Complying with strict regulations is essential for financial firms. SMSV was committed to achieving just that through best practices—but slow, de-centralized, manual processes were hindering its goal.
SMSV worked with IBM Services to deploy a centralized ERP platform based on SAP software, which offers the integration and automation needed to support current and future standards.
Alignscore financial processes with stringent industry regulations
Deliversreal-time information that supports company-wide best practices
Providesthe capacity and scalability required for future needs
Business Challenge Story
Consistently complying with industry standards
The financial sector is constantly under pressure from increasingly demanding regulatory standards. Companies must retain increased capital, operate in clarity and transparency, and strengthen risk management, all while managing constant competitive pressure on premium income.
Carlos Scordo, CIO at Sociedad Militar Seguro de Vida (SMSV), takes up the story: “In a sector regulated by continually changing standards, we always need to be prepared to fine-tune our processes to ensure all-round compliance.
“Following some recently issued regulations, we started to review our financial processes and noticed that they were running on slow, de-centralized applications, holding us back from gaining a transparent, on-the-fly view of our finances. We could only rely on once-a-month financial reports—all performed manually—and this was preventing us from truly understanding how to optimize our financial management and align it with the regulatory framework.
“Because latest-generation technology is a company’s ace in the hole, we chose to look at more cutting-edge, efficient tools to operate in full compliance with the new standards.”
Promoting corporate-wide best practices
After reviewing several ERP solutions available on the market, SMSV realized that SAP’s offering was the one that most closely matched its selection criteria.
Carlos Scordo elaborates, “We were looking for integration, reliability, scalability and automation, and SAP ERP simply ticked all the boxes effortlessly.
“When seeking the ideal partner to assist us with the implementation, we unanimously chose IBM. This was due to the company’s renowned technical expertise and unmatched synergy with SAP, and to the ever-growing partnership between IBM and SMSV. This relationship was established more than 35 years ago, and has become a truly strategic alliance which supported us through numerous technology renewals.”
Following consultation, a skilled team from IBM Services defined the scope of the project and led the implementation of the solution in a joint effort with SMSV, ensuring smooth, successful completion. To enable SMSV to get the most out of its new ERP platform, IBM Services also provided training to staff in addition to ongoing after-sales support and maintenance.
“The IBM Services team gained a complete understanding of SMSV’s business objectives, and helped us define the business processes clearly and quickly. Based on this framework, IBM configured and deployed the SAP solutions rapidly and cost-effectively. IBM Services was able to advise us at every turn, and ensure that we optimized the SAP solutions to match our business needs precisely.”
SMSV’s 109 users leverage the SAP solutions as a single point of control to integrate and standardize the company’s most critical financial processes, including planning and control management, accounting and purchasing.
Ensuring regulatory compliance
SMSV has created an integrated, standardized business process for all its financial offices, with a single resource for finance, administration and operations. The SAP solutions provide a central data source and business management platform that helps SMSV to ensure that operations always comply with the latest regulatory framework, and that changes can be reflected throughout the business as quickly as possible.
The SAP solutions enable real-time, reliable financial data throughout the company, offering a complete, trustworthy view of the overall financial landscape—from invoicing to taxes, from budgeting to payments. Company-wide best practices for financial management are embedded in the SAP software, helping to ensure that any changed regulatory, financial or accounting requirements are followed seamlessly and consistently throughout SMSV.
In addition, SMSV has gained unprecedented speed of information delivery, and can always rely on its accuracy. Users of high-level reports can drill down to the underlying transaction data, enabling executives to understand and enhance the management of its financial operations.
Carlos Scordo comments, “With formal financial management processes in place throughout the enterprise, SMSV can shape its strategy to optimize efficiency and stay compliant with the most demanding regulations, at any time. The business processes created in partnership with IBM Services and supported by the SAP solutions give us complete confidence that SMSV will pass financial and regulatory audits, planned or unplanned, with flying colors.”
SMSV is planning to expand the SAP solutions to incorporate additional functionalities, such as claim payments and liquid assets management. SMSV has engaged IBM Services to assist with the business process definitions, scope, selection and configuration of additional SAP components, to further exploit the benefits of integrated operations.
Carlos Scordo concludes, “The partnership with IBM and SAP will continue for many years to come. By taking advantage of deep business and technical skillsets from IBM and outstanding SAP software and technology, we are confident that we will be fully prepared for whatever the future may bring.”
Sociedad Militar Seguro de Vida
Founded in 1901 and headquartered in Buenos Aires, Argentina, Sociedad Militar Seguro de Vida (SMSV) delivers a wide portfolio of financial services to members of Argentina’s armed forces. Employing 700 people, SMSV operates a network of 23 branches across the country.
- FSS: Insurance - Risk and Compliance
- GBS AD&I - EA - SAP
- IBM Global Business Services
- IBM-SAP Alliance
- SAP ERP