Aktia Enhances Financial Reporting with Innovative Solutions

Aktia Enhances Financial Reporting with Innovative Solutions

In today's fast-paced financial landscape, institutions like Aktia have recognized the necessity of delivering precise insights that accurately depict their business performance. Aktia, noted for its commitment to clarity, prioritizes accessible financial and environmental, social, and governance (ESG) reporting. This approach is vital for stakeholders who rely on comprehensive data when making critical investment decisions. However, one challenge the company faced was the labor-intensive process of gathering data from diverse sources, compounded by a multitude of services and complex governance.

Overcoming Challenges in Data Management

The internal workflows of Aktia and its interactions with third-party auditors and design agencies were significantly hindered by outdated manual procedures and isolated collaboration efforts. Managing vast quantities of information necessitated frequent revisions and lengthy data transfer processes, prompting the need for improved financial and ESG reporting practices. Acknowledging these obstacles, Aktia decided to pursue innovative solutions to enhance accuracy and collaboration.

Shifting to Automated Solutions

To address these challenges, Aktia joined forces with BearingPoint and adopted Workiva, a cloud-based solution designed to automate finance, accounting, risk, and compliance reporting. The partnership focused on customizing Workiva’s Wdata and Wdesk modules, featuring automated data transformation, document creation, and approval workflows. The development team tailored the solution’s functionalities by importing data from various reports, crafting specific spreadsheets for business needs, and designing interactive visualizations.

The initial stages included mapping the source data to both annual and interim reporting criteria while establishing user-friendly dashboards to track progress and statuses effectively.

The Power of Collaboration

By emphasizing knowledge transfer, BearingPoint engaged Aktia’s project board members in the co-creation of vital features throughout the implementation process. After rigorous training and testing, Aktia successfully launched its annual financial and ESG report utilizing the newly integrated Workiva platform.

“Leveraging our expertise with Workiva, we assisted Aktia in streamlining its financial and ESG reporting processes, significantly enhancing both accuracy and efficiency. This collaborative endeavor not only underscores our dedication to delivering tailored solutions but also illustrates how innovative approaches can bring substantial benefits to our clients,” stated Tomi Hietanen, a Partner at BearingPoint.

Improving Reporting Efficiency and Accuracy

Aktia has experienced remarkable improvements in their financial and ESG reporting through the application of Workiva’s capabilities. The new collaborative approach effectively mitigated issues related to version control and dramatically enhanced overall data management processes. By facilitating efficient data collection, aggregation, and transformation—coupled with comprehensive audit trails—Aktia has notably decreased the time required for data submission, report design, and auditing-related risks.

Establishing Better Governance

Through better governance and accountability in task assignments, Aktia has significantly enhanced reporting effectiveness and turnaround times. The organization has gained improved control and transparency throughout the publication close reporting process by adopting the new solution, which allows for swift adjustments to report design and criteria. All communication, requests, tasks, and documentation are streamlined within a single user interface, creating a more seamless experience.

Maria Hellström, Head of Group Finance at Aktia Bank Plc, commented, “With BearingPoint’s expertise, we efficiently implemented a new reporting platform dedicated to our financial and ESG needs in a remarkably short timeframe. Their relevant experience and operational support have been invaluable throughout this project.”

About Aktia

Aktia stands as a leading Finnish asset manager, bank, and life insurer, with a remarkable history spanning over 200 years. The organization is dedicated to creating wealth and promoting well-being across generations. Their services are accessible via various digital platforms and face-to-face interactions in numerous local offices. Aktia’s internationally recognized asset management offerings include a robust portfolio of investment funds. Currently, the company employs approximately 850 professionals across Finland, boasting assets under management of EUR 14.3 billion and a total balance sheet of EUR 12.0 billion. Its shares are listed on Nasdaq Helsinki Ltd under the ticker AKTIA.

About BearingPoint

BearingPoint operates as an independent management and technology consultancy with deep European roots and global expertise. Functioning through three distinct business units—Consulting, Products, and Capital—the firm offers a broad range of advisory services focused on select business areas, alongside digital asset management and transaction services.

The consultancy’s extensive client portfolio includes numerous respected organizations worldwide. Its global network comprises more than 10,000 professionals supporting clients in over 70 different countries, striving to achieve sustainable success.

Moreover, BearingPoint proudly holds the status of a certified B Corporation, demonstrating its dedication to social and environmental responsibility.

Frequently Asked Questions

What type of reporting does Aktia enhance?

Aktia enhances both financial and ESG reporting to improve accuracy and efficiency.

How did Aktia streamline its reporting processes?

Aktia implemented the Workiva platform with BearingPoint's help to automate data management and reporting workflows.

What benefits did Aktia gain from the new solution?

Aktia has achieved improved data management, reduced reporting times, and better governance and accountability.

Who is BearingPoint?

BearingPoint is an independent consultancy firm offering management and technology consulting services with a focus on driving measurable impact.

How has BearingPoint supported Aktia?

BearingPoint provided expertise and operational support, facilitating the implementation of a new reporting platform in a short timeframe.

About Investors Hangout

Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/

Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. If any of the material offered here is inaccurate, please contact us for corrections.