Navigating the Digital Frontier for Financial Services: Streamlining Statutory Financial Consolidation and Group Reporting in a Legacy Environment

In an era defined by technological evolution, financial institutions are tasked with navigating the complexities of statutory financial consolidation and group reporting, often within the constraints of legacy solutions from vendors such as Oracle, SAP and IBM.

The roundtable dinner on Financial Consolidation will convene industry experts to delve into the challenges and opportunities inherent in modernising these critical processes while embracing emerging technologies.

Key Discussion Points:
1. Legacy System Constraints: Explore the limitations of legacy solutions from vendors such as Oracle, SAP and IBM. In supporting statutory financial consolidation and group reporting, including issues related to scalability, flexibility, and integration with modern technologies.

2. Technological Transformation: Discuss strategies for leveraging emerging technologies such as AI, machine learning, and advanced analytics to enhance the efficiency, accuracy, and agility of statutory financial consolidation and group reporting processes.

3. Data Integration and Governance: Examine best practices for integrating data from disparate sources and ensuring data governance and integrity throughout the consolidation and reporting lifecycle, particularly in the context of legacy systems.

4. Regulatory Compliance Challenges: Address the regulatory complexities associated with statutory financial consolidation and group reporting, including compliance with accounting standards (e.g., IFRS, GAAP) and regulatory requirements.

5. Transitioning to Cloud-Based Solutions: Explore the benefits and challenges of transitioning from on-premises legacy systems to cloud-based solutions for financial consolidation and reporting, including considerations related to security, scalability, and cost-effectiveness.

6. Enhancing Collaboration and Communication: Discuss strategies for improving collaboration and communication among finance teams, business units, and external stakeholders involved in the consolidation and reporting process, leveraging both technology and organisational practices.

7. Future-Proofing Consolidation Processes: Share insights into future trends and developments in statutory financial consolidation and group reporting and explore how organisations can future-proof their processes to adapt to evolving regulatory requirements and technological advancements.

Through collaborative discussions and knowledge-sharing, the roundtable dinner aims to empower participants with actionable insights and strategies for modernising statutory financial consolidation and group reporting processes in a legacy environment, ultimately driving greater efficiency, accuracy, and compliance.

Speakers:

George Newton, Sales Director – Financial Services, CCH Tagetik – UK & Ireland, Wolters Kluwer
George Ioannou, Partner, EY