South African-based integrated financial services group FirstRand Bank is consolidating and upgrading its financial management and reporting environment for increased accountability, auditability and functionality with its migration to Hyperion System 9. 

Having managed its financial environment with Hyperion Financial Management and Hyperion Planning for the last few years, FirstRand Bank has embarked on the migration to Hyperion System 9 to create a central source of financial information and an integrated regulatory, management, budgeting and reporting environment.
“We decided to migrate because our management and reporting structure was not as efficient as it could be,” says Sylvia Pugin, project manager at FirstRand Bank.
“Certain divisions were reporting financial information in one way, while others were following different processes; the result was unnecessary reconciliation and data integrity problems.
“With the move to Hyperion System 9, all financial managers and financial officers will remain autonomous and empowered to make their own decisions, but the entire process will be controlled centrally. They will be working on the same systems, following the same processes and they will become accountable for their data.”
Initially licensed for 400 Hyperion System 9 users, the company also plans to implement Hyperion MDM Server, the master data management solution that will assist users with change management issues concerning data.
Both Hyperion System 9 and Hyperion MDM Server will be run in an Intel-based Microsoft environment and will be managed on-site at the company’s head office in South Africa, with international reporting sites.
“FirstRand Bank will benefit from the Hyperion System 9 enhancements to visibility, auditability, reports matching and reconciliations,” says Marc Scheepbouwer, managing director of local Hyperion distributor Intellient.
“The quality of its reports will be significantly improved, adjustments and data changes passing through the system will be managed better, management accountability will be more defined and security will be controlled centrally.
“Better still, all these improvements will instil a greater awareness of the value of accurate data throughout the organisation.”
With 23 000 people employed in the banking group alone, the FirstRand group provides a comprehensive range of banking, insurance and medical aid products and services to the South African market.