In control for IFRS and regulatory reporting

A domestic bank aimed to improve its process for financial and regulatory reporting, proving to the Supervisor to be fully in control within 8 months. We had been asked to design and implement a program fit for a sound implementation and embedding of the required improvements.

What did we do?

• Assessed the current state of the end-to-end external reporting chain.
• Designed and implemented:
  • Administrative organisation, and internal controls for all domains involved in reporting, from sourcing businesses to end reports.
  • Data governance, including a data glossary with clear definitions, data lineage, data quality controls and data delivery agreements.
  • Training program to embed a controlled data environment for IFRS and Regulatory reporting.
  • Non-financial risk charter and framework, including policies.

Results achieved

• An effective and up to standard administrative organisation and internal control framework, ensuring management to be in control for financial and regulatory reporting.
• A certification of the administrative organisation and internal control by an independent auditor.
• Improved awareness of internal control within all the domains in scope.