Process changes are often driven by the need to improve reporting times, reduce costs and bring in greater control. Reporting process issues are closely interrelated to technology and people issues as illustrated below:
KPMG professionals can help improve the speed, efficiency and quality of reporting through the following:
Quality, fast close
Our approach looks at elements of the reporting close process, which we benchmark against our knowledge of industry best practice. We help clients define gaps and agree improvements to achieve efficiency in designing and implementing a single and integrated quality close process for all reporting bases.
CFOs must find ways to minimize finance costs and still deliver additional requirements. Using the Lean Methodology we can help clients reduce waste and inefficiencies in processes.
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 professionals have developed a number of ways to address control issues, including direct control remediation, Sox lite and a detailed control framework for Solvency II.