Financial Reporting – State Bank of India

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Financial Reporting

Problem

• The application receives output from the Bank’s core and subsidiary applications to prepare Bank Level Financials.
• Preparation of financial statements and regulatory returns in an integrated and automated process.
• Concerns for the confidentiality of financial data, especially in light of SEBI directions.
• Semi-Manual System of Preparation of Financial Statements and Regulatory Returns.
• The slow pace in preparation of financial reports.

Solution

• Developed an in-house system for the preparation of quarterly/annual financial statements.
• All financial returns are being generated, building a complete financial reporting ecosystem.
• Automated manual collation of audited returns of buses at the bank level.
• Adopted digital transformation for financial reports generation and has moved on to cloud-native technology.
• Empowered end-users to create/change workflows, business logic and report formats through the front end.

Outcomes

• Integrated and automated process for the generation of financial statements and regulatory returns.
• Single source of truth for any financial data requirements by capturing data from multiple business units and applications.
• Automated highlighting of exceptions/errors, removing manual checks.
• Confidentiality is maintained through data encryption and user authorisation.
• The all-inclusive solution for financial returns.

Challenges

• External off-the-shelf products have system integration issues with the Bank’s internal system.
• Quick adaptability of the system to change in directives of RBI/SEBI. 
• Divergent data because of multiple systems involved. 
• Integrating all the core applications into a single platform and addressing regulatory reporting concerns.
• Any change in RBI/SEBI directives necessitates changes to be made in the application to generate financial data

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Case Study

Financial Reporting Application (FINRAp) 

Introduction

The Application is an In-house development initiative and has been developed keeping in view dynamic regulatory changes in financial reporting frameworks. It caters to various requirements of the Bank’s Financial Reporting.

Problems

The Bank manually prepared Final Accounts using an MS-Excel-based traditional report generation system. The manual preparation of financial statements and regulatory returns used to result in errors and confidentiality issues.

Solutions

The department adopted digital transformation to move to Cloud-native technology. The Bank decided to automate the process of preparation of final accounts by integrating the data being received from various applications. This platform empowers end-user to create/change workflows, business logic and report formats, as per business and regulatory requirements through the front-end, thus eliminating coding requirements for future changes and ensuring confidentiality through data encryption and user authorisation as all financial returns generated by the application.

Outcomes

The application gives emphasis on a Single Source of Truth for financial data reporting and all related financial reports and returns are available in one place. It generates cross reports/annexures automatically tallying the balances and highlights exceptions/errors and ensures data encryption and user authorisation – provides data on a need-to-know basis.  

Challenges

The department faced issues in integrating all the core applications into a single platform and addressing regulatory reporting concerns.

Innovation

The application is an Integrated Financial Reporting application that integrates the output of the Bank’s core and subsidiary applications to prepare Bank Level Financials. The system ensures confidentiality through data encryption and user authorisation as the application generates all financial returns.

Opportunities

The department plans on expanding the system at the operational level and extending it to the branches.

Summary

The application was developed in-house for better manageability and lesser TAT for Change Requests. It’s an in-house development initiative and has been developed keeping in view of dynamic regulatory changes in financial reporting frameworks.

For more information, please contact:
Mr Somanath Sahoo, Assistant General Manager at somanath.sahoo@sbi.co.in

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