Financial institutions are spending too much time on compliance and too little on managing and growing their core business. Given this context, how can firms reduce the effort it to takes to make changes that may be necessary, but which are not driving real business growth? This paper explores how firms can become more consistent, more efficient, more compliant, less exposed to risk – and save time and money along the way.
The challenges faced by internal reporting, regulatory reporting, financial disclosure, risk and financial measurement, risk and financial control and data governance teams include efficient operations, efficient production of measurements and reporting and consistency of information across business groups.
We discuss below how leaders of Finance, Risk, Treasury, Line of Business and Operations functions can create a virtuous circle of improvement that enables you to focus on running the business, not on endless and expensive cycles of change.
Time is money
Financial institutions have complex, time intensive valuation, risk measurement, financial and performance management processes. Considerable time is spent analysing unexpected results. Matters compound when alignment is needed across areas. Significant time must be expended, simply to achieve an aligned view across processes and groups – and still, all too often, valuations and measurements are neither accurate nor consistent…
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