inlumi has been helping Nordea for years with the consolidation, planning and analytics systems, and had the required competence to design and build the solution for this project.
The inlumi team consisted of four consultants: Lauri Järvinen, John Sylenius, Annika Olsson and Abdelmajid Makrani. Lauri architected the consolidation solution based on the reporting requirements and Nordea’s internal business requirements. John and Annika designed the data integration solution from the corporate data warehouse and the group statutory consolidation application into the new regulatory reporting solution, and the output to the text file, whose format is set by the regulator. Abdelmajid took care of the performance testing.
At Nordea, staff from regulatory reporting team, consolidation team, IT on data warehouse and EPM IT teams contributed to the project by setting and communicating the requirements, preparing the needed server infrastructure and analysing the data available in the bank’s systems. Testing was done in a few rounds by the project team and later involved the to-be users of the bank.
Oracle’s EPM Suite, including Hyperion Financial Management (HFM) and the data integration tool Financial Data Quality Management (FDMEE) have been the tool of choice for consolidation at Nordea since years. The ability of FDMEE to meet the data integration challenges in both ends of the process together with HFM’s capability to handle the high number of dimensions and consolidation requirements were the key drivers to select Oracle EPM as the tool for the new regulatory reporting.
A key factor was the newest version at the time (18.104.22.168) with its extensible dimensionality and FDMEE with powerful mapping capabilities, ability to use databases for data integration and HFM applications as a source for data.
In the solution design, the granular reporting requirements set by the BoF were translated into an HFM application design with 14 custom dimensions. This is much more than a typical consolidation application usually has. The project team felt very confident that the tools would handle the expected data amounts and the complexity of the solution. Nevertheless, early checks were done to confirm that the solution could handle the large volumes.
One of the requirements of the project was managing the amount of data transferred from the corporate data warehouse. The data needed to be handled efficiently and without human intervention. FDMEE has built-in support for open interface tables which allows data to be sourced from a database and so integration can be built without moving files around.
Bank of Finland requires this data-driven report to be delivered in a delimited text file using semi-colons as field separators. The file is created by extracting data from HFM using FDMEE and compiled to the required format using scripts.