Scope of Work
- Process for end-to-end delivery of group financial statements
- Accountability and responsibility at the highest level
- Periodic travel to Australia to finalize the half-yearly reporting for investors
- Collaboration with all the associated stakeholders: Business, Compliance, Investor Relations, Treasury, Audit Committee
Challenges
- Being first of its kind, there was no prior precedence in this area and the process had to be evolved
- Understanding the perspective of different stakeholders in the process
- Leadership presence while discussing with the CFO, Group Controller, and various Business Heads
- Handling the group’s auditors in Australia as GCC became the face of group financial reporting
- COVID-19 posed a significant challenge when travel was restricted to the home location
Solution
- Leadership enhanced to demonstrate end accountability
- Created a pool of team members focusing on financial reporting requirements and able to meet the increased demand
- Open conversation with stakeholders to understand feedback and improve the process
- Built a growth mindset in the GCC to understand the growing demands of the group financial reporting process, which is the last line of defense for the Company
Benefits
- Highly skilled 20 FTE supporting the group financial reporting function
- Onshore staff could focus on decision support as compliance was taken care of
- Cost savings of approximately AUD 1.5 million per year
- Seamless delivery, including during the COVID phase
- Multiple process innovations to streamline major touchpoints
