Automating Business Processes in Financial Services - Financial Reports Approval
By Mala Ramakrishnan on Jul 12, 2013
One of the challenges faced by organizations is the standardization of processes around the creation and generation of financial reports. The variability of these processes is high since formats, peridocity, purpose, content, and organizational workflows change among organizations. Having a pre-built business process that can be extended and customized provides a significant advantage to kick-start the standardization and adoption of the business process. This can eliminate use of email and paper based flows, reduces errors, improves visibility and accountability, and speeds-up the timely execution of the process.
Oracle Process Accelerator for Financial Reports Approval is an end-to-end implementation of this business process. It is ready to use and extensible and built on top of Oracle BPM Suite, and available for free today. The figure below shows a high-level overview of the business flow.
This accelerator is designed so that it can be adapted as easily and quickly as possible to various financial reporting processes within different organizations. Financial Reports Approval controls the process as needed, from step-by-step guidance to straight-through processing when no business exceptions and amendments are necessary. You can get started here: Financial Reports Approval Process Accelerator.
To learn more about our solutions with BPM for common and critical business problems in Financial Services such as Business Account Opening and Loan Origination, download the BPM Financial Services Resource Kit.