Financial reporting outsourcing for a leading bank in Hong Kong

The challenge

Our client is one of the leading banks in Hong Kong, providing fund administration services which includes comprehensive financial reporting services for 200+ clients with 3,300 deliverables annually. The client required assistance in preparation of the periodic financial statements including annual and interim reporting in multiple jurisdictions (Hong Kong, Singapore, Malaysia, Australia, Dublin, Edinburgh, Luxembourg, and MENA) across various accounting platforms and reporting GAAPs.

The solution

We designed an operating model with the aim to ensure a seamless and timely execution of the engagement, leading to a successful delivery of 3,300 financial statements. By closely overseeing the project and addressing potential challenges, we ensured that milestones were met, and objectives were achieved according to the calendar agreed between client and Deloitte.

The outcomes

Increased operational efficiency:

• We simplified an operationally complex delivery model and moved to real-time dashboarding, streamlined processing that reduces pain-points throughout the financial reporting lifecycle.
• We refined our review process by implementing curated scheduling and allocations tailored to both the experience level and complexity of the financial statements.

Specialised experience:

• Extensive experience in collaborating closely with fund administrators to deliver tailored reporting services.
• Specialised experience in providing the financial reporting services within the specified regions across the globe.
• Significant experience in managing tight deadlines and extensive operations by implementing a structured communication and governance framework, minimising ambiguity across all levels.

Driving innovation through automation

• Utilised technology including Deloitte’s internal tools, viz., Drep, DBoard, Dconnect, and CEC service centers to efficiently manage services for 3,300 financial statements.