One of the World's Leading Banks
Our client is one of the world's leading banks, with a strong position in Europe and a significant presence in the Americas and Asia Pacific. The financial services company provides banking services to corporations, governments, institutional investors, small and medium-sized businesses, and private individuals.
COMPLEX REGULATIONS AND STRUCTURE MADE FOR COMPLICATED REPORTING
As an international bank with its global headquarters in Europe, our client maintains its financial records in the United States, according to U.S. GAAP standards, while requiring all entities to be reported against the IFRS standard for consolidation with all other global entities for home office reporting.
In order to comply with the two accounting standards – not to mention a broad set of operating units, products, organizations,currencies, and reporting requirements – the firm’s general ledger and associated consolidation systems are necessarily complex. With numerous multi-tiered structural hierarchies for cost/profit centers, consolidation groups, regulatory and management reporting lines, product classifications, etc.,understanding where and how to retrieve pertinent information for a given query or report can be a daunting task.
Driven by the requirement for foreign bank organizations (FBO) to form an Intermediate Holding Company (IHC) as mandated by the Dodd-Frank Act, the bank needed a solution for unifying its management reporting into a single, reconciled source.