Many finance, operations and compliance executives will be surprised to find that preparing for the new reporting landscape will require them to change almost everything they do.
Finance, operations and compliance executives at large private equity firms are responsible for implementing historic changes in their reporting. This is a task somewhat akin to leaving the safe harbor of simpler reporting rules and setting sail for open water. Are you ready?
To meet this challenge, private equity firms must modify their reporting process to work as a cohesive unit, a transformation that will require better coordination, communication and scheduling.
Learn more about some of the leading practices used by successful firms:
New reporting rules demand new reporting tools. Reasons for this include account integrity and improving a firm's responsiveness to investors.
Many finance, operations and compliance executives will be surprised to find that preparing for "open water" reporting will require them to change almost everything that they do.
This, in turn, will necessitate greater dependence on others to get things done on time as executives are held to a new standard of quality that can make or break their careers — or, in some cases, can irreparably tarnish the entire firm.
With the stakes this high, private equity firms need the right team and the right tools in place – before setting sail.