On the one hand, financial institutions regularly experience changes in external requirements for reporting structures and reporting processes due to changes in content requirements; on the other, this circumstance also often results in the need for internal change. This relates above all to the optimization of the processes by means of which the existing requirements are fulfilled – the reason for this optimization can be found in the two dimensions of quality and efficiency.
Challenges during the Introduction & Adjustment of Reporting Structures and Processes
When introducing new requirements, the primary focus is usually on meeting the requirements as quickly as possible in terms of content. Only in a later phase does the efficiency aspect move into the foreground, and it becomes apparent where sources of errors have been incorporated into the processes. This results in the need to optimize processes for the reporting processes. Such optimization can take different forms – starting with process documentation and standardization, and extending to an organizational optimization of processes or an adaptation, addition or (partial) replacement of an IT solution.
External changes may also cause the internal reporting requirements to be updated. For example, external reporting requirements regularly lead to changes in internal controlling approaches and key performance indicators. In addition to the external reports, there are then regular requirements for more detailed internal reports, the preparation of reconciliations and the acceleration of the preparation of reports. In this context, the interaction often results from an adjustment and optimization of the reporting processes, on the one hand, and a redesign of the internal controlling metrics based on external reporting, on the other.
FAS AG Support in the Optimization of Reporting Structures and Processes
FAS AG supports credit institutions, insurance companies and other financial service providers in optimizing and adapting reporting processes and structures. This can take place both directly in the context of an implementation project for new technical requirements in reporting, and in the follow-up to an implementation in order to start the structural and gradual revision of the finance architecture. Even if not all the desired steps can be implemented immediately for technical, time or cost reasons, the experts at FAS AG attach great importance to taking future expansion steps into account in advance and therefore not to obstructing any paths.
If you are interested or have any questions, please contact us.