Group Financial Reporting in India for a global bank

Group Financial Reporting in India for a global bank

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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
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