Are you only seeing the tip of the iceberg?
The financial crisis that shook the world early in the new millennium obliged governments to rethink their approach to controlling and regulating the financial system. However, how can you control something without a clear understanding of what is going on? The answer is simple: you can’t.
Availability and accuracy of data
The primary challenge centres on data, which may be spread all over the organisation. It might be stored on legacy mainframes, hidden on the internal hard drives of employees, lost in a newly created private cloud or even kept outside of the company. The good news is that an increasing number of organisations are investing in data warehouse projects to streamline and rationalise data management, storage and archiving processes. Organisations must ensure that reportable data is accurate and up-to-date.
Outsourcing versus in-house reporting
Making accurate data available for reporting is extremely important, but it is only the first step in our reporting journey. The next step is to decide which reporting mode to use, i.e. whether to perform the reporting in-house or to outsource it to a third party. Unless the company provides reporting services to other firms, the costs associated with reporting are not recoverable, as reporting activity does not generate any income for the organisation.
Selecting an outsourcing provider
Offerings can be broken down into companies specialised in providing one type (or a very limited number) of reports and those providing a much broader spectrum of reporting services (‘all-in’ reporting providers), including reporting within multiple jurisdictions and for multiple industries.
Inside magazine issue 6, October 2014
Inside is Deloitte’s quarterly magazine offering an exclusive insight into best practices, trends and opportunities faced by our clients across all industries.
Inside focuses on the main hot topics relevant for the market (Asset management, Banking, Insurance, Public sector, Healthcare, Private equity, Real estate, TMT, Manufacturing and consumer business, Transport and logistics).