India findings. reporting s perfect storm? rising stakeholder demands. Why trusted relationships, innovative technology and world-class talent matter

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1 Financial Accounting Advisory Services (FAAS) Financial Accounting Advisory Services (FAAS) findings Are you Connected prepared reporting for corporate Responding to complexity and rising stakeholder demands reporting s perfect storm? Why trusted relationships, innovative technology and world-class talent matter

2 About the research ey.com/corporatereportingstorm. organizations were in excess of US$5 billion a year in revenue, with 25% in excess of US$20 billion. The research was conducted by Longitude Research on behalf of the EY Global Financial Accounting Advisory Services (FAAS) group. We would like to thank everyone who contributed their insights and expertise to this report. For more information, please contact: Global and Europe Peter Wollmert Financial Accounting Advisory Services (FAAS) Leader Stuttgart, Germany peter.wollmert@de.ey.com Karsten Füser Financial Accounting Advisory Services (FAAS) Markets Leader Stuttgart, Germany karsten.fueser@de.ey.com In this report

3 Foreword Corporate reporting faces a perfect storm of issues. CFOs and their finance departments are being pressed to constantly improve the reporting process and provide more with less. Stakeholders are demanding greater transparency and scrutinizing financial information more closely. Globalization adds to organizational complexity and companies must comply with a fast-changing flow of accounting and regulatory requirements. And, to compound matters, organizations are looking to finance leaders and their departments to play a much greater role in strategic and operational decision-making. Providing fast and accurate insight to evaluate the organization s strategy and the risks it faces is increasingly critical. In our earlier 2014 study Connected reporting: responding to complexity and rising stakeholder demands we probed how companies are responding to an increasingly complex reporting environment and the need to bring together financial and nonfinancial information. This latest survey, involving some 1,000 finance leaders, has found that the demands, scrutiny and expectations facing finance and corporate reporting continue to increase. Key stakeholders and senior leaders particularly audit committees and supervisory boards are demanding much more of corporate reporting as they seek the financial insight they need. 2 Executive summary 4 n companies face continued business omplexity and demands on reporting 7 Meeting stakeholder expectations for reporting 11 Assessment of n reporting effectiveness 13 Reporting improvements needed IT infrastructure requires updating Companies need to adopt analytics in reporting However, there are major challenges in meeting the demands of today s reporting environment. In particular, we found that significant barriers stand in the way of automating reporting through innovative technologies and delivering sophisticated, forward-looking analytics and insight. Overall, the increased scope of reporting as well as the barriers that stand in the way of meeting heightened demand and complexity are putting significant pressure on the finance function and affecting their confidence. Our survey found that finance leaders confidence levels in corporate reporting have fallen compared with We believe that there are three essential requirements to meeting this increasing demand and rebuilding confidence. Finance leaders need to build strong and trusted relationships with the audit committee and other key stakeholders, use innovative technologies and sophisticated data analytics to develop the strategic insight that is required, and build the skills and capabilities needed to continuously improve reporting performance. Transforming corporate reporting is critical for finance leaders as they meet the demands being placed on reporting and the widening remit of their role. By building better relationships, driving insight from data and smart technology, and developing the right mix of capabilities in their finance function, they can move corporate reporting from a perfect storm to blue skies. Meeting the IT infrastructure skills challenge 20 Delivering strategic insight Peter Wollmert Global and EMEIA FAAS Leader, EY findings Are you prepared for corporate reporting s perfect storm? 1

4 executive summary executive summary n companies face continued business complexity and demands on reporting Organizations face a reporting environment that is both complex and highly demanding. Organizational complexity such as the number of business units, systems and reporting standards continue to rise. This is the case globally and in and poses significant challenges to the effectiveness of corporate reporting. Meeting stakeholder expectations for reporting Organizations need to build strong and trusted relationships with audit committees and boards, understanding their needs and prioritizing focused, high quality insight over quantity of information. n stakeholder relationships are a little different to the global findings, being relatively weaker with the audit committee and board, but stronger with investors and the media. It is important that n organizations strengthen relationship with the audit committee and board to create more confidence in the data provided. 2 findings Are you prepared for corporate reporting s perfect storm?

