In February 1992, exactly 25 years ago, an ambitious effort was initiated to develop an integrated investment accounting platform for insurance companies half a year before R/3 was released to the market. It became SAP’s very first industry solution with the name IS-IS (Industry Solutions—Insurance System).
The project name DARWIN was a German combination of the three major asset class areas: Securities, Loans and Real Estate. It’s rather impressive how these first three applications were the starting point for many further industry solutions and country specific applications. The real estate module RE-FX “started a career” in the public sector, the loan module CML was a starting point for SAP banking solutions (especially for mortgage banks) and the security module SAP TRM/FAM was used directly as a global investment accounting solution.
The graph above provides a good overview on how and where the applications are used today. Several industries also use a combination of two modules to build their very own custom industry solution.
Driven by increasingly complex regulatory requirements and/or risk management needs, many well-known global financial institutions are currently using SAP FAM as their global operating platform to manage their investments in accordance to multiple GAAP bases, several local statutory reporting needs and in various languages.
Several of the original development project team members from the early days are with COMPIRICUS today. Leveraging their years of experience, they lead our SAP projects to deliver successful client implementations. Additionally, COMPIRICUS utilizes this expertise as a software provider and application developer for the asset, risk and treasury management industries.
As an SAP service and application development partner, COMPIRICUS offers insurance statutory reporting on a global basis in consort with our Financial Adapter integration package. Furthermore, with our profound and in-depth knowledge of the data model and program structures as the backbone of SAP FAM, CML and the RE-FX packages, COMPIRICUS recognizes the unique individual client functional needs and develops solutions catered for the financial and corporate markets.
Today we are ahead of the curve with further innovations, having embraced new industry trends such as Business Process Outsourcing and Cloud as a Service, in addition to dealing with complex financial instruments and complex accounting requirements (such as IFRS). With our current experience, we are confident that further exciting decades are coming and that we are well prepared for the challenges they might bring.