Emirates NBD generates financial report 30pc faster with MDS
DUBAI, 4 days ago
Emirates NBD has generated its year-end financial statements 30 per cent faster than the previous year, working with the MDS ap, an exclusive partner on the SAP Business Analytics Portfolio of products.
The application allowed it to manage critical disclosures and heighten trust and transparency for investors, said a statement.
Surya Subramaniam, group chief financial officer, Emirates NBD, said: “Emirates NBD has reached a new level in terms of financial reporting maturity by removing manual processes that were prolonging the generation of quarterly and year-end financial statements.
“Leveraging SAP Disclosure Management allowed us to save time, avoid manual intervention and include last minute edits in the financial statements with a press of button.”
Emirates NBD is the first bank in the UAE to adopt the SAP Disclosure Management via MDS ap. Since its implementation, Emirates NBD has also used the software to generate part of its financial results announcement.
Tony Achkar, managing director, MDS ap Tech, said: “New regulations on financial reporting are being consistently updated and very soon automation will become a necessity if banks want to minimise risk, time and cost associated with the disclosure process.
“By leveraging SAP Disclosure Management and assuming complete project ownership, Emirates NBD is driving UAE banking towards a global standard in financial compliance and adhering to their own corporate governance guidelines for accuracy and transparency in the ‘last mile’ of finance.”
By generating the report eight days faster than the previous year, the financial statements produced by Emirates NBD could include last minute edits and staged approvals, together with report comparison and full or partial restoration of previous versions.
Tayfun Topkoc, managing director, SAP UAE, said: “We are proud to support Emirates NBD with its drive to become more transparent and set an industry-wide example.
“Regulatory change is sweeping across the world, and Emirates NBD is not only ready but at the forefront of innovation adoption. Rather than treating it as a challenge, the bank’s leadership is seeing this pressure as an opportunity to run more efficiently, deliver better value and to reach higher levels of achievement.”
SAP Disclosure Management, has also given the bank greater flexibility by allowing the integration of annual reports and corporate announcements that provide investors with relevant information and supporting data that can affect shareholder value. – TradeArabia News Service
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