5 Assessment of n reporting effectiveness A range of factors is affecting confidence and belief in the effectiveness of reporting. As well as increasing complexity, growing demand is a significant issue. Although n respondents have higher confidence in the degree of compliance, they are less confident in IT integration and timing frequency and format. They consider the most effective aspects to be the internal stakeholder view and the speed of closing. Reporting improvements needed Advanced technologies and sophisticated analytics offer an exciting opportunity to make reporting faster, more efficient, more accurate and better connected meeting the heighted demands of stakeholders such as the audit committee. However, n organizations face three main areas of development: Delivering strategic insight The increased scope of the reporting generated by the finance function driven by increasing complexity and stakeholder requirements is stretching the finance function and is reducing confidence. Finance functions must strengthen their relationships with audit committees and other stakeholders, utilize innovative technology and find and retain talent to be able to extract and communicate the strategic insight that today s organizations require to build confidence. IT infrastructure requires updating They need to adopt analytics in reporting They are facing an IT infrastructure skills challenge findings Are you prepared for corporate reporting s perfect storm? 3

6 n companies face continued business complexity and demands on reporting n companies face continued business complexity and demands on reporting For many business leaders, increased complexity is a natural by-product of their growth strategies and ambitions. As they seek to expand into new markets and sectors, it is almost inevitable that greater complexity follows. In line with our global findings, n businesses are dealing with increased organizational complexity, and are more likely than the global average of our survey to have higher numbers (20+) of business units, systems and reporting standards. In particular, n businesses are seeing a greater increase in the number of business units and products and services offered. Twenty-eight percent say there has been a significant increase in business units (vs. 17% globally) and 20% increase in the number of products and services sold vs. 14% globally. Chart 1 is seeing a greater increase in business units, products and services Question: In the past three years, what change has there been to the following aspects of your business? Global Number of legal entities and business units Number of jurisdictions in which you operate Number of products or services sold Number of reporting standards Change in time taken for monthly, quarterly and annual reporting Internal resources assigned for reporting purposes Number of reports issued Significant increase Increase No change Decrease Significant decrease 4 findings Are you prepared for corporate reporting s perfect storm?

7 This complexity is having an impact on reporting effectiveness. The top challenge is a devolved operating model and local business unit resistance (48% vs. 44% globally). Chart 2 Complexity is challenging reporting effectiveness Question: What impact are the following challenges having on your reporting effectiveness? Global Difficulty of integrating non-financial measures Weaknesses in supporting IT infrastructure Lack of appropriate skills and talent base in finance function team Lack of incentives for business units to provide information Complexity of organization s global structure Devolved operating model and local business unit resistance Expanding range of indicators, such as debtor and creditor analysis Need to align reporting with IFRS Complexity of local and international compliance requirements Increasing volume and pace of big data Complexity of regulatory environment No impact 1 2 Limited impact 3 4 Very significant impact 5 Don't know findings Are you prepared for corporate reporting s perfect storm? 5

8 n companies face continued business complexity and demands on reporting The main external challenges for reporting are satisfying the differences in reporting standards (43% vs. 20% globally) and changing expectations around reporting formats (40% vs. 21%). Chart 3 The main external challenges: different reporting standards and changing formats Question: What do you consider to be the main external challenges of the current external reporting environment? Please select up to three. 27% Market developments Changing stakeholder expectations of information they expect to receive Changing expectations around frequency of reporting requirements Pace of regulatory change Satisfying national and supranational guidance and standards (e.g., FASB, IIRC) Changes to technology Requirements for fundraising Changing expectations around reporting formats Unclear guidelines from regulators Capacity to communicate the business model The number of regulatory changes 8% 10% 20% 22% 20% 21% 21% 21% 25% 27% 23% 26% 28% 25% 25% 24% 25% 24% 30% 40% 18% 20% Satisfying differences in reporting standards (e.g., GAAPs) 43% There are no external challenges with the current external reporting environment 1% 0% Total 6 findings Are you prepared for corporate reporting s perfect storm?

