Financial Services | Paramount Technologies

FINANCIAL SERVICES

The financial services industry includes firms that are engaged in activities such as investing, lending, insurance, securities trading and securities issuance, generally characterized as being in one or more of the following lines of business:

Banking
Insurance
Securities Brokerage
Investment Banking
Securities Trading
Investment Management (or Money Management)
Securities Analysis
Financial Planning

Recent market events have led to an increased focus on the disclosure of positions in structured products, valuation practices for use when market prices are no longer available (where there have recently been several clarifications and amendments), and the consolidation and reporting for off balance sheet vehicles. The effects of the credit crunch, and stalling income growth from the deterioration of market conditions, are increasingly forcing financial services institutions to reconsider their cost positions.

Procurement for Financial Services companies requires a focus on cost reduction coupled with adherence to tight governmental regulation. Financial Services companies need a procurement system that gives them the flexibility to source both goods and services internationally.

How Employee Workforce Automation Can Help

Paramount’s WorkPlace Suite helps financial services companies control purchasing costs and ensure financial accountably, while providing flexibility for international and services sourcing:

Track requisitions against budgets, receive warnings if over budget and route for approval based on a requisition line item exceeding the budget
Robust approval process that allows routing to an unlimited number of approvers based on criteria such as $ amount, department, GL Account, etc. and allows the items to be fully approved before creating a purchase order
Documented auditable process
Track requisitions against contracts that have been established with vendors and enforce special pricing that has been negotiated with the vendor
Use WorkPlace in any language - or multiple languages, fully localized to these other languages with all screens, system messages and email alerts translated. Each user can have a different language displayed in WorkPlace
Transparently requisition from suppliers in multiple countries, and enter requisition and expense items in the currency in which they were incurred
Ability to streamline the acquisition of all types of goods and services, both the direct procurement of raw materials and production goods, and the indirect procurement of maintenance, repair and operating (MRO) supplies as well as capital goods and services