Centralising statutory reporting: The benefits, challenges, and next steps

Shared service centers are expanding their processes, frequently including record-to-report. According to a recent survey by SSON Research & Analytics, nearly 70% of respondents were already managing some form of reporting through a centralised approach, and another 20% plan to move that way.

Centralising statutory reporting offers substantial advantages — greater accuracy, consistent reporting, improved compliance, risk mitigation, increased efficiency, and cost savings. Moreover, it enables Global Business Services (GBS) to deliver strategic insights, establishing them as valuable resources for C-suite decision-making.

• Learn how ABB centralised statutory reporting and managed global reporting, and the lessons learned during its transformation.
• Understand the effort and specific challenges involved in centralising statutory reporting and how to address them.
• Explore resourcing strategies — competencies, activities, and scope of work.
• Discover how to balance global and local requirements and when to adapt your approach.
• Identify potential risks associated with centralising statutory reporting and how to mitigate them.
• Examine the role of technology and automation in streamlining the process.