9 Meeting stakeholder expectations for reporting In common with global trends, n stakeholders are giving more attention to corporate reporting. Thirtythree percent say audit committees have significantly increased their attention overall on reporting (vs. 34% globally); as have financial regulators (28% vs. 21%); investors (33% vs. 30%) and analysts (28% vs. 19%). Chart 4 n businesses are receiving significantly more attention from audit committees and external stakeholders Question: How has the level of attention given to reporting by key stakeholders changed over the past three years? Global Audit committee and boards CEO and executive team Accounting regulators (e.g., IASB, FASB, local standard-setter equivalents) Other financial regulators (e.g., SEC, FCA UKLA, FSA Japan, EU) Investors, including financial institutions and pension funds Analysts Media Significant increase in attention on reporting Slight increase No change Slight decrease Significant decrease in attention on reporting findings Are you prepared for corporate reporting s perfect storm? 7

10 Meeting stakeholder expectations for reporting This focus has had an impact on the main drivers of effective reporting in. Globally the top driver is meeting the needs of audit committee and boards, but in the top drivers are: Need for greater transparency (38%) Improving compliance and control (35%) Need to meet new reporting regulations (35%) Meeting the increasing demands from the investor community (35%) Chart 5 The top driver of effective reporting is the need for greater transparency Question: What are the most critical factors driving the importance of effective reporting? Please select up to three. Total Meeting the needs of the audit committee and supervisory boards Need for improved compliance and control Need to report on results and progress with sustainability initiatives Demands for greater transparency Need to meet new reporting regulations Increasing demands from investor community Need to improve risk management Improving communication with key stakeholders Providing intelligence and insight to the CEO and senior executive team The growing importance of non-financial metrics and information Building alignment between reporting and corporate strategy and priorities 13% 18% 18% 20% 10% 15% 32% 30% 28% 29% 28% 27% 25% 24% 24% 30% 22% 23% 35% 38% 35% 35% 8 findings Are you prepared for corporate reporting s perfect storm?

11 n stakeholder relationships are weaker compared to global relationships with the audit committee and the board but are stronger with other groups. Thirty-eight percent of finance functions have a strong or good relationship with the audit committee (vs. 54% globally) and 48% have a strong or good relationship with the board (vs. 56%). However, other relationships are stronger, for example, 60% have strong or good relationship with investors (vs. 51% globally) and 60% have strong or good relationships with the media (vs. 41%). Chart 6 n stakeholder relationships are weaker with the audit committee and board but stronger with other groups Question: How would you rate the quality of your relationship with the following stakeholders in your organization? Global Internal audit Audit committee The board External auditors Regulators Investors, including financial institutions and pension funds Analysts The media Excellent Good Average Quite poor Very poor findings Are you prepared for corporate reporting s perfect storm? 9

12 Meeting stakeholder expectations for reporting Despite a relatively weak relationship, n respondents are less likely to believe that they need to improve the information provided to the audit committee (30% vs. 38% globally). Chart 7 There is less need to improve the information provided to audit committees in compared to the global sample Question: Please indicate whether you agree with the following statements. Global Audit committee members say that reports do not contain enough of the right information Audit committee members want more frequent reports Audit committee members say that reports are not delivered in a timely manner It is very challenging to satisfy the needs of the audit committee I believe that we need to improve the information we provide to the audit committee Agree Neither agree nor disagree Disagree Don't know 10 findings Are you prepared for corporate reporting s perfect storm?

13 Assessment of n reporting effectiveness Our global findings have highlighted that while the expectations and scope of corporate reporting have increased, finance leaders confidence in reporting and its effectiveness is falling. n respondents have higher confidence in their degree of compliance (30% fully confident vs. 20% globally), but are less confident in IT integration (13% fully confident vs. 20%), and flexibility of report timing, frequency and format (10% fully confident vs. 20%). Chart 8 A need for focus on IT integration and reporting flexibility Question: What degree of confidence do you have in the following aspects of your reporting? Degree of compliance with all accounting, finance, controlling, sustainability (e.g., GRI) reporting needs Clarity and relevance of messages to all audiences Consistency and completeness of data used across all reports, and for all purposes and audiences Clarity of documentation for processes, data and data models Global Flexibility of timing, frequency and format in generation of reports Extent to which IT environment is fully integrated Consistency in application of key performance indicators Extent of benchmarking reporting to peers Having the appropriately skilled resources to foster effective connected reporting Not at all confident 2 Neutral 3 4 Fully confident 5 Don t know findings Are you prepared for corporate reporting s perfect storm? 11

14 Assessment of n reporting effectiveness The most effective aspects of reporting in are the internal stakeholder view and speed of closing. Fifty-seven percent of n respondents say the internal stakeholder view is effective (vs. 47% globally); while 57% say speed of closing is effective (vs. 44%). The least effective areas for n reporting include degree of integration (38% effective vs. 43% globally) and confidence of the board (40% effective vs. 48%). Chart 9 Internal stakeholder view and speed of closing seen as most effective aspects of reporting Question: How would you rate the following aspects of your corporate reporting? Timeliness Global Cost Level of compliance Efficiency of production Degree of integration Speed of closing Internal stakeholders' view of reporting External stakeholders' view of reporting Confidence of the board Highly effective Effective, yet can be improved Appropriate Not as effective as we like it to be Not at all effective Don t know 12 findings Are you prepared for corporate reporting s perfect storm?

