Balance Sheet Optimization and IFRS Compliance for a Top Eastern European Bank
BACKGROUND
Our client is a prominent financial institution based in Eastern Europe, specializing in providing a wide range of banking services to both individual and corporate clients. They are recognized for their innovative banking solutions and significant contribution to the economic development of their region. The client required the implementation of a detailed budgeting process to achieve a comprehensive balance sheet, including both planned and actual figures, in accordance with IFRS standards.
CHALLENGES
- Development of a budgeting system.
- Automation of budgeting business processes: preparation and revision of the annual budget.
- Increasing planning quality using an improved methodology.
SOLUTION HIGHLIGHTS
- Planning and consolidation business processes analysis has been achieved.
- OLAP cubes have been developed and business processes have been configured.
- Automation of calculations of regulated reports and master budget using settings.
- The turnover balance sheet with the actual data and automated calculation of the actual balance loaded.
KEY RESULTS
The customer began to understand his business much better in terms of factors that affect the financial result. This was achieved thanks to the following actions from our side:
- Improved financial planning process.
- Increased transparency in the results from work divisions, and greater staff interest in improving the bank’s financial results.
- Improved manageability and coordination of business units.
- Continuous automated monitoring of budget execution.
- The realization of support for a full and closed planning cycle from input of operating budgets (more than 100) to the approval of the plan and the construction of consolidated statements. This is in accordance with the requirements of both management accounting and the parent bank.
- Reduction in budgeting time — despite employing a significantly more complex model — from 90 to 10 days. In addition, the preparation of a budget for a new business scenario now takes one day instead of a month.