Finance and Accountancy Briefing
Financial Statement Reporting (FSR): a Liverpool Victoria Case Study
Liverpool Victoria is the UK's largest friendly society and a leading mutual financial services provider. LV= is among the top five motor (vehicle) insurers in the United Kingdom and among the top 15 protection insurers in the UK.
A combination of rapid growth and the company's efforts to transform itself to meet the rapidly changing environment that insurers and asset managers must operate in had a profound impact on the Group Finance department at LV=. It commissioned an extensive report from auditors Ernst & Young to review the then-current financial environment and identify areas for improvement. Year-end reporting, reports to the Board of Directors and the efficiency of the interfaces between financial systems were investigated, encompassing the 30-odd subsidiary finance departments and the overall Group (Corporate) Finance department, and the results were a mixed bag.
After the review identified areas for improvement related to LV='s financial reporting processes, it decided to invest in the IBM Cognos FSR financial governance solution.
This paper analyses LV='s reporting requirements in depth and assesses the impact of the new software solution, including the implications for data integration, regulatory compliance, information processing and labour costs.
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