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Introduction to Oracle Hyperion Financial Close Suite

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Introduction to Oracle Hyperion Financial Close Suite

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Introduction to Oracle Hyperion Financial Close Suite

  1. 1. Company Overview • TransRe is a subsidiary of Alleghany Corporation (NYSE: Y), an owner of subsidiaries and investments anchored by core holdings in property and casualty reinsurance and insurance. • Transatlantic Reinsurance Company (“TransRe”) is Global Reinsurer headquartered in New York • 4 US Corporations and worldwide operations with key offices in Asia, Australia, Canada, Europe, South America, & Middle East; • Operate a branch and legal entity structure for reporting needs. • Insure direct writer insurance companies as well as other reinsurers in two major product lines: • Property which includes fire, auto physical damage, and homeowner’s multi peril i.e. property catastrophe risks.; • Casualty & Other Liability including D&O, errors and omissions, and general liability, medical malpractice, ocean marine and aviation, auto liability A&H, surety and credit. • Key financial highlights 2015 • Total Assets $15.2 Billion • Stockholder’s Equity $ 5.2 Billion • Net Premium Written $ 3.4 Billion • Underwriting profit $327.0 Million • Total employees worldwide 627 TransRe – Overview
  2. 2. TransRe – Business Challenges • Reporting deadlines • US GAAP & US Statutory • Reliance on manual data entry, manual interfaces & Excel • Multi-functional currency environment • Lack of standardization • Reporting packages, review & deadlines • Automation • Multiple versions of the truth
  3. 3. Integrated Approach • One source • Self administered • Automation • Leverage existing knowledge TransRe – Approach Non-Integrated Approach • Multiple tools require multiple support organizations • Numerous integration points • Application to application reconciliations • Not cost efficient vs Applications • HFM • HTP • ARM • FCM • Essbase
  4. 4. TransRe – Current Environment Manual entries Cash processing PAM - Investments TIRS - Reinsurance Manual Processes SUN GL FDM / Flat Files Elimination Entries Hyperion Tax Provision Hyperion Financial Management Account Reconciliation Manager • Alleghany reporting package • External reporting Reporting deadlines: • President’s Letter – 7 days from quarter end • US GAAP to Alleghany - 18 days from quarter end • Audit & Finance Committee – 14 days from quarter end • US Statutory – 45 days from quarter end & 60 from year end Essbase
  5. 5. • Small, phased approach • One change at a time • Organizational readiness • From US to global rollout • Define & confirm requirements • Leverage the knowledge of the implementation partner • Ensure goals are understood TransRe – Implementation methodology
  6. 6. TransRe – Business Benefits Reinforced Metadata Governance Alignment Reporting consistency Finance Process Improvements Ownership Eliminates redundant, manual worksheets Ability to achieve efficiencies IT Process Improvements Improved audit controls Reduces IT projects Dynamic reporting Reduced waiting Analytics, less “doing” Reporting Enhancements
  7. 7. • Application enhancements • Adjustments to HTP for automation & reporting • Global rollout for US GAAP – Miami & Canada • Identification of local needs – Reporting • IFRS • OSFI • Solvency II – Local provisions – Local currency reporting needs 7 TransRe – Next Steps
  8. 8. TransRe – Features Leveraged • HFM • Tiered Entity translation • Multiple exchange rates • HTP • Customizable forms & reports • Tax Automation flexibility • ARM • Multi-currency support • Reconciliation types • Reconciliations for multiple sources • Custom attributes • FDMEE • Support for HFM/HTP, ARM, and Essbase
  9. 9. TransRe – HFM Features • Entity translation • Entities are remeasured to functional currency in G/L for certain combinations • Entities are loaded in multiple functional currencies to HFM and then translated to reporting currency (USD)
  10. 10. TransRe – HFM & HTP Features • HFM - Multiple exchange rates • Rates are different for investment accounts • Custom translation rules use investment rates as an override; the other accounts use the default rates • HTP - Customizable forms & reports • OOB FR reports tailored to produce full reporting package • Forms tailored to TransRe usage to simplify presentation • HTP - Tax Automation • Automate as much as possible from account detail • Leverage accumulate mode to layer multiple components instead of custom rules
  11. 11. TransRe – ARM Features • Multicurrency • Able to track and reconcile transactional data by currency (subledgers/3rd party to ledger) • Able to track and reconcile functional data by currency (ledger to HFM) • Custom attributes • Used to classify and filter reconciliations • Multiple reconciliations for same Account / Entity pairs • Used 2 character abbreviation as part of Account Key to delineate reconciliations
  12. 12. TransRe – ARM Features • Types of reconciliations • Bank accounts (Transactional) • Balance comparison from third party to ledger • Investments (Transactional / Functional) • Activity (rollforward) from third party custodian • Balance comparison from third party to ledger • Balance comparison from ledger to HFM • Underwriting (Functional) • Balance comparison from ledger to HFM • Other Balance Sheet (Functional) • Balance comparison from ledger to HFM • Account analysis of payroll accounts from ledger to be added in future
  13. 13. TransRe – FDMEE Features • HFM/HTP • G/L • ARM • Bank data (3rd party) • Investment data (3rd party) • Underwriting data (subledger) • G/L data – Transactional and Functional • HFM data • Leveraged Logic Groups to load once to populate multiple reconciliation types • Essbase for underwriting and investment cubes
  14. 14. Q&A

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