Improving financial reporting in shared services company of a multinational bank

• Main Author: Rivera, Ma. Stella Sophia
• Format: text
• Language: English
• Published: Animo Repository 2018
• Subjects: Banks and banking; Financial statements
• Online Access: https://animorepository.dlsu.edu.ph/etd_masteral/5470
• Institution: De La Salle University

Financial reporting is a much more complex process in a multinational bank like us due to the consolidation of financial data for all our branches overseas, while taking into consideration the regulatory requirements and scrutiny. It is important for us, a shared services company of a multinational bank, to ensure the timeliness and accuracy of our financial reports in order to protect the stability, continuity and reputation not only of our bank, but also our stakeholders, which include shareholders and employees. I, in collaboration with colleagues, conducted this action research to address the pain points in our financial reporting processes. The main issue is delayed and inaccurate financial reports for the Asia branches, which we prepare, as the shared services center of a foreign bank. By using the action research methodology and tools such as the ORJI, Ladder of Inference, and other related methods, our Finance team collaborated during the two research cycles to improve the efficiency and effectiveness in our financial reporting. Our interventions focused on effective communication of the financial reporting procedures and the training of accountants to streamline and improve the joint consolidation of country branch regulatory reports for faster delivery and quality submission of financial reports.