Reshaping statutory reporting and compliance with technology

Andrew Hay, Head of Proposition, Statutory Reporting and Shared Service Centers at Thomson Reuters, joins podcast host Myles Corson to discuss how companies can standardize and centralize global finance operations by leveraging technology.

This conversation examines how the area of statutory reporting and tax compliance is evolving, the opportunities and challenges organizations have with standardization as they transform their organizations and address the risks of protecting financial data in the cloud.

Key takeaways

• Organizations are moving towards global centers of excellence or regional shared service centers to standardize specific and repeatable tasks in the area of statutory reporting and tax compliance, allowing them to leverage their staff on more value-added tasks.
• The skills needed from a talent perspective are shifting to people who have both strong financial reporting or accounting skills and high-level technology and automation competencies.
  
• Before undertaking any finance optimization project, ensure that there is a global process owner who addresses the requirements of all stakeholders including the function, geographies and business owners.