15 Reporting improvements needed Advanced technologies, such as cloud computing, inmemory platforms and advanced analytics tools, make it possible for finance functions to extract significant reporting insights from increasing volumes of big data. The need for development falls into three main areas: 1 1. IT infrastructure requires updating The lack of integration, data quality and dated IT architecture are the main technology barriers. Businesses in see these as more of an issue relative to the global picture: lack of integration between IT systems (53% vs. 35% globally); poor quality data (43% vs. 32%) and dated IT architecture (40% vs. 26%). Chart 10 Lack of integration, data quality and dated IT architecture are main technology barriers Question: What do you consider to be the main technology challenges associated with corporate reporting? Please select up to three 35% Lack of integration between IT systems Number of reporting systems 31% 53% Difficulties accessing data Poor quality data Lack of automation across systems 25% 31% 34% 30% 32% 43% Inconsistency in data 25% 27% 26% 30% Dated IT architecture 26% 40% Dated IT systems 6% 30% There are no technology challenges with corporate reporting 3% Total findings Are you prepared for corporate reporting s perfect storm? 13

16 Reporting improvements needed Data consistency is a key challenge to organizing reporting with 48% of n respondents identifying it as top challenge (vs. 42% globally). n companies place a higher priority on most challenges compared to the global sample, in particular dealing with rules and restrictions on services from advisers (45% vs. 32% globally); and reconciling regulatory and compliance requirements across markets (43% vs. 35%). Chart 11 Data consistency is key challenge Question: What are the main challenges associated with organizing your reporting activities? Please select up to three. Ensuring a consistent approach to data collection, standardization and reporting Total Minimizing duplication and inefficiency across different teams with responsibility for reporting Reconciling different regulatory and compliance requirements across markets Anticipating and responding to regulatory changes affecting regulatory requirements across different markets Meeting the need for more complex internal control and governance systems Striking the balance between central control and the need to devolve reporting for the local regulatory environment Dealing with rules and restrictions on what services you can buy from advisors 32% 30% 32% 35% 35% 38% 38% 34% 38% 40% 42% 43% 45% 48% 14 findings Are you prepared for corporate reporting s perfect storm?

17 Building audit committee and board relationships is top priority for reporting (38% in vs. 27% globally). n respondents place a high priority on several other factors at 35% including upgrading existing IT infrastructure (vs. 30% globally), harnessing big data and analytics (vs. 30%), and integrating reporting with the value drives and strategy of the business (vs. 28%). Chart 12 Building audit committee and board relationship is top priority for reporting Question: Which of the following do you consider to be your key priorities from a reporting perspective? Upgrade existing IT infrastructure Put the right finance function organizational structure in place Harness big data and analytics to enable better reporting Integrate reporting with the value drivers and strategy of the business Build a more collaborative relationship with the audit committee and board Ensure that compliance and control keep pace with changing national and international laws Design changes to corporate governance to meet demands for greater transparency Deal with new regulatory reporting developments Transform the talent base and skills profile of the finance function Align reporting with the enterprise risk management framework Integrate nonfinancial information into reporting 13% 15% 18% 20% 22% 20% 19% 21% 25% 26% 28% 28% 28% 27% 28% 25% 28% 30% 35% 35% 35% 38% Total findings Are you prepared for corporate reporting s perfect storm? 15

