Material Weakness Remediation and Finance Transformation for Healthcare Client

Summary:

A $3B consumer healthcare company engaged Eliassen Group to remediate five material weaknesses, which expanded into a full finance transformation, which included redesigning SOX controls, transitioning 25 commission plans, and rolling out Blackline to deliver audit compliance and a scalable, modernized close. 

Highlighted Results:

• Fully remediated 5 material weaknesses
• Transitioned 25 commission plans
• Implemented Blackline to streamline the accounting close
• Strengthened SOX compliance framework
• Improved reconciliation accuracy and close efficiency

The Challenge:

After an audit revealed five material weaknesses, a healthcare products company faced urgent pressure to remediate these issues by redesigning controls and conducting additional testing. Once the weaknesses were addressed, leadership identified deeper inefficiencies in accounting close procedures and the sales commission processes. This highlighted a need for broader finance transformation to reduce risk and support future growth.

The Solution:

Eliassen Group was initially engaged to support controls remediation but quickly expanded its role to lead a comprehensive finance transformation. We deployed a cross-functional team to drive control design, commission plans, ensure SOX compliance, implement Blackline, and deliver targeted training.

Key outcomes included:

• Transitioned 25 commission plans, by conducting stakeholder discovery, developing SOPs and training materials, and providing annotated SQL code for transparency
• Designed and tested new SOX controls to achieve full compliance
• Supported phased Blackline rollout with user training, policy development, UAT, and hypercare
• Verified operational effectiveness of controls identified during the RCSA
• Delivered comprehensive training to the accounting team for sustained performance

The Result:

The client achieved full audit compliance while modernizing and streamlining core financial operations. These improvements reduced long-term compliance risk, improved close efficiency, and established a scalable, audit-ready foundation—positioning the company for future growth and operational resilience.