What financial services CFOs are losing sleep over.

The financial services industry, like many other industries today, is facing unprecedented change and uncertainty as it moves toward an era of digitalisation. Millennial customers are demanding better experiences and want greater transparency, flexibility and control, while pressures on compliance and risk functions remain high as banks continue to operate under multiple regulatory jurisdictions and have to comply with changing rules.

Geared specifically towards assisting companies to meet these challenges, global audit and advisory firm, Forvis Mazars has launched a practice to offer on-demand specialised skills and consulting services to businesses in the financial sector. Headed by industry veterans, Riaan Eksteen and George Ellis, the newly established Forvis Mazars Financial Services Africa is the modern CFO’s answer to delivering more business value by taking a LEAN approach.

“In today’s rapidly-evolving world, large banks and insurers are under immense pressure when it comes to revenue growth, with a large focus on cost and cost containment. As a result, project teams tend to be relatively light, often lacking the specialised skills and capabilities necessary. This is where Forvis Mazars Financial Services can help by providing access to qualified chartered financial accountants as well as industrial engineers to augment project teams,” says Eksteen.

He notes that skills shortages and the war for talent are more than buzzwords. “The talent shortage in these specialised roles is very real and many companies in the financial sector are finding it difficult to hire the right professionals when and where they need them.”

With firms like Forvis Mazars being uniquely positioned to find and attract these skills, Eksteen explains how the Mazars Financial Services model allows companies to eliminate a lot of hiring risk and build much leaner finance teams. “We can fill the need for on-demand skills and deploy people with the required expertise when companies need them. There is then the option for clients to permanently employ any of our professionals if they so wish, which is a win-win.”

Forvis Mazars Financial Services can provide access to qualified chartered financial accountants as well as industrial engineers to augment project teams. - Riaan Eksteen

In addition to suiting clients, this model is also in line with modern workforce trends, adds Eksteen. “Young professionals value flexibility and variety, so offering this type of non-permanent experience at various clients allows them to gain experience across different sectors and develop skills that are in high demand

This way, we believe we can grow the skills base to the benefit of our clients, our people and South Africa.”

Touching on something else that makes Forvis Mazars Financial Services so unique; Ellis says that it is the only offering combining finance and engineering in a single solution. “The skills that we are offering are therefore extremely specialised, especially when it comes to our financial services engineering offering, which is proving to be a major value-add for clients.”

Forvis Mazars Financial Services, through automation, are able to increase the regularity of reporting from an annual basis to a monthly basis. - George Ellis

Ellis uses the looming compliance of IFRS17 as an example of this. “With all major insurance companies having to comply with IFRS17 in the foreseeable future, there are IFRS17 projects underway across all financial firms. The combination of providing firms with chartered accountants (CA’s) who have a good understanding of IFRS17, as well as process engineers who can make the process as efficient as possible, will significantly improve the process for companies to become compliant.

“These process engineers will map out what the existing process is and what needs to change, while looking at ways to make it faster and better. They therefore redesign the process, but also incorporate elements of automation, artificial intelligence (AI) and robotics to streamline operations and maximise efficiency. As a result, a firm could effectually adopt IFRS17 and have a month-end close that is faster than before.”

Another process-engineering concept that Ellis says appeals to CFO’s is that of LEAN finance. Explaining the key metrics that Forvis Mazars Financial Services want to drive through their LEAN finance offering, he uses the acronym “PDQCRM”, which stands for Productivity; Delivery; Quality; Cost; Risk and Controls; and Morale. “The intention of our LEAN finance offering is to take existing finance structures and processes, and apply intelligence to these by questioning if there is an opportunity to be faster or more regular in flows and reporting.

“We see a lot of banks and insurers with very complicated year-end reporting processes, and as a result of this complexity, they are unable to do it as regularly as they would like to. This is a perfect example of where Forvis Mazars Financial Services, through automation, are able to increase the regularity of reporting from an annual basis to a monthly basis.”

While Forvis Mazars is already recognised as a major player in financial services across much of the African continent, Eksteen believes that the introduction of Forvis Mazars Financial Services Africa puts the firm on par with the large auditing companies and validates their ambition to become the best professional services firm in Africa.

“Forvis Mazars Financial Services Africa offers financial services clients the personalised service that their businesses need. The business world is changing, and Forvis Mazars is now well-positioned to help clients face the changes and challenges of a rapidly evolving market. This means CFO’s can sleep easy knowing that they are delivering the most business value possible,” he concludes.

The above press release was featured in various media and includes comment from Forvis Mazars experts Riaan Eksteen and George Ellis.