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Perspective:

Perspective

Centralization for global statutory reporting

What companies can do now

Discover how proactively transforming global statutory reporting into a centralized delivery model can create an opportunity to harmonize data coordination, unlock efficiencies throughout the finance organization, more easily adapt to ever-evolving regulatory changes and standardize financial disclosures to assist in compliance and transparency.

Why transformation is needed

Global statutory reporting is a complex process. Add to that antiquated reporting processes, inconsistent policies, and changing regulatory frameworks and the need for centralization becomes evident:

Evolving regulatory landscape

Constantly changing regulatory frameworks requires companies to keep up with frequent changes, locally and globally. The complexity of these compliance requirements, across multiple jurisdictions, compounds the need for accuracy and timeliness, which can be a huge draw on resources, not to mention the risk of noncompliance.

Data disaggregation

Manual data handling along with outdated and decentralized data models across systems, departments, and geographies may lead to reporting errors, increased discrepancies, and inefficiencies. These time-consuming processes for integrating data can create delays in reporting and impact decision-making.

Late filiing, audit and third-party fees

Outdated processes and changing regulatory requirements can cause delays in compiling and submitting statutory reporting. This can result in late statutory filings and expensive audit fees—not to mention third-party fees associated with verifying statutory reporting requirements.

Centralizing global statutory reporting

Take a look into specific topics and steps companies can take now to simplify, standardize, and automate global statutory reporting (GSR) processes. With this knowledge, organizations can learn how to streamline their regulatory frameworks and move toward a more centralized and efficient compliance strategy.

Take a closer look

Centralization: What you can do now

Discover how proactively transforming global statutory reporting into a centralized delivery model can create an opportunity to harmonize data coordination, unlock efficiencies throughout the finance organization, more easily adapt to ever-evolving regulatory changes like Pillar Two, and standardize financial disclosures to assist in compliance and transparency.

The services described herein are illustrative in nature and are intended to demonstrate our experience and capabilities in these areas; however, due to independence restrictions that may apply to audit clients (including affiliates) of Deloitte & Touche LLP, we may be unable to provide certain services based on individual facts and circumstances.

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