Accounting and financial assistance for the Banking and Insurance sectors
Bank & Insurance
Primexis provides French players in the Banking and Insurance sectors with a dedicated team of experts, who can address all their concerns related to Finance departments, whether they are accounting, regulatory reporting, risk management, or prudential compliance.
Primexis’ experts also rely on the expertise of our subsidiary MLAdvisory, specializing in finance, risk, and transformation challenges for financial institutions, to offer an even more comprehensive and sector-specific assistance to banks, insurance companies, and financial sector players.
Our consultants have extensive industry experience acquired from complex technical environments and large-scale projects.
Your Challenges
Do you want to implement strategic and operational objectives? Are you looking to integrate regulatory and prudential regulations? Would you like to optimize your IS and develop new technology (stress tests, data management, cloud, or big data)? Do you need to handle specialist topics by area (finance, liquidity, or risks) in connection with all functions of the finance department? Would you like to benefit from sector-specific expertise?
Primexis’ Bank and Insurance team perfectly matches our clients’ requirements and specific culture.
Prudential, Regulatory & ESG Reporting
Prudential reporting is essential for managing banking and insurance establishments. It guarantees regulatory compliance and enables measuring financial solidity and risks.
Faced with increasing demands, growing data volumes, and constantly evolving standards, our teams provide you with production support or operational consulting to ensure the reliability of your reporting and optimize your processes.
We provide cutting-edge solutions to improve the quality of your prudential, regulatory, and ESG reporting: integrating sustainability criteria, CSRD/ESRS compliance, and solvency and capital requirements.
Our areas of expertise
- Producing regulatory reporting in compliance with the standards set by French regulatory bodies
- Non-financial regulatory reporting: ESG, CSRD, ESRS, and green taxonomy
- Finance statements: COREP, FINREP, SSM, MREL-TLAC, SURFI-RUBA, FMIR, CFR, and CIR
- Assisting with regulatory developments: standardization and harmonization of reporting with IReF and BIRD
- Monitoring key indicators: Liquidity (Pillar 3, LCR, and NSFR), Resolution (LDR, MREL, and TLAC), and Solvency (RWA and SCR)
- Continuously optimizing processes, reducing operational risk, and complying with the ECB
Accounting & Reporting
Our teams have vast experience in bank accounting, financial accounting, investment accounting, and technical insurance accounting. We can offer you support or operational reinforcement with your challenges in accounting, regulatory developments, compliance, and financial management.
Depending on the type of engagement, we can also provide expertise from our other departments (Financial and Accounting (with French CPAs), Consolidation, and Group Reporting).
We work with you to adopt and implement IFRS, a key step in ensuring reliable, transparent reporting that complies with the requirements of the financial sector.
Our areas of expertise
- Assisting with regulatory developments
- Producing account statements (banking, insurance, and financial)
- Operational and interim management support
- Finance project management and supervision
Controlling & Data Management
We cover all controlling and performance management processes for banks and insurance companies. Our teams also work on the quality and reliability of financial data, using their in-depth expertise in data management and data quality.
Analyzing data helps identify trends, optimize current processes, and enhance operational efficiency. Our support directly contributes to improving financial performance and decision-making for banking and insurance players.
Our areas of expertise
- Producing and analyzing actual and forecasted data
- Carrying out performance analyses, financial studies, and business cases
- Monitoring budgets, multi-year modeling, and project management
- Implementing reporting and dashboards
- Rolling out modeling tools and multi-dimensional databases in a multi-source environment
Operational Consulting & Transformation
Finance executives of bank and insurance companies must accommodate the mounting challenges in optimization, data quality, information systems developments, and regulatory compliance. Transformation is now a vital step in increasing efficiency, agility, and reliability.
As part of the strategic decision-making process, our teams provide you with operational, regulatory, and technical expertise to secure every step of your projects and ensure their successful implementation.
We can help you structure your roadmap, drive change, and ensure the long-term adoption of new tools and processes.
