BearingPoint client success story: Aktia simplifies financial and ESG data reporting with a cutting-edge cloud platform

It is essential for financial institutions to provide accurate insights that reflect business performance. Aktia, a Finnish-listed financial service company, prioritizes clear and accessible financial and environmental, social, and governance (ESG) reporting. This commitment ensures that stakeholders have the necessary information for making informed investment decisions. However, gathering data from multiple sources can be time-consuming, especially when there is a wide range of services and complex governance.

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The company’s workflows, as well as its interactions with external auditors and design agencies, were hampered by manual processes and siloed collaboration practices. The complex structure of centralizing vast amounts of information involved lengthy data transfer processes and demanded regular revision. As a result, Aktia sought to explore new ways of improving its financial and ESG reporting, thus enhancing precision and fostering more cooperative methods.

Transitioning from manual to automated data management

Aktia partnered with BearingPoint to implement Workiva, a cloud-based integrated solution for automating finance, accounting, risk, and compliance reporting. BearingPoint configured Workiva’s Wdata & Wdesk modules, which consist of automated data transformation, data mapping, document creation and design, as well as access management. The project team customized the solution’s features by transposing data from various reports, establishing spreadsheets tailored to business requests, standardizing report layouts, and creating interactive charts. The source data input was then mapped to both the annual and interim reporting requirements, and status dashboards were put in place.

BearingPoint worked closely with the client on knowledge transfer, enabling Aktia’s key project board members to be actively involved in co-creating additional features as early as the build phase of the implementation. After the training and testing phases, Aktia successfully launched its annual financial and ESG report using the newly implemented Workiva tool.

“Leveraging our expertise with Workiva, we helped Aktia streamline its financial and ESG reporting processes, enhancing both