Banking and Professionals of the Financial Sector (PFS): Case Study

Operational effectiveness - MIS renewal for a German bank located in Luxembourg

The issue

The client, a German bank based in Luxembourg, produces all legal reports for the Luxemburgish and German authorities as well as the internal MIS reports by using highly complex Excel worksheets and procedures. Input data for these worksheets are provided by an interface with GLOBUS, the core operational system of the bank.

Due to the lack of security and data protection within Excel, the local authorities were no longer willing to accept this type of reporting procedures.

Our approach

PwC has been mandated to assess the reporting requirements and to provide the bank with new functional and technical specifications for the financial reporting requirements under the GLOBUS package. The PwC team investigated the data and rules used in the current environment and generated a gap analysis with the new reporting processes requirements.

In a second step, the existing MIS reports have been reviewed and content/format enhancements have been formulated.

The outcome

The level of security of the overall reporting processes has been aligned with the requirements of the local regulation authorities.

The reporting timelines have been significantly reduced.