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In control for IFRS and regulatory reporting

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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.

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