Presentation on theme: "Clarity at Bank of Montreal An Introduction to July 2013."— Presentation transcript:
Clarity at Bank of Montreal An Introduction to July 2013
2 Danny Somlo, CPA, CA Senior Manager, Technology Finance Bank of Montreal 416 513-5008 firstname.lastname@example.org Ten years at BMO with focus on Technology Development finance and project environments. Prior businesses include Consumers Gas and Pet Valu all in technology finance. Early career included six years in audit at Coopers & Lybrand Presenter Bio
3 BMO embarked on Clarity implementation to: Replace numerous antiquated and disconnected systems To support the enterprise wide management of projects with a focus on: Financial management Portfolio management Project management Program management Resource management Phase 1 went live Nov 1, 2012: 3500 projects 5000 users Additional phases planned through to 2015 include: Roll out to pillar PMOs Roll out to US operations Further system interfaces Enhanced reporting capabilities Project management enhancements Implemented in Technology dept. with primary focus on financial and portfolio management of the Development Plan Clarity Implementation at BMO
What is the Development Plan? Annually prioritized schedule of technology development investments Comprised of Discretionary, Mandatory and Maintenance investments 4 ~ $760MM of annual spend ~ $450M of NIX 2300 investments; 3500 projects 1000 fixed price and software contracts
What is the Development Plan? Time & materials resources: 1900 Employees 600 Contractors 600 Global Resources 5
Discretionary Mandatory Maintenance Enterprise Group Regulatory Association Board Currency Other Vendor Maint 3 Dimensions of Financial Reporting Development Plan Financials & Governance Responsible Business Partner Supplier Project Discussions Project Discussions Cross Charge Discussions Cross Charge Discussions Department Budget and Forecasts Department Budget and Forecasts 6
7 Two books of record: GL and Transaction Class alignment IFRS accounting rules Governance processes Data feeds Hierarchy design Other Work object Changes to Cost Plan design Cost type and fiscal year Investment Object changes Business partner allocation percentage Managing Working Plan changes Configuring Clarity to be a financial system
Two Books of Record ClarityFinancials Transaction Classes General Ledger Time Reporting Service Delivery (contracts) Time Reporting Service Delivery (contracts) T&M Contractor Accrual Software Capitalization SR&ED Tax Credits Non-labour Contract charges Cross border charges IFRS Accounting Rules 8
Discretionary Mandatory Maintenance Enterprise Group Regulatory Association Board Currency Other Vendor Maint Data feeds Insight (Bank allocations) NERF (Cross border charges) Target (PPM US) Active Directory (Resources) BOD (cost centre structure) 9
10 Hierarchy Design Funding Item LevelClarity ObjectCost Type 1Other WorkBusiness Case Fiscal Plan / Working Plan Forecast 2ProgramBudget Forecast 3ProgramBudget Forecast 4ProjectBudget Forecast/Actuals 5ProjectBudget Forecast/Actuals 6ProjectBudget Forecast/Actuals Program Sub Program Project Sub Project Facilitates financial control
11 Changes to Cost Plan Design Defines the nature of the cost plan or budget plan Defines the fiscal year of the cost plan or budget plan
12 Investment Object Changes – Business Partner Percentages Defines how project costs are allocated to investment sponsors
13 Investment Object Changes – Working Plan Each year, all investments are assigned annual dollar spend threshold called Fiscal Plan. Any changes to this threshold (changes in scope, schedule etc) are processed through a defined governance process and tracked in Working Plan.
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