Generali Deutschland seamlessly integrates an effective governance unit based on a comprehensive process documentation and risk analysis.
Generali Deutschland Holding AG is the head of the German units of the Italian Assicurazioni Generali Group and one of the biggest and most successful primary insurance groups in Germany. In 2005, the Italian government installed a legal framework to ensure compliance with the future accounting, reporting and risk management standards in the European Union (EuroSOX). As a public listed insurance company belonging to an Italian group, Generali Deutschland had to implement these legal requirements within the German subsidiaries.
In order to ensure that the information published in its financial statements is reliable and correct, Generali Deutschland had to analyze the underlying processes and set up effective risk management procedures.
Generali Deutschland selected Capgemini Consulting as project partner. Both companies jointly started to implement the requirements within the major operational units and the shared service accounting unit.
The project team:
- analyzed the financial statements and identified the�underlying processes that led to the positions with the highest financial impact defined a consistent and robust process documentation and risk assessment method in accordance with the existing IT architecture and risk framework used within Generali Deutschland
- generated an intuitive, overall closing process providing at the same time an overview of all subledger interfaces and a testable but lean closing process with defined key controls
- created a consistent process landscape by mapping the processes into an end-to-end framework that integrates the operational units, accounting department and IT
- used the established process documentation to identify weaknesses and define action plans for optimization by eliminating redundant process controls.
Generali Deutschland built and integrated a compliance unit that ensures the fulfilment of the Italian legal requirements within Generali Deutschland. Capgemini Consulting supported the client in delivering a comprehensive process documentation and risk analysis for the most critical processes. The team further increased the transparency and quality of existing processes by establishing ongoing process controls. In the end, this ensured the overall reliability of financial reporting focusing on both effectiveness and efficiency.