Be compliant and manage risks

Given the complexities associated with the business-as-usual close for your organization coupled with the challenges of conducting a virtual close, there is limited precedent into how a global pandemic such as COVID-19 will impact businesses across the market as they prepare to complete their first virtual close.

Not unlike other global crises, it is critically important to be prepared for COVID-19-related volatility and the likely impacts it will have on successfully preparing and executing the financial close process.

As always, our main objective remains the same: to provide you with the best quality of service. That is why we have developed this dedicated webpage, including key areas of focus, and information on how to plan, respond, and execute a virtual close.

Firm initiative

Current Luxembourg funding answers due to the Coronavirus

Advisory & Consulting

• Business continuity plan
  • Business continuity management solutions
    
• Risk review (e.g. liquidity, cyber risk)
  • COVID-19: Work from anywhere. Cyber everywhere.
    
  • Enterprise Risk Management (ERM) Services
    
  • Financial Risk Services
    
  • Deloitte Cyber Risk capabilities in EMEA
    
  • Global publication - Operational Risk Services
  • Business and human rights dilemmas in the midst of COVID-19
    
• Fraud, financial crime
  • Fraud management systems
    
  • Financial crime compliance
    
  • Global publication - The connected defense: Elevating the fight against financial crime
• Regulatory strategy re-prioritization
  • 2020 Regulatory Agenda - Top priorities
    
  • Kaleidoscope - Regulatory watch solution
    
  • Regulatory Risk Services
    
  • Regulatory, compliance & fund registration
    
  • Global publication - Center for Regulatory Strategy
• Process and procedures review
  • Operations excellence
• Supply chain resilience (Non-FSI)
  • Supply Chain

Tax

Audit & Assurance

Certifying your compliance

Our Audit & Assurance professionals are uniquely positioned to create trust in your company. Leveraging our proven audit methodology and extensive industry expertise, Deloitte can provide assurance over financial reports, calculations or business processes and help you demonstrate compliance in the following areas:

• Financial covenants
  
  Actions taken in response to the spread of Covid-19 have resulted in significant disruption to the operations of companies at a global level putting major constraints on their liquidity. With the impact of the shutdown also starting to reflect in financial reporting, financial covenants agreed with credit institutions may come under additional pressure.
  
  We can perform procedures to validate certain inputs to the covenant calculation and provide assurance over the compliance with the agreed indicators. 

Preparation, planning, and execution of the virtual close

Companies already face countless complexities related to the business-as-usual close. And now, there’s limited precedent into how a global pandemic like COVID-19 will impact finance organizations as they prepare to complete their first virtual close.

How can companies better prepare for COVID-19-related volatility and its likely impact on the financial close process?

Under this link, we provide guidance on how to plan, respond to, and execute the virtual close process, including sector-specific considerations for banking and capital markets, insurance, investment management, and real estate institutions.