Enhancing Financial Crime Prevention with Streamlined Forecasting: ACAMS' Leap with NetSuite and MindStream Analytics
ACAMS (Association of Certified Anti-Money Laundering Specialists, LLC) is the largest international membership organization committed to combating financial crime. They focus on enhancing the knowledge
and skills of their members, who are professionals in financial crime detection and prevention from various financial institutions, regulatory bodies, law enforcement agencies, and industry sectors.
The finance department of ACAMS faced several key challenges:
Lack of Automated Processes: There was a need for automation in their financial processes as they lacked a standard forecast/budgeting procedure.
Need for Specific Analytic Reporting: ACAMS sought to acquire specific analytic reporting capabilities to enhance their financial operations.
MindStream Analytics implemented NetSuite Planning and Budgeting (NSPB) to address these challenges:
Automated Process Implementation: Set up an automated process to run nightly updates for metadata and actuals, streamlining their financial operations.
Implementation of Workforce Module: This module enabled ACAMS to accurately forecast headcount and, in conjunction with additional modules and SmartView, facilitated easy addition of forecast and budget
Creation of Alternate Hierarchies: Developed alternate hierarchies to provide accurate and detailed actuals vs forecast/budget reports in SmartView, maintaining ACAMS' current formatting.
Manual Import Form for Adjustments: A custom form was created for the manual import of adjustment numbers, further enhancing the system's flexibility and usability.
The implementation resulted in a comprehensive and integrated system:
Integrated Planning and Budgeting System: ACAMS now has a unified system that caters to all their planning and budgeting needs.
Enhanced Data Insight: The new system offers deeper insights into their data, enabling more informed decision-making.
This case study exemplifies how the implementation of NetSuite Planning and Budgeting by MindStream Analytics has significantly improved the financial processes of ACAMS. By introducing automated systems
and sophisticated reporting tools, ACAMS is now better equipped to manage their financial operations efficiently, aligning with their mission to combat financial crime through enhanced knowledge and skill
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