18 Reporting improvements needed Reflecting the priority of big data and issues with data consistency and quality, 100% of n respondents expect to increase investment in reporting technologies over the next two years, as compared to 82% globally. The increase in will also be significantly higher than at the global level 70% in expect increases of greater than 20%, compared to 20% globally. The reporting functions in n organizations tend to be mainly centralized with some local activity (73% vs. 42% globally). Looking forward, 63% would like to see control still residing at the head office but with significant responsibilities being devolved to the local market compared to 45% globally. Only 18% would like to continue to see a mainly centralized function, compared to 29% globally. Chart 13 Major increase in investment in reporting technologies Question: In the next two years, what change do you expect to make to your organization s investment in reporting technologies? Increase by more than 20% Increase by between 11% and 20% Increase by between 6% and 10% Increase by between 0% and 5% No change Decrease by between 0% and 5% 0% 0% 1% Decrease by between 6% and 10% 0% 8% 8% 5% 11% 15% 20% 24% 12% 27% 70% Decrease by between 11% and 20% Decrease by greater than 20% 0% 0% 0% 0% 2 Total 2. Companies need to adopt analytics in reporting Adoption of analytics in corporate reporting is gathering momentum. In, companies report a higher use of analytics in reporting to the CEO and management team as compared to our global findings with 23% them extensively with audit committees (vs 12% globally). They report slightly lower levels of use when reporting to the audit committee and external stakeholders. Chart 14 Adoption of analytics is underway Question: Which of the following statements best describes your organization s use of data and analytics to support reporting to key stakeholder groups? Global For the audit committee and supervisory boards For the CEO and management team For external stakeholders, including investors We make limited use of data analytics to create reporting data1 2 We are making good progress in our use of data analytics to create insightful reporting data 4 We make extensive use of data analytics to create rich reporting data that is of high value 16 findings Are you prepared for corporate reporting s perfect storm?

19 Reflecting the fact that implementation of analytics is in progress, n confidence levels are largely consistent with the global average across the different uses of analytics. However, confidence in reporting relevant data is higher than our global findings (60% vs 41% globally); as is reporting accurate data (55% vs 43%). Looking across a range of analytics tools, n companies have particular focus on developing more sophisticated storage solutions (61%) and use of automation in data capture and generation (53%). The main priority for investment is data infrastructure. This technology is the standout priority for n businesses, 48% vs 26% global. Chart 15 Companies are prioritizing analytics and data mining tools Question: Over the next three years, what priority do you expect to place on developing advanced analytics and data-mining tools for reporting and control? Global Investing in advanced analysis and data-mining tools for reporting to external and internal stakeholders Developing advanced analytics tools to meet increasing demand from the audit committee and boards for additional data analysis to support business monitoring Developing more sophisticated information-management storage solutions to support financial reporting and control In-house development of bespoke advanced analytics and data-mining tools Purchasing best-of-breed analytics and data-mining tools from external vendors Making extensive use of automation in reporting data capture and generation Developing tools and solutions for generating predictive analytics and providing trend analysis Very high priority High priority Medium priority Low Priority Very low priority findings Are you prepared for corporate reporting s perfect storm? 17

20 Reporting improvements needed Chart 16 The main priority for investment is data infrastructure Question: Which tools and technologies do you expect to prioritize as part of that investment increase? Please select up to three Cloud computing Big data technologies (e.g., Hadoop) Data visualization tools Statistical analysis and data mining tools 25% 28% 26% 28% 33% 35% 36% 38% 40% Data infrastructure ERP system upgrades Mobile devices Continuous monitoring tools In-memory computing (e.g., SAP-Hana) 18% 25% 24% 22% 26% 26% 28% 33% 48% Total 18 findings Are you prepared for corporate reporting s perfect storm?

21 3 3. Meeting the IT infrastructure skills challenge Technical accounting, regulatory knowledge and risk management are skills most needed to improve reporting. 38% say technical accounting skills are most needed to improve reporting (vs. 25% globally), followed by regulatory knowledge (35% vs.28%) and risk management (35% vs. 24%). Competition for talent is the top people challenge with 28% of n respondents seeing this as the main challenge, vs. 20% globally. External recruitment will be main way to solve these challenges in line with our global findings. Chart 17 Technical accounting, regulatory knowledge and risk management are skills most needed to improve reporting Question: Which of the following skills do you most need to improve your reporting processes? Please select up to three IT infrastructure Regulatory knowledge Governance knowledge Business analysis Data and analytics Technical accounting skills Risk management Process knowledge Legal knowledge Investor relations and communications skills Corporate securities 1% We do not need to improve our reporting process 0% 16% 15% 20% 20% 20% 21% 20% 20% 23% 24% 23% 23% 25% 24% 27% 26% 28% 32% 33% 35% 35% 38% Total findings Are you prepared for corporate reporting s perfect storm? 19

