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Centralization for global statutory reporting

What companies can do now

Discover our latest thoughtware addressing the pressing need for centralizing global statutory reporting. The first article, “Centralizing global statutory reporting,” identifies the need for finance and system transformation to keep up with evolving compliance standards. Based on conversations with our clients, the second article, “Centralization for global statutory reporting: A closer look,” takes a deeper 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.

What you will learn from reading our “Centralizing global statutory reporting” article:

  • The three operating models for global statutory reporting including the Centralized In-house model, the Managed Delivery model, and the Co-sourced model.
  • The benefits of centralizing global statutory reporting, including increased efficiency, cost savings, and enhanced compliance.
  • The strategies for transformation and technology integration, including how to leverage technology to automate report generation from various sources; harmonized accounting processes; and how to adapt new reporting technologies and tax laws.

What you will learn from reading our “Centralization for global statutory reporting: A closer look” article

  • How streamlining the statutory accounting process can help reduce costs, enhance compliance, and unlock efficiencies throughout the finance organization.
  • The value of standardized financial disclosures in streamlining reporting and determining global consistency and transparency.
  • How AI can be leveraged to enhance reporting accuracy and data analysis.
Centralizing global statuatory reporting
7 MB PDF
Centralizing global statuatory reporting: A closer look
3 MB PDF

Centralization for global statutory reporting

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:

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.

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.

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.

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.

Let's take the next step together

We'd love to hear about your needs and business challenges, even if you're not sure what your next step is.

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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.

Learn how Deloitte can guide you in transforming your Global Statutory Reporting, connect with one of our advisors today.

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Drew Green

Drew Green

Partner Audit & Assurance | Deloitte & Touche LLP
+1 989 633 7241
Nicholas Accordino

Nicholas Accordino

US Post-IPO Services Leader | Deloitte & Touche LLP
+1 216 589 5237

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