Tasks to be completed when documenting an operation (from creation to publication)

 1. Enter the Title of the operation / page

2. Add the following Labels : 

    • Scope of applicability: ww, country_accounting 

    • Country or group of countries (if applicable): belux, china, france, italy, lam, nam, uk_ie, bulgaria, dach, netherlands, iberia, poland, latvia, australia, india, japan, south_korea, thailand, singapore, new_zealand, emea_transversal, apac_transversal

    • Unit and Domain according to the List of labels to be used in the Finance Service Line space

      • E.g. 1: WW Operation in Financial Accounting under domain "Central Finance Processes & Compliance":
        • Labels to be used: ww, financial_accounting, central_fin_proc_compliance

      • E.g. 2: France Operation in Financial Accounting:
        • Labels to be used: country_accounting, france, financial_accounting
          (for country operations, the Domain is always country_accounting)


3. Fill in all fields as described above

4. Name the title of each section using OPD methodology naming convention - Infinitive verb without the “to”, mainly action verb...something) - " I do something..."

5. Once the description of the operation is completed, ensure it is approved and published by launching the SBS-Finance approval workflow 




Domain: SU Management Accounting / Investments & Divestments



Responsibility area: Ensure asset insurance update


  1. Objective and Scope
  2. Definitions 
  3. Tasks description


Scope

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ERP

4. Remove the icon(s) when not applicable


Frequency

5. Remove the icon(s) when not applicable

 

References

6. Add the link to SAP transaction(s) (when it exists)



Forms

7. Insert the links accordingly and change the link text with the Form name



Attachments

8. Add the link to attachments or external links




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1. Objective and Scope

1.1. Objective of this Operation

The purpose of this document is to describe the role of MAC SU I&D in the property insurance appraisal process, which takes place in December (for PF1) and January (for WP1) of each year, in order to have at each time the most approximated value of replacement cost for the company assets.


1.2. Scope

This procedure applies to all companies within the Solvay Group, and to all Service Centers.


2. Definitions

Definitions should be added in the Finance Glossary - Add definition and link it to respective Letter in Finance Glossary 

See Finance Glossary:

  • M&E : machines and equipment 


3. Tasks description


3.1. I get the asset insurance indexes per country

3.1.1. I request to Corporate Insurance (Emily Cox),by the end of November, the information / documentation that allows the identification of the insurance indexes per country. Example of email request:



It is MAC SU I&D responsibility  obtaining by the end of each year the necessary information to quantify the multiplier to apply for the adjustment of the replacement cost. This information is present in the FM Global Reports – “Property Loss Prevention Data Sheets” received by the Corporate Insurance Department.


3.1.2. I archive in google drive - Fixed Assets - Yearly Revaluation (Insurance) - the information received per year. Example of the information received and archived in 2019: 

...


3.2. I calculate the multiplier for PF1

3.2.1. I update the multiplier for each year by country and by Buildings vs M&E using the multiplier informed by the Corporate insurance if already calculated or when no index is available, you can use the inflation rate.


I use google sheet - Trends_table_by_country_2019 - I update the multiplier and I calculate the average between Buildings and M&E multiplier. If it wasn't informed by Corporate Insurance, use inflation rate - site: https://tradingeconomics.com/country-list/inflation-rate


I get Inflation rate and achieved in the google sheet - Trends_table_by_country_2019:


3.2.2. I calculate the multiplier (index earlier date divided by the index of the older date (ex: index as of Dec. 2020 / index Dec. 2019)) or use the multiplier informed by the Corporate insurance if already calculated. For countries for which no index is available, you can use the inflation rate.


I use google sheet - PF1 Insurance index 2019  -  I insert the index average between Buildings and M&E and multiply with previous year multiplier to get the new multiplier to be inserted in SAP tables. 


...


End of document.