Paracon Group uses a toolset and a service methodology for creating customized solutions. Wherever it is that you have knowledge & complexity issues, that's where we can help. Using our proprietary Knowledge Engineering platform, we provide the talent and the technology to transform processes, enhance outputs and generate results - with proven gains on efficiency and timeliness over our competitors. Our success is based on our build out of sustainable solutions and improvements to benefit you now and in the future.
Banking Benchmarking Analysis
Developed for several of the largest US Banking Operations, an automated benchmarking tool. This tool allowed the leadership team to assess deficiencies in their operations based on the information contained in all 7,300 Call Reports.
A global banking institution sought to manage its Request for Proposal (RFP) and proposal review process for a software solution, in response to new regulatory requirements. It was initially estimated by the client that it would take 18 months to make a vendor and technology selection, which left a very narrow window for implementation. Paracon's solution was delivered in three months.
Call Center Reengineering
A major metropolitan city sought to reengineer its call center to reduce the average wait time and maintain compliance with the seven day resolution regulatory requirement. The solution was able to overcome an inflexible budget, a hard deadline and a history of project overrun to help the client accomplish its goals.
Policy Mapping to External Regulations
A Fortune 50 global pharmaceutical company sought to manage its Information Technology (IT) compliance landscape by mapping its internal policies, processes and controls to its industry's regulations, standards and guidelines. The successful solution would allow the company to quickly rationalize and integrate internal controls as needed to address impending regulatory changes.
Organizational Structure Modeling for Enhanced Profitability
A Fortune 30 financial services company sought to assist business units within an organization to determine an optimized resource and staffing approach given the unit's business strategy, size, growth projections and profitability. The solution provided a holistic view of integrated data and allowed an evidence-based decision making process.
Internal Audit Transformation
A major financial services organization sought to transform its Internal Audit department. Several key bottlenecks had developed over time that limited its effectiveness and efficiency. The solution quickly identified several key areas of improvement in new audit onboarding and risk mitigation strategies that were due an audit universe with many first time audits. Additionally, we raised the bar with respect to efficiency, true root cause analyses and providing insightful data and streamlining reporting to the Audit Committee. Overall the project delivered a sustainable annual reduction of effort of 30%.
Clearing Account Reconciliation
Global financial brokerage firm instituted a new self clearing process prior to year end. A large reconciliation difference was identified. A Big 4 accounting firm and an internal group of financial experts were unable to uncover the cause of the difference – a SOX material weakness. Several months later Expertool was used for a cash reconciliation project. During the first week the cause of the reconciling item from year end was identified.
Governance Risk and Control Assessment
Global financial brokerage firm wanted a review of their GRC Program. Other department’s has different views of risk and used varying programs to quantify and assess risk. Removing the information silos identified several issues. Bringing the different data sources and outside content together reveled unmatched risks and controls throughout the organization. The Expertool model was used to define needed corrections, which were implemented. A basis for Enterprise Risk Management was created in three weeks.
Reduced SOX Testing
International ship builder’s Internal Audit group looked to reduce its SOX testing so it could perform additional operational audits. After previous attempts both internally and externally to find synergies and connections, Paracon was brought in to assist with the effort. In the first week after receiving the internal control data and testing strategies, we uncovered several redundancies. The final review and project uncovered nearly 25% reduction in the first year. Ongoing internal efforts using Expertool have risen that number to a 35% reduction of their annual SOX testing effort.
Global Grant Accounting and Rationalization
A Global philanthropic organization struggled with managing its grant information. With the implementation of a new general ledger the use and analysis of this information has become more critical and beyond the current workarounds that have been band-aiding the effort for years. A solution was built in four weeks. The model allowed for the grant data to be appropriated into the new general ledger.