Our approach looks at the reporting close process and its constituent elements, which can be benchmarked against our knowledge of industry best practice to define the gap and agree improvements to be made. The key to achieving efficiency is designing and implementing a single and integrated quality close process for all reporting bases.
With increasing pressure to reduce costs, CFOs need to find ways to minimise finance costs and still deliver additional requirements, primarily from Solvency II. The Lean methodology is based on reducing waste and inefficiencies in processes, driven by value based processes and outputs.
The volume and complexity of data and of calculations mean that strong controls are essential for insurers, but these controls are often inefficient due to data and systems constraints. KPMG has developed a number of ways to address control issues, including direct control remediation, Sox lite and a detailed control framework for Solvency II.
