{"id":566,"date":"2025-08-02T12:01:36","date_gmt":"2025-08-02T12:01:36","guid":{"rendered":"https:\/\/pierag.com\/?p=566"},"modified":"2025-08-02T12:01:36","modified_gmt":"2025-08-02T12:01:36","slug":"group-financial-reporting-in-india-for-a-global-bank","status":"publish","type":"post","link":"https:\/\/pierag.com\/US\/group-financial-reporting-in-india-for-a-global-bank\/","title":{"rendered":"Group Financial Reporting in India for a global bank"},"content":{"rendered":"<h2>Scope of Work<\/h2>\n<ul>\n<li>Process for end-to-end delivery of group financial statements<\/li>\n<li>Accountability and responsibility at the highest level<\/li>\n<li>Periodic travel to Australia to finalize the half-yearly reporting for investors<\/li>\n<li>Collaboration with all the associated stakeholders: Business, Compliance, Investor Relations, Treasury, Audit Committee<\/li>\n<\/ul>\n<h2>Challenges<\/h2>\n<ul>\n<li>Being first of its kind, there was no prior precedence in this area and the process had to be evolved<\/li>\n<li>Understanding the perspective of different stakeholders in the process<\/li>\n<li>Leadership presence while discussing with the CFO, Group Controller, and various Business Heads<\/li>\n<li>Handling the group\u2019s auditors in Australia as GCC became the face of group financial reporting<\/li>\n<li>COVID-19 posed a significant challenge when travel was restricted to the home location<\/li>\n<\/ul>\n<h2>Solution<\/h2>\n<ul>\n<li>Leadership enhanced to demonstrate end accountability<\/li>\n<li>Created a pool of team members focusing on financial reporting requirements and able to meet the increased demand<\/li>\n<li>Open conversation with stakeholders to understand feedback and improve the process<\/li>\n<li>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<\/li>\n<\/ul>\n<h2>Benefits<\/h2>\n<ul>\n<li>Highly skilled 20 FTE supporting the group financial reporting function<\/li>\n<li>Onshore staff could focus on decision support as compliance was taken care of<\/li>\n<li>Cost savings of approximately AUD 1.5 million per year<\/li>\n<li>Seamless delivery, including during the COVID phase<\/li>\n<li>Multiple process innovations to streamline major touchpoints<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>2-3 Min Read<\/p>\n","protected":false},"author":1,"featured_media":772,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-566","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-case-studies"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - 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