Foreign-owned Commercial Bank

Capco helps foreign-owned bank build flexible IFRS reporting framework

This commercial bank provides financial services to individuals, small businesses, middle-market companies and major corporations. As a wholly owned subsidiary, the bank operates in four states and two international locations.

Confronting Challenges
To meet the reporting requirements of its foreign-owned parent, the bank needed to adopt International Financial Reporting Standards ahead of schedule. Doing so required building dual reporting capabilities within a flexible framework that could support J-GAAP (Japan’s accounting standards), U.S. GAAP rules and IFRS reporting needs as well as an accounting policy environment leveraging Hyperion’s financial management system.

The client engaged Capco to focus on project management office (PMO)/governance, organizational change management and systems integration.

To develop a target operating model, we conducted interviews and documented reviews of current-state vendors, applications, systems, data flows and architecture. We developed “blueprint” documents that included system, vendor and data analyses. We developed standardized project reporting and scope control procedures to enhance the bank’s existing governance program.

Our PMO work concentrated on developing a detailed project plan and budget, resource mobilization, and project management tools.

In addition, we conducted interviews and surveys to assess the client’s change readiness environment and developed an organizational change management plan that focused on vision and stakeholder alignment, training and communications.

Key Benefits

  • Predictability around IFRS implementation effort, including required scheduling, budget and internal/external resourcing needs
  • Flexible and scalable governance plan
  • Targeted organizational change plan that supports transparency in implementation