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Seizing the opportunity in Global Compliance and Reporting: Pull GCR into your change initiatives - EY - Global

Seizing the opportunity in Global Compliance and Reporting

Pull GCR into your change initiatives

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Summary: The Fortune Global 500 companies we surveyed indicate negative business impacts related to GCR processes. To guard your company from risk, you must identify new ways to manage and operate your GCR processes.

In the past 12 months, percentage of companies from Fortune Global 500 experiencing


EY - In the past 12 months, percentage of companies from Fortune 500 experiencing

Consequences of inadequate GCR management

New finance operating models impact GCR

Those who have recognized and capitalized on the opportunity to overhaul GCR processes in conjunction with their broader transformation of finance are already realizing the benefits.  Benefits include:

  • Enhanced operational agility
  • Greater cost¬≠effectiveness
  • Improved decision-making

Those that have not taken these actions will see an increasing need to do so.

As companies compete for growth, each function has to do its part to enhance performance. The finance function is no exception. Our survey shows that two-thirds of companies are in the midst of or have recently completed a finance function transformation and that another 13% will initiate one in the next two years.

Transformations often involve:

  • Deployment of shared services centers (SSCs) and centers of excellence (CoEs)
  • Reduction of in-country resources
  • Implementation of standard global processes
  • Evolution in information systems
  • Adoption of new sourcing models

A word of warning from survey respondents; don’t exclude GCR from change initiatives

Our respondents believe that there are significant risks of increased costs due to inaccurate filings when a company excludes GCR from its change initiatives.

Percentage of respondents who identified the following risks of excluding GCR from finance transformation


EY - Percentage of respondents who identified the following risks of excluding GCR from finance transformation

Risks of excluding GCR from finance transformation

Tax authorities look for their fair share of global tax revenues

Regulators around the world have faced the same challenges as corporations: how to adjust to the reality of the new economy and the complexities of an increasingly global business environment.

Almost two-thirds of companies we surveyed see these trends as very significant or somewhat significant to their GCR activities in the near future.



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