Background
Newmont Gold is presently the largest gold mining in the world with operations on five continents. To leverage scale and improve consistency and company-wide knowledge, Newmont has consolidated business systems around a single ERP system, and continues to migrate operating and corporate office locations to the corporate ERP standard system. Newmont operates their ERP system on regional platforms and have since 2003 upgraded the multiple applications and databases to a common release.
Newmont Gold Business Requirements
Newmont determined the need to migrate their Canadian office financial system to their standard ERP solution. Although the migration was not large in scale, certain aspects of the project created challenges not common to other projects and day-to-day business of this global corporation. Complex financial transactions involving dual currency and dual GAAP accounting required rigor in system migration design. Additional migration challenges existed, as the project required the multiple Canadian entities to be integrated within an established platform with numerous ongoing corporate entities.
Solution
Turnpoint Solutions (TPSCO) provided Newmont corporate financial staff with an evaluation of the requirements for the migration of financial data, business processes, and management reporting from the legacy system and existing practices. A project plan and budget was derived from this analysis to guide data conversion and accounting process migration.
The TPSCO consulting team worked with the corporate office and Canadian finance staff to create a data migration plan and financial design requirements. Testing and sign off process were structured and executed to ensure data accuracy, fit with dual currency and dual GAAP reporting requirements, and alignment with internal audit and Sarbanes-Oxley requirements.
Newmont staff in Denver and Toronto were provided with training on the new and/or unique accounting processes. Support, following the “go-live” was provided through multiple financial closes to ensure delivery of timely financial reporting. A significant update to business intelligence and reporting was provided by TPSCO to meet custom reporting requirements of Canadian entities and dual currency reporting of financial transactions at the Denver corporate office.
Results
- Financial data migrated to Newmont standard ERP system.
- Successful integration of Canadian entities in existing and “live” corporate application environment.
- Expanded management reporting and visibility of complex financial activities resulting in improved cost management and reduced staff expenses.