22 Delivering strategic insight Delivering strategic insight Meeting reporting s changing needs: the three essentials Governance As part of this evolution, finance leaders need to transform corporate reporting to meet the increasing needs of stakeholders to deliver insight into strategic risks and opportunities. Today, confidence in achieving that goal is often lacking, as organizations are concerned about the scale of the task and the ability of their IT and people to deliver. We believe there are three essential areas to meet the changing needs of reporting. Build relationships with stakeholders Organizations need to strengthen the relationship with the audit committee and supervisory boards. While the survey found a healthy number of organizations that feel they have a good relationship with these bodies, only one in five would describe the relationship as excellent and there is a group that feels the relationship is a poor one. The relationship between finance leaders and their audit committees rests on a range of factors, from giving boards wider access to members of the finance team to the candor and openness of discussions between the two parties. However, the foundation of this relationship is providing the insight and information that boards need. Audit committee and board members require structured and specific reporting that is timely, accurate and insightful. It needs to be supported by data, processes and systems that are flexible and have a high degree of credibility. To achieve that objective, organizations need a clear framework for their reporting to boards. This framework should define how the organization will adapt business information for the specific needs of the board, align internal processes to generate the right information, ensure IT systems are geared up to provide consistent information, and make sure that the different teams involved are working towards the common goal of meeting the board s needs. This approach provides the insight that boards need to have meaningful discussions and reach better decisions. Build relationships with audit committees, boards and other stakeholders by providing tailored and structured insight Technology and data Build capabilities to use innovative technologies and data analytics to meet increasing demands, more efficiently People Broaden the skill set of the team by finding and retaining talent to drive continuous improvement and reporting innovation to improve communication of corporate performance 20 findings Are you prepared for corporate reporting s perfect storm?

23 Three classes of analytics: from retrospective to prospective Build capabilities to use innovative technologies and data analytics Big data has enormous potential in corporate reporting. For example, data analytics can allow more accurate forecasting or eliminate time lags and close data gaps in critical business information requests. However, turning the huge volumes of data in the organization into reporting insight means having the right strategy, processes and skills. Organizations need to understand where critical elements, such as their technology or their people, lag best practice, and then define their big data strategy. In effect, they need to identify the data they need to support their reporting objectives and create value. Firms can then begin their reporting data journey: cleaning up existing data and improving reporting processes, accessing more data to generate new insights, and uncovering the hidden gems that are revealed when hidden patterns are revealed Descriptive analytics: mine data to report, visualize and understand what has already happened retrospectively or in real time Predictive analytics: leverage data and behavior history to understand why something happened or to predict what will happen in the future across various scenarios Prescriptive analytics: determine which decision and action will produce the most effective result against a specific set of objectives and constraints Smart technology and data can also be used to provide confidence in key finance and reporting processes. Leading organizations have been combining control methods and data analytics to monitor key processes across the organization, such as the length of customer service queues or billing accuracy. This approach can also be used to transform reporting, particularly if there are areas of concern, such as excessive effort needed to deliver management information, or uncertainty about year-end findings. Advanced data analytics can allow organizations to move from isolated and manual control monitoring to a more comprehensive approach. Broaden the skill set of the team Organizations need to build and broaden the reporting and finance function skills and talent base to succeed in a complex and connected environment. In today s connected, digital economy, IT skills emerged as the most in-demand expertise. However, as well as technical skills, finance functions will also need to have the relationship management skills to build trusted relationships with important internal and external stakeholders. It is clear from our research that a crucial set of stakeholders is the audit committee. Finance functions must have people who are attuned to the information needs of boards and can communicate strong insights with authority and credibility. As well as finding the right expertise, organizations need a strong employee proposition so that they can retain their best people. A critical element of the employee proposition will be a focus on training and development. While we have seen that certain skillsets are in high demand such as IT-savvy finance professionals sustained success requires more than having a handful of specialists. Companies also need to take advantage of fundamental skillsets that already exist within their organization. They can provide tailored training to those employees with the curiosity to ask the right questions and the ability to synthesize and leverage reporting information. As a first step, organizations need to map their current people and organization approach for reporting against best practice to understand the critical gaps and how to fill them. With decisive action across these three essential areas, corporate reporting can weather the storm of complexity and demand, and secure reporting s future as a driver of enterprise value creation. findings Are you prepared for corporate reporting s perfect storm? 21

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