Our areas of expertise
- Managing and coordinating your finance initiatives and cross-functional projects
- Providing operational assistance with organizational developments, redesigning processes, and unifying systems
- Managing projects related to ESG, IReF, and BIRD requirements and prudential developments
- Assisting in implementing and upgrading your information systems
- Change management and support
- Continuously optimizing and improving processes
- Carrying out audits and strengthening internal control
They have placed their trust in us
Client
Leading bank in the Euro zone
Engagement Objectives
- Manage the IFRS 9 project within the group’s finance department (6 to 20 consultants)
- Organize data collection across the group’s divisions and entities: draft instructions for the entities on the new data collection and escalation processes in accordance with the IFRS 9 and IFRS 15 provisions and the ongoing revision of the chart of accounts; analyze data collection and challenge the relevance of the results with management
- Define and implement the strategy and acceptance plan (same for the dry run)
- Project management and leadership: lead committees, oversee the social business initiatives related to the IFRS 9 project, drive change management efforts with the group reporting teams, finance teams, and other involved functions: group controlling, liquidity, and risk
Results Obtained
- Implemented IFRS 9 throughout the banking group
Client
Large French bank
Engagement Objectives
- Support the group in adapting and making the central departments and operational entities’ financial management monitoring system operational
- Assist business lines and entities
- Adapt the financial management framework to the business lines’ operational organization
- Manage knowledge transfers
Results Obtained
- Reported budgets and key factors to management teams and top management
- Adapted target organization in the tools
- Optimized production processes and enhanced financial management indicators
- Trained and assisted internal employees with the newly implemented tools and features
Client
Leading bank-insurer in its market
Engagement Objectives
- Provide operational assistance and Solvency 2 reporting
- Secure production of consolidated accounts and accounting QRTs in compliance with Solvency 2 standards:
- Coordinate suppliers’ reporting packages for S2 quarterly statements
- Produce consolidated S2 accounts
- Produce accounting QRTs
- Produce analysis reports for the process owner
- Manage SAP FC changes
- Monitor changes in standards
- Optimize organization of statements to reduce production time
Results Obtained
- Reduced production time for quarterly annual statements
- Automated tasks
- Improved analysis reports
- Trained employees
Client
Leading bank in the Euro zone
Engagement Objectives
- Participate in producing 2022 Resolution Report:
- Lead the collection process for the resolution reporting, including the 3 statements (CFR, CIR, and FMI)
- Prepare instructions and templates: tab breakdown and concatenation
- Feasibility study: further tool roll out for FMIR and CFR reporting for the 2023 closing:
- RESREP postmortem and CIR assessment
- Functional analysis of the FMIR and CFR reporting environment
- Data sourcing optimization
- Prepare and organize governance bodies: project committees, workshops, etc.
Results Obtained
- Contributed to regulatory reporting of monthly and quarterly statements
- Participated in the year-end budget and quarterly estimated processes
Our Teams, Our Expertise
Our Bank and Insurance consultants bring together their expertise in bank and insurance accounting, controlling, regulations, data management, consulting, and project methodologies.
- Our team has extensive operational and consulting experience, which enables us to provide tailor-made support on challenges such as changes in standards, bank and financial accounting, investment accounting, technical insurance accounting, compliance, taxonomy, ESEF, or Solvency 2
- Our engagements allow us to develop a mastery of the market’s main tools: SAP FI-CO-FC, PowerBI, SQL Terada, Tagetik, and Invoke
Our firm offers multi-sector assistance
Banking Group Subsidiaries
Finance Function Transformation
Group Consolidation & Reporting
Reinforced bank and insurance expertise
More than 100 consultants dedicated to the bank and insurance sectors
Primexis strengthens its position in the Bank & Insurance sectors with the acquisition on MLAdvisory, a firm specializing in finance and risk for financial institutions.
This operation allows us to expand our ability to support banks and insurance companies with their regulatory, financial, and transformation challenges.