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How FMC Automated Controls to Improve Financial Visibility

Tammy Whitehouse | June 4, 2013

When FMC Corp. took a hard look at its internal controls, it saw a big opportunity to improve the visibility of its reconciliation process.

The company was also looking to move to a more centralized, well-defined, standardized process where judgment plays less of a role.

FMC decided to automate the reconciliation process using a commercial “software as a service” package. It identified more than 1,000 reconciliations that could be automated, with 160 of them considered key.

To accomplish that task, FMC began working with a financial transformation team at Deloitte & Touche less than a year ago to determine the smoothest way possible to transition from a manual, spreadsheet-driven reconciliation process to one that is entirely automated. That in itself represented a cultural shift, said Eugene Gallagher, HR controller for FMC, at the recent Compliance Week 2013 conference in Washington, D.C.

Its project leaders couldn't be more pleased with the...

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