Goldright was chosen as the provider because they offered the greatest flexibility. The Enterprise Suite is independent of third-party vendors, you don’t need external consultants, and it fits easily into the existing IT landscape, which is admittedly quite heterogeneous across the Group. In the first step, a data model was developed in a joint workshop with Goldright that fits the existing work processes and procedures. The very poor data quality and above all the varying completeness was somewhat challenging at the beginning, when the data from various files was consolidated by Goldright. But that too was resolved in a timely manner. Since it was Ms. Müller’s first IT project of this magnitude, she has always followed the project progress in the test system. There were also regular internal meetings which she held for coordination across the group. Since everyone involved in the project is not an IT expert, there were two interim results that were not what had been expected internally. This was immediately adjusted before it even came to final acceptance. To make a long story short, the training, which was carried out across the group as a precaution, went well and all previously defined project objectives were implemented on time.
The first feedback meeting with all departments, business units and companies was extremely gratifying. Instead of large meetings where she could have been caught off-guard with inquiries, concerns and rush processing requests, there were only a few requests regarding the possibility of additional functions. Ms. Müller has noted everything and there were only new reports, special queries and similar things. In other words, things that you simply couldn’t do before, and with Legal Entity Management, everyone now draws on the constantly available, central database for legal entity management.
Ms. Müller also noted the positive feedback for her next appointment with her supervisor:
- Fast access to audit-compliant, reliable and complete investment and company master data. In all reports and analyses, you have the greatest possible certainty that everything is correct; in particular, the reaction time has improved considerably.
- Clearly structured workflows and responsibilities that additionally ensure that all applicable legal regulations are complied with throughout.
- No risk of causing an internal information leak by using the wrong e-mail distribution list or otherwise making a misstep.
- Discussions in meetings about legal entity management are limited to the essentials, as you receive the required reports, analyses and exports on a monthly basis. As a result, all employees are working with the same database for the first time across the group. Also, comparisons and other analyses will soon no longer be a problem with history.
- The preparation for large meetings and committees also runs through workflows and has now become largely stress-free for everyone.
- Everyone appreciates the digital support in reporting. Now ad-hoc evaluations and analyses can be carried out promptly.
- Independence from free capacities in IT was also often mentioned. Each area can provide itself with everything it needs within the scope of its access and editing rights. Having a web-based user interface really makes a lot of things easier in everyday life.
- Reports based on the reporting date for disclosure requirements, meetings and other occasions can be implemented much more efficiently. Apart from that, you always have a good feeling when the information goes out because you are sure that everything is right.
There are some challenges from time to time, but, in those cases, people help each other out because the system is still quite new and unusual and no one who works with it is an IT expert. Should a particularly tricky question arise, Goldright’s support team was always on hand with help and advice. She now also looks forward to the next audit with more calm than usual; with the automatic documentation and history, she is well-prepared.
Apart from that, she is already on her next project because now she finally has time to develop the reporting in the context of legal entity management. Ms. Müller is always surprised by how much information potential has been unused in the investment and company master data over the years. Privately, she is already awaiting praise from her supervisor because the audit-compliant 360° view of the complete investment structure makes things more practical and efficient for him as well. The decision-critical documents are already qualitatively better and support data-driven, informed decisions. If he achieves his operational and strategic goals and, at the same time, the share of the overhead costs for legal entity management has been reduced throughout the group, then Ms Müller is completely satisfied as well.
First story: Typical legal entity management – nothing but hardship, stress and risk? ››
Second story: A big step towards the future – digital legal entity management ››
