OFSAA is great to standardize data and support big data. Implementation can be costly.
September 17, 2019
OFSAA is great to standardize data and support big data. Implementation can be costly.
Score 8 out of 10
Vetted Review
Verified User
Modules Used
- Oracle Financials Cloud
- Oracle Accounting Hub Cloud
Overall Satisfaction with Oracle ERP Cloud
Oracle ERP is replacing 3 accounting systems. OFSAA is replacing the enterprise data master. The biggest benefit is to standardize data and source finance, treasury, and risk information from the same source. Oracle won out over SAP due to its penetration in the financial services industry. We did not feel that SAP bank analyzer was as mature or supported although it was less expensive. Cloud was selected to diversify infrastructure and reduce the dependency on IT operations.
- Ability to scale and no fear of hitting constraints within the infrastructure.
- Coordination of cloud and solution so future upgrades are accommodated and the knowledge that development will be spread across banking clients (compliance changes).
- Forcing us to standardize to the dataset and stay as close to pure OFSAA as possible rather than recreating the legacy system.
- The financial services data model shows its roots in the legacy FSDW and FSDF. The model is biased for the monthly closing process and needed updates for daily positions, rates, and prices (for FRTB and ALM).
- Rating information is limited in OFSAA. It stores one rating. We need ratings from 3-4 agencies, rating data, original rating at the time of underwriting or onboarding, last rating, and the rating change date forever. That is 12 to 16 ratings.
- Not a big impact on ROI to date. The package and integration costs are more than offsetting the benefit. There will eventually be cost savings as legacy GL systems are sunset.
More present in financial services and a more open architecture that supports big data and analytics.
Oracle Fusion Cloud ERP Feature Ratings
Oracle ERP Cloud Implementation
- Implemented in-house
- Third-party professional services
OCS and EY
Yes - FSDB and ORACLE GL first. Legacy GL sunset. OFSAA analytics. Risk and Treasury source data replacement.
Change management was minimal - You must use OFSAA and ORACLE GL in the most generic form possible. Do not try to re-create existing processes and accounting methods.
- Data availability, missing data, data quality
- Standardized data architecture (position, customer master, product master, pricing, rates)
- Be confident to do a one time accounting cutover. Accuracy will improve but may conflict with comparability. Be prepared to cut over for all non-material changes and do a one-time adjustment for material changes. It is better than carrying over legacy accounting processes.