Managing Statutory Reporting in Shared Service Centers

Drive efficiency and reduce cost in your statutory reporting process through centralisation and standardisation, especially by overcoming common challenges including - lack of country specific knowledge and local language requirement


This webinar will take place on:
2019-10-03
04:00 PM - 05:00 PM SGT

Professionals who manage Finance Shared service centers are tasked with being profit centres, not just cost-centres. For companies that do business in many different jurisdictions or have uniquely complex regulatory reporting responsibilities, have a huge opportunity to leverage current investment & deliver an improved bottom line to the business.

Local statutory financial reporting can be a real headache for multinationals, often requiring reports to be created for hundreds of legal entities across dozens of jurisdictions all with different formats and reporting deadlines. How can you drive efficiency and reduce cost in your statutory reporting process, esp by overcoming challenges such as - lack of country-specific knowledge and local language requirements?

Mark Boakes, Former Program Manager of Statutory Consolidation and Reporting at General Electric (GE) will share the challenges GE faced with statutory reporting across 1500 legal entities and how centralizing the process using technology resulted in reduced outsourcing costs and increased control over their reporting process.

From the session you'll learn to:

  • Effectively manage statutory reporting across multiple jurisdictions
  • Reduce risk of delayed or inaccurate statutory report filings
  • Reduce outsourced reporting cost
  • Free up local finance teams from low-value compliance work
  • Get more value from existing financial shared service centers

Presenters:

Mark Boakes

Thomson Reuters

Mark serves as a Client Advisory & Strategy Consultant for Thomson Reuters. In his previous role at GE he spent 5 years as a Finance Systems specialist, covering accounting, consolidation, planning and reporting needs of over 40 Consumer and Commercial banks. Then 3 years as programme leader of a Global Finance Transformation focused on end-to-end accounting standard process and tool-set for statutory reporting, to enable migration to a shared service environment. A very large project; 120 countries and 1,200 legal entities – a great example of standardisation on a global scale. Mark now works on client advisory and strategy at Thomson Reuters in London working with Global MNCs on similar transformational centralisation journeys.

Hari is Senior Product Manager for the Finance & Accounting proposition across ANZ. Hari has spent more than 14 years in the IT industry. He has implemented various finance and accounting software solutions for clients, ranging from small to medium enterprises, SSCs, multi-national corporations, governments and the “Global 7" accounting firms. With a strong technical experience and a deep understanding of the changing client’s needs, Hari’s focus is to ensure customers get the most out of automation