Crisis Management, Control regain

  • Accounting,
  • Reporting,
  • Internal Controls & Procedures
  • Finance / Business Controlling

ORGANISATION

  • Global Fire protection company (NYSE Fortune -500)- $10b, 69000FTEs, in 50 countries
    • (RUSSIA – $23m sales, 210 FTEs)

project SCOPE

  • control regain and getting entity back on track

project GEOGRAPHY

Russia
Moscow

FINDINGS

  • lack of month-end closing procedures
  • significant errors in the group reporting (US GAAP)
  • lack of controlling tools
  • delays and errors in booking invoices and evidence
  • lack of proper procedures and SOD (segregation of duties)
  • Internal Audit failed
  • Risk of entity closure
  • books falsification – using ERP system back doors.

CHALLENGES

  • Poor corporate culture
  • complete mess in management
  • low awareness of the corporate standards in :
  • compliance
  • controlling
  • accounting policies
  • reporting
  • Demotivated staff
  • Time Pressure

ACTIONS

  • accounting and month closing procedures implementation + training
  • situation audit (processes & profitability)
  • improvement plan roadmap
  • sales portfolio optimization
  • ensured delivery of Plans & Strategies
  • ensured integrity of all financial requirements (general accounting, period-end closing, group reporting, statutory reporting, controlling forecasting and budgeting)
  • framework and compliance with SOX and Group Policies

DELIVERABLES

  1. Rebuilt group reporting
    • reduction of closing time and reporting accuracy
  2. transparency in book keeping
  3. Elimination on ERP backdoor
  4. Positive Internal Audit follow up
  5. SG&A costs reduction by $200k
  6. stock reduction by $250k
  7. standardized and simplified processes and
  8. procedures (+ documentation)
  9. improved working Capital (+$1m)
  10. New, permanent FD hired and onboarded

EXPERTISE APPLIED

Risk Managment

  • Strategic Fin. Planning,
  • Execution Budgets/Forecasts/Actual P&L/BCF
  • FP&A, Statutory, Group Reporting
  • Financial and reporting discipline

Strategic Planning and Vision

  • Change management
  • addressing staff concerns,
  • facilitating cultural alignment
  • operational processes streamlining

Project management

  • proper process planning
  • roadmaps preparation and execution
  • efficient resources allocation

Others

  • Russian Language (fluent)

DOWNLOAD FILE

Crisis Management – control regain Russia (pdf) – less than 1MB

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