of business they control. It’s a long process, typically taking hours to complete. The P&L process consists of multiple reconciliations across many systems and business functions. Upon completion, the output, a position level P&L and Balance Sheet, is passed on to internal consumers across the Front Office, Risk Management, Regulatory Reporting, and senior management.
T+1 position level Balance Sheet and P&L provides an understanding of profitability as well as a control to ensure the accuracy of inventory positions, cash movements and risk sensitivities. Being former Product Controllers ourselves we may be biased but… Product Control is the core engine for the Back Office of a bank.
Bringing together data from Front Office risk systems and Back Office settlement systems and ensuring data accuracy is the core driver of the daily process. Most organizations design their Front Office and Back Office architecture around the product types traded. As a result, the P&L process is typically difficult because of the sheer volume of systems. In addition, internal databases, data lakes, spreadsheets, workflow tools, and reporting tools all need to work in harmony to get the job done.
It’s 2023 and the digital age has arrived. Yet it seems like Product Control has been left off the party list. Isn’t it time for someone to finally solve the challenge.
Finray’s Product Control Workstation is that solution. One solution that provides data management, control, and transparency for Product Control.
Finray covers the entire Product Control function
Map your data to the Finray Common Data Model
Create a single subledger across all of your Back Office systems
Easily traverse across positions, transactions, and journals
Use the easy-to-create business rule capabilities to augment your data
Create reconciliations to validate the alignment of your source systems
Use the standard P&L and Balance Sheet reports and reconciliations
Create on-the-fly reports, dashboards or data off-loads to downstream systems
Product Control Workstation
Every day, Product Controllers face the difficult challenge of creating financial statements for each line of business they control. It’s a long process, typically taking hours to complete. The P&L process consists of multiple reconciliations across many systems and business functions. Upon completion, the output, a position level P&L and Balance Sheet, is passed on to internal consumers across the Front Office, Risk Management, Regulatory Reporting, and senior management.
T+1 position level Balance Sheet and P&L provides an understanding of profitability as well as a control to ensure the accuracy of inventory positions, cash movements and risk sensitivities. Being former Product Controllers ourselves we may be biased but… Product Control is the core engine for the Back Office of a bank.
Bringing together data from Front Office risk systems and Back Office settlement systems and ensuring data accuracy is the core driver of the daily process. Most organizations design their Front Office and Back Office architecture around the product types traded. As a result, the P&L process is typically difficult because of the sheer volume of systems. In addition, internal databases, data lakes, spreadsheets, workflow tools, and reporting tools all need to work in harmony to get the job done.
It’s 2023 and the digital age has arrived. Yet it seems like Product Control has been left off the party list. Isn’t it time for someone to finally solve the challenge.
Finray’s Product Control Workstation is that solution. One solution that provides data management, control, and transparency for Product Control.
Finray covers the entire Product Control function
Map your data to the Finray Common Data Model
Create a single subledger across all of your Back Office systems
Easily traverse across positions, transactions, and journals
Use the easy-to-create business rule capabilities to augment your data
Create reconciliations to validate the alignment of your source systems
Use the standard P&L and Balance Sheet reports and reconciliations
Create on-the-fly reports, dashboards or data off-loads to downstream systems
Benefits achieved in weeks, not months or years
Finray clients map and load data in hours. The no-code nature of the solution means that changes can be addressed as they occur. Audits are easy because non-technical staff can intuitively understand what is happening at each stage of the process.
Finray’s Product Control Workstation clients are taking time, money and risk out of their Product Control functions. It’s among the few finance projects that can have a payback within months.
Find out more by getting in touch.
Benefits achieved in weeks, not months or years
Finray clients map and load data in hours. The no-code nature of the solution means that changes can be addressed as they occur. Audits are easy because non-technical staff can intuitively understand what is happening at each stage of the process.
Finray’s Product Control Workstation clients are taking time, money and risk out of their Product Control functions. It’s among the few finance projects that can have a payback within months.
Find out more by getting in touch.
Benefits achieved in weeks, not months or years
Finray clients map and load data in hours. The no-code nature of the solution means that changes can be addressed as they occur. Audits are easy because non-technical staff can intuitively understand what is happening at each stage of the process.
Finray’s Product Control Workstation clients are taking time, money and risk out of their Product Control functions. It’s among the few finance projects that can have a payback within months.
Find out more by getting in touch.