Justen Cook’s Post

I've been working with bank/credit union CFOs and Treasurers for nearly 30 years. One of the most common frustrations is the sacrifice a financial institution makes if they want both a “best of breed” ALM solution along with a “best of breed” budgeting/profitability model. Typically, to accomplish this the bank would purchase two solutions from different vendors and attempt to integrate the two. This seldom worked, and if it did, was short-lived as new versions get released, data requirements change, and charts of accounts diverge. Over time the bank is left with a disorganized mess that is impossible to maintain. At Empyrean Solutions, we have built an entire ecosystem for the financial institution’s risk and finance function. The applications themselves are “best of breed” in addition to leveraging a common data layer, sharing forecasted assumptions, aligning charts of accounts, and delivering an integrated BI/reporting layer. The treasurer will be happy with a market leading ALM system The head of finance (FP&A) will be happy with a budgeting/profitability system that understands a bank balance sheet. And the CFO will be happy with a forecast and analysis that actually aligns. Our own Will Newcomer has written a much more detailed overview of how these systems should work together that is available through the BankDirector site. https://lnkd.in/ekXdyx4P