Reporting in financial institutions

Prudential Reporting

Reporting to prudential authorities (Corep, Finrep, Schema A,…) represents an important part of the reporting processes managed by the financial institutions. The ever-increasing requirements of the past few years create huge challenges for these institutions. The quality of this reporting is however essential to maintain the relationship with the authorities and the regulators.

We support the finance departments with the implementation of new prudential reporting requirements. We also improve and redesign reporting processes, to optimize the preparation of the reporting to the various authorities (ECB, National Bank of Belgium, FSMA...). Additionally, we address staffing needs during closing periods by insourcing our experts into our client’s reporting teams.

Regulatory reporting

The banks, insurance companies, assets managers and other regulated financial services providers have to comply with specific accounting and reporting laws either in IFRS or in local GAAP principles. These requirements spark the need for high expertise in the book keeping techniques and set up of the financial statements.

Our expert in accounting and reporting requirements for the financial institutions can assist you in taking over the regulatory reporting process from the initiation of the accounting events in the source systems (back offices engines) till the preparation of the financial statements including the quantitative and qualitative required information (Balance Sheet, P&L, Off-Balance Sheet, Cash Flow statement, statement of Equity, Appendixes). We can also assist you in the preparation of the information towards the various committees within the financial institutions (workers council, audit committee, board of directors meeting,…).

Financial Reporting systems

The financial institutions have to cope with numerous internal and external reporting requirements (regulatory reporting, prudential reporting, financial statements). The complex IT legacy systems are not well suited for the current reporting requirements. New agile accounting and reporting solutions are needed to be able to respond to quickly changing regulatory changes and stakeholders' expectations.

We can assist our clients in the selection and the full implementation of the most appropriate finance and reporting systems fitting the size and the complexity of the institution. Our project managers and business analysts can support finance departments with their combination of strong knowledge of reporting requirements and agile project management skills. Our value proposition in financial reporting implementation includes primarily the following domains:

• Business & functional requirements
• (Re-) Design of finance and reporting processes in the frame of the new system’s implementation
• Project and change management with experts in the underlying finance and reporting processes
• Users acceptance testing
• Go live and after care management (considering our transition and support expertise)