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Automated Budgeting System for BelVEB Bank
IBA Group built the BelVEB budgeting system using IBM Cognos TM1 and IBM Cognos BI. The system automates the entire planning cycle and covers all budgeting operations, from input of the operating budget to plan approval and generation of consolidated reporting in line with the requirements of management accounting and the parent bank.
The system provides the following features:
Portfolio and contract approaches to planning
Use of funds transfer pricing
Automatic tax calculation
Consolidation of budgets
Calculation of performance indicators.
Using Cognos BI, IBA implemented the basic output forms, including:
Budgeted balance sheet
Revenue and expenditure budget
Cost estimate for administrative support and other activities.
In addition, the IBA-developed system allows for plan/actual analysis and situation modeling, as well as supports budget auditing. IBA Group unified and formalized master data for centers of financial responsibility, banking products, items of balance sheet, and incomes and expenses.
The Automated Budgeting System transformed budgeting processes at BelVEB Bank, making these transparent and manageable. As a result, our customer is able to carry out continuous control of budget execution, improving business efficiency in the time of change and intense competition in the financial market.
Customer(-s): BelVEB Bank, Belarus
Programming languages: -