BPM


BPM

IFRS Consolidation, Stautory & Management Reconciliation, Supervisory Reporting, CDM


Following the pleasing results we obtained in our statutory consolidation project, and having being impressed by the sensitivity and competence of the Tagetik team — particularly in their treatment of management accounting data — we decided to continue working with them on bringing our systems in line with IAS 14 requirements.

Andrea Rovellini, BPM Group controller


 

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the CHALLENGE

BPM is an interregional commercial bank that offers - either directly or via the companies that it controls or in which it has a stake - a complete and integrated range of products and services. It's strongly represented across the whole of Italy. The funds it administers for its trustees place it among the leading "people's banks" globally.

BPM needed to introduce the major international accounting standards.

Benefits

Benefits


Segment Reporting requirements

Ability to issue financial statements subdivided by relevant segment


Simplified internal reporting

Rationalised internal management reporting & Executive Dashboard from an application point of view

Numbers & narratives

Automated generation of the Notes to individual Financial Statements for each legal entity

Reduction in manual operations

Automated procedure for balancing and preparing both individual and consolidated reports

Automated data extraction & loading

Automated data collection process from the bank's transactional and departmental systems

Reconciliation of data

Reconciliation of management accounts with the statutory financial statement
 

THE SOLUTION

In fulfillment of the specific project objectives the following Tagetik CPM processes were implemented:

  • ETL: for the T&L (Transformation and Loading) stages of the automated data collection process from the bank's transactional and departmental systems.
  • Closing & Control: for the reconciliation of data, creation of the management financial statement using nonaccounting processes, reconciliation of management accounts with the statutory financial statement, generation of the individual segment with adjustments and allocations, and input of data into the consolidated management accounts on a segmental basis.
  • Consolidation: for the collection of data on a segmental basis, reconciliation of the data collected withthe data used for statutory consolidation, management accounts consolidation by segment/in line with IAS standards, and for controlling the statutory, management, and IAS 14 reporting process.
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