Emirates NBD deploys SAP Disclosure Management
Solution, deployed via MDS AP, allows financial results to be generated 30% faster
Emirates NBD has generated its year-end financial statements 30%, or eight days, faster than the previous year by working with MDS AP, a partner on the SAP Business Analytics Portfolio of Products.
The deployment of SAP Disclosure Management via MDS AP has allowed Emirates NBD to manage critical disclosures and heighten trust and transparency for investors, the company said in a statement.
"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," said Surya Subramanian, group CFO at Emirates NBD.
"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 SAP Disclosure Management via MDS AP. Since its implementation, the bank has also used the software to generate parts of its financial results.
According to Tony Achkar, managing director at MDS AP Tech, the move has helped Emirates NBD to remain compliant when it comes to financial reporting, particularly as regulations are continuously updated.
"Very soon automation will become a necessity if banks want to minimise risk, time and cost associated with the disclosure process," he said.
"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, the company said.
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.
"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," said Tayfun Topkoç, managing director at SAP UAE.