Aktia aimed to enhance its financial and ESG reporting processes by automating the collection and dissemination of information about its yearly activities. With BearingPoint’s help, the financial company implemented Workiva, a cloud-based document and data collaboration tool, to streamline financial an ESG reporting and improve collaboration.
With BearingPoint’s support, we were able to implement a new reporting platform used for financial and ESG reporting within a very short timeframe. BearingPoint’s experience of similar projects was of great support in both project management and operational support.
Maria Hellström, Head of Group Finance at Aktia Bank Plc
Pursuing improvement of financial and ESG reporting
It is essential for financial institutions to provide accurate insights that reflect business performance. Aktia, a Finnish-listed financial service company, prioritizes clear and accessible financial and environmental, social, and governance (ESG) reporting. This commitment ensures that stakeholders have the necessary information for making informed investment decisions. However, gathering data from multiple sources can be time-consuming, especially when there is a wide range of services and complex governance.
The company’s workflows, as well as its interactions with external auditors and design agencies were hampered by manual processes and siloed collaboration practices. The complex structure of centralizing vast amounts of information involved lengthy data transfer processes and demanded regular revision. As a result, Aktia sought to explore new ways of improving its financial and ESG reporting, thus enhancing precision and fostering more cooperative methods.
Transitioning from manual to automated data management
Aktia partnered with BearingPoint to implement Workiva, a cloud-based integrated solution for automating finance, accounting, risk, and compliance reporting. BearingPoint configured Workiva’s Wdata & Wdesk modules, which consist of automated data transformation, data mapping, document creation and design, as well as access management. The project team customized the solution’s features by transposing data from various reports, establishing spreadsheets tailored to business requests, standardizing report layouts, and creating interactive charts. The source data input was then mapped to both the annual and interim reporting requirements, and status dashboards were put in place.
BearingPoint worked closely with the client on knowledge transfer, enabling Aktia’s key project board members to be actively involved in co-creating additional features as early as the build phase of the implementation. After the training and testing phases, Aktia successfully launched its annual financial and ESG report using the newly implemented Workiva tool.
Securing accuracy and efficiency of financial and ESG reporting
By using Workiva, Aktia benefits from streamlined financial and ESG reporting processes. The new collaborative tool eliminates version control issues and improves data management considerably. The efficient data gathering, aggregation, and transformation processes with a full audit trail significantly reduced the time spent on submitting and filing data, report design, and risks with auditing.
By establishing clear governance and accountability of tasks, Aktia has improved the reporting effectiveness and lead time. Additionally, the company gained more control and transparency across the publication close reporting process. The new solution allows Aktia to manage the report design and independently adjust reporting criteria easily when needed, as all communication, data requests, tasks, and documentation are handled under one user interface.
Aktia
Aktia is a Finnish financial group offering a range of solutions in asset management, banking and life insurance. The company operates mainly in coastal areas, in the Helsinki region, and in inland growth areas.
CA Auto Bank S.p.A. Niederlassung Deutschland achieves ESMA regulatory compliance and operational excellence with BearingPoint’s securitization services
Handelsbanken achieves a significant strategic milestone by completing the sale of its Finnish operations
Handelsbanken engaged BearingPoint experts in key roles to ensure a smooth divestiture process, minimizing risks, and avoiding business disruption. This transaction marked a pivotal step in the bank’s strategy to leave the Finnish market and position strongly on its core areas.
