Astrazeneca (in partnership with Genpact & Trintech) recently received an Alsbridge Innovation Award for their “World-class Reconciliation Platform“, rolling out Trintech’s Certification across 250 users worldwide. Additionally, AstraZeneca subsequently won an internal award “Spirit of Simplification” (awarded by the CEO of AZ). Below is a recap of their recognition within Astrazeneca:
Implementation of a Global Standard process within one simple tool has removed the reliance on numerous regional reconciliation spreadsheets which were causing issues in managing monthly balance sheet reconciliations for AZ’s multi-billion dollar balance sheet.
A Project Pearl initiative addressed Global Balance Sheet Reconciliation, first designing and implementing a standard risk and materiality policy and then improving an established tool to reinforce compliance. Partnering with software provider Trintech to enhance its existing functionality to incorporate AZ’s policy, the ARECA tool (Astrazeneca’s Reconciliation Assurance) has won widespread external acclaim.
Trintech is now developing its core functionality based on AZ’s innovation, as other companies are keen to implement it. ARECA simplifies workload and workflow, and KPMG can be given access without having to request Excel reconciliations from around the world via email or scanning.
AZ has presented its ARECA work, seen as an example of world-class finance, at the 5th annual Shared Services Summit, won an Alsbridge Award, and is being looked at as a white paper for best practice in industry.