Description
This is a presentation describing about the oracle financials implementation at J P Morgan Chase.
Implementation of Financial Oracle General Ledger (OGL)
Parag C. Paleja (137) Vishal Patel (140) Neil Mascarenhas (131) Pranav Shah (148) Nitin Bedre (106) Prashant Pandya (131)
1
FI: A Snapshot Snap Shot - JP Morgan - Asia
People • Invt Bank (Controllership) Asia Non Asia 68 47 Functions • Corporate Reporting • Regulatory Reporting • Management Reporting (location MIS) • GLRS & Reference Data Maintenance
• Attributions, Allocations & Settlement
Total Regions U.K EMEA 115
Locations
Asia Pacific
• Prism Towers - Malad • Prestige Park - Bangalore
Controllers support
2
Financial System Flow
Overall Flow
Product Systems F I N A N C I A L ACBS GMI ISIS MOCOM MTS SIERRA STS TSSDE TSSFX TSSMM
3 Adjustments
Daily feed Standard Feed General Ledger Indirect Expenses OASIS
Finance Accounts
B U S I N E S S I N F O R M A T I O N
PRF Management Reporting Tool Performance Reporting Regional Reporting Expenses Analysis
AIR / ASAP
ALEX
I N F O R M A T I O N
IOR
HYPERION
History of Financial platform in JP Morgan Chase
• General Ledger System (GLS) developed in 1986 was used as Heritage Financial platform
• GLS is a mainframe system which was developed under the Asia Information Management Strategy
• GLS was a common platform to achieve a standard accounting basis for the bank
• Singapore was the first site to implement GLS
4
Limitations of GLS system
?
?
? ? ? ?
Integration issue Too much Customized Heritage system No separate primary books and reporting books No single gateway Maximum 28 entries in one ticket / batch Product / front end system cannot pass an entry with a value date being on a non-working date
5
Asia Oracle Implementation
Objective
• Replace Legacy General Ledger Systems (GLS) with Oracle General Ledger (OGL)
• Rollout other Integrated Modules of Oracle General Ledger • Standardized platform across all Asia locations • One integrated platform for financial reporting
6
Introduction to Oracle General Ledger (OGL)
?
The Oracle General Ledger System is an accounting platform used by JPMorgan Chase to record the diverse transactions it undertakes on a day-to-day basis These transactions are recorded under the various heads of account which are maintained in this ledger
?
?
OGL is used mainly by Heritage Fleming entities. These entities consist of securities companies, “parent” / holding companies (such companies have an ownership investment holding in other subsidiaries), and other remaining entities which are marked for “liquidation” (to be shut down).
7
Overall Architecture - OGL
The basic solution implemented in Asia Countries is Oracle E-business suite, incorporates the following modules : • Oracle General Ledger
• Oracle Accounts Payable • Oracle Fixed Assets • Oracle On line Expenses
8
Pacific which
Key Features of OGL
? ? ? ? ? ?
Online Manual Journals and Excel Upload Enhanced Reporting Tools Improved Data Quality and Transparency Multiple Books with Functional Currency Equivalents Data Retention Regional Standardization
9
Phase wise Oracle GL roll out plan
Phase I
?
The first phase is primarily a technology replacement effort from existing General Ledgers and Payables systems in the Asia region to an integrated suite of Oracle applications.
Phase II
?
The second phase, although not yet fully defined, will broadly target process improvement options which is due to the technological enhancements
10
Phase I - Basic design/approach for Business Transformation
?
? ?
?
? ?
?
Focus on technology replacement initially, rather than business process improvement Evolutionary Approach adopted across Asia locations To reduce the business impact and maintain as close as possible the current business processes with very few exceptions Implement OGL with very few customizations. Only customizations will be for regulatory reasons Use OGL standard technology for interfaces both inbound and outbound Use existing legacy reference data for each location rather than attempting to introduce a strategic chart of accounts Requires minimal change to front end / product systems processing. The structure and data requirements of interface files will be the same as they are for existing GLS.
11
Oracle Implementation Timelines
12
Issues faced during OGL implementation
? ? ?
Difficulties in Analyzing end to end down stream impact End user Training Coordination across various teams – finance, operations.
Middle office, projects, regulatory reporting etc
? ?
Resistance to Change Awareness of Technical and operational impact to users
13
Benefits of OGL
?
?
?
? ?
Uniform General Ledger platform for all 15 locations and 275 entities. Rationalize COA by retiring 6 legacy General Ledger Systems Standard Operating & Process Model across the region Improve data integrity and transparency Enhanced interface capabilities
14
Phase II Roll Out Plan
?
Eliminating sub systems
?
?
Enhancement of OGL functionalities
Single repository for Financial and Management Information
?
Accelerate NY reporting deadline
15
Resiliency Plan
Technology
? ?
24 x 7 – Centralized Technical support from Hong Kong
Back up server in Bournmoth (UK)
Business
? ?
In country BI Polarity strategy adopted for NY reporting
On site business recovery
16
QUESTIONS ???
17
doc_555129161.ppt
This is a presentation describing about the oracle financials implementation at J P Morgan Chase.
Implementation of Financial Oracle General Ledger (OGL)
Parag C. Paleja (137) Vishal Patel (140) Neil Mascarenhas (131) Pranav Shah (148) Nitin Bedre (106) Prashant Pandya (131)
1
FI: A Snapshot Snap Shot - JP Morgan - Asia
People • Invt Bank (Controllership) Asia Non Asia 68 47 Functions • Corporate Reporting • Regulatory Reporting • Management Reporting (location MIS) • GLRS & Reference Data Maintenance
• Attributions, Allocations & Settlement
Total Regions U.K EMEA 115
Locations
Asia Pacific
• Prism Towers - Malad • Prestige Park - Bangalore
Controllers support
2
Financial System Flow
Overall Flow
Product Systems F I N A N C I A L ACBS GMI ISIS MOCOM MTS SIERRA STS TSSDE TSSFX TSSMM
3 Adjustments
Daily feed Standard Feed General Ledger Indirect Expenses OASIS
Finance Accounts
B U S I N E S S I N F O R M A T I O N
PRF Management Reporting Tool Performance Reporting Regional Reporting Expenses Analysis
AIR / ASAP
ALEX
I N F O R M A T I O N
IOR
HYPERION
History of Financial platform in JP Morgan Chase
• General Ledger System (GLS) developed in 1986 was used as Heritage Financial platform
• GLS is a mainframe system which was developed under the Asia Information Management Strategy
• GLS was a common platform to achieve a standard accounting basis for the bank
• Singapore was the first site to implement GLS
4
Limitations of GLS system
?
?
? ? ? ?
Integration issue Too much Customized Heritage system No separate primary books and reporting books No single gateway Maximum 28 entries in one ticket / batch Product / front end system cannot pass an entry with a value date being on a non-working date
5
Asia Oracle Implementation
Objective
• Replace Legacy General Ledger Systems (GLS) with Oracle General Ledger (OGL)
• Rollout other Integrated Modules of Oracle General Ledger • Standardized platform across all Asia locations • One integrated platform for financial reporting
6
Introduction to Oracle General Ledger (OGL)
?
The Oracle General Ledger System is an accounting platform used by JPMorgan Chase to record the diverse transactions it undertakes on a day-to-day basis These transactions are recorded under the various heads of account which are maintained in this ledger
?
?
OGL is used mainly by Heritage Fleming entities. These entities consist of securities companies, “parent” / holding companies (such companies have an ownership investment holding in other subsidiaries), and other remaining entities which are marked for “liquidation” (to be shut down).
7
Overall Architecture - OGL
The basic solution implemented in Asia Countries is Oracle E-business suite, incorporates the following modules : • Oracle General Ledger
• Oracle Accounts Payable • Oracle Fixed Assets • Oracle On line Expenses
8
Pacific which
Key Features of OGL
? ? ? ? ? ?
Online Manual Journals and Excel Upload Enhanced Reporting Tools Improved Data Quality and Transparency Multiple Books with Functional Currency Equivalents Data Retention Regional Standardization
9
Phase wise Oracle GL roll out plan
Phase I
?
The first phase is primarily a technology replacement effort from existing General Ledgers and Payables systems in the Asia region to an integrated suite of Oracle applications.
Phase II
?
The second phase, although not yet fully defined, will broadly target process improvement options which is due to the technological enhancements
10
Phase I - Basic design/approach for Business Transformation
?
? ?
?
? ?
?
Focus on technology replacement initially, rather than business process improvement Evolutionary Approach adopted across Asia locations To reduce the business impact and maintain as close as possible the current business processes with very few exceptions Implement OGL with very few customizations. Only customizations will be for regulatory reasons Use OGL standard technology for interfaces both inbound and outbound Use existing legacy reference data for each location rather than attempting to introduce a strategic chart of accounts Requires minimal change to front end / product systems processing. The structure and data requirements of interface files will be the same as they are for existing GLS.
11
Oracle Implementation Timelines
12
Issues faced during OGL implementation
? ? ?
Difficulties in Analyzing end to end down stream impact End user Training Coordination across various teams – finance, operations.
Middle office, projects, regulatory reporting etc
? ?
Resistance to Change Awareness of Technical and operational impact to users
13
Benefits of OGL
?
?
?
? ?
Uniform General Ledger platform for all 15 locations and 275 entities. Rationalize COA by retiring 6 legacy General Ledger Systems Standard Operating & Process Model across the region Improve data integrity and transparency Enhanced interface capabilities
14
Phase II Roll Out Plan
?
Eliminating sub systems
?
?
Enhancement of OGL functionalities
Single repository for Financial and Management Information
?
Accelerate NY reporting deadline
15
Resiliency Plan
Technology
? ?
24 x 7 – Centralized Technical support from Hong Kong
Back up server in Bournmoth (UK)
Business
? ?
In country BI Polarity strategy adopted for NY reporting
On site business recovery
16
QUESTIONS ???
17
doc_555129161.ppt