Setting the course for success

Jens Sumlak
Director, Finance Transformation Assurance, PwC Switzerland

Article overview

Financial transformation becomes a strategic obligation

85% of Swiss companies are currently transforming their finance function or will do so within the next three years. 67% of the companies surveyed want to update their current ERP systems or implement new systems and technologies. These statements emerge from a PwC study of 153 C-suite executives from Swiss financial management.1 It makes it clear that decision-makers at Swiss companies have recognised the complexity, speed and increasing demands of digitalisation on financial processes and are tackling this change head-on. 

Where transformation begins, trust is needed

Under the leadership of Jens Sumlak, PwC supports companies in the successful implementation of their financial transformation - independently, risk-orientated and with a practical focus. The focus is on the quality of ERP implementations, the integrity of data migrations and the effectiveness of internal controls. The team contributes auditing and consulting expertise to identify key risks at an early stage, fulfil regulatory requirements and ensure audit readiness. Targeted analyses, control assessments, migration tests and transparent interim reporting create trust - and ensure the sustainable success of transformation programmes. Below are three prototypical practical examples: 

Recognising stumbling blocks - reaching milestones

The assurance services for financial transformations address those aspects that determine the success or failure of a transformation project and help to ensure the reliability and integrity of financial reporting.  

• Risks: An ERP implementation harbours many risks. Assurance support allows these to be identified and minimised at an early stage. This prevents costly delays during implementation. 
• Data: PwC's assurance team helps to ensure that the integrity of the data is maintained during the migration to a new ERP system. This preserves the reliability of the information and ensures its verifiability. 
• Functionalities:  The new ERP functionalities are assessed in terms of whether they comprehensively fulfil the requirements of the finance function and financial reporting - in particular by technically enabling an effective internal control system. 
• Compliance: Every company is subject to certain regulatory requirements. As an independent body, PwC checks whether these requirements are being met as part of the transformation project. This helps to avoid legal complications, financial penalties and reputational damage. 
• Go-live: The assurance experts validate the appropriateness of protocols, checklists and test procedures for the productive readiness of a system. A controlled transition to operations is crucial for the sustainable success of the transformation project.  

Achieve results, fulfil expectations

Financial transformation projects are associated with high expectations: better processes, stronger controls, reliable data and future-proof systems. To ensure that these goals are actually achieved, the PwC team of experts provides companies with targeted support in these endeavours: 

• Ensure quality: Objective assessment of project goals, interim results and milestones creates maximum transparency and enables the high quality of a transformation project. 
• Minimise risks: Recognising technical weaknesses and compliance-related issues at an early stage reduces risks for financial reporting and operations. 
• Safeguarding investments: The early validation of new processes, system functionalities and migrated data ensures that the investments in the transformation are sustainable - without expensive rework or risks after the go-live.  
• Achieve audit readiness: By integrating control requirements and data validations in good time, the assurance accompaniment supports seamless test readiness directly after go-live.  
• Optimise costs: By checking IT architectures, data and processes at an early stage, reworking can be avoided and additional costs for corrections minimised. 

Change of perspective with added value

Jens Sumlak knows the challenges of transformation projects from more than just an auditor's perspective. Before joining PwC, he worked as an SAP business analyst for e-commerce projects at a Swiss retail company. This experience still characterises his approach today: "I know from my own experience how valuable a sparring partner can be. Back then, I often wanted someone to ask critical questions and follow up. That's why it's important to me to take the concerns of our clients seriously and support them in a targeted manner with the experience and expertise of our team." 

Conclusion

With targeted assurance services, PwC supports companies in recognising and managing key risks in financial transformation projects at an early stage. This ensures that new systems and processes are implemented seamlessly, in compliance with regulations and ready for auditing - without jeopardising the quality of financial reporting. Independent assurance not only strengthens the success of the project, but also protects the investment in the long term and creates confidence in the transformation.