The New Trend of Financial Process Reengineering: Financial Shared Services

Abstract

With the driving of the assets expansion, the fund chain lengthening and the spread extensive in the company, providing financial shared services through financial process reengineering becomes an urgent demand for management. The demand promotes the innovation and development of technology and system naturally. And it makes an important influence on the change of the organization and the promotion of the management level at the same time. Financial process reengineering includes four phases in sequential order which are simplicity, standardization, shared services and outsourcing. This is also the process of achievement improvement for the international company. Financial shared services is a kind of new institutional arrangement for integrating financial operation and reengineering management process which is based on the simplicity and standardization of processes in the company. This paper makes a research on the organization model of financial shared services based on discussing the concept and theory foundation of financial shared services. Finally, it explores significantly the essential factor and the risk control for implementing financial shared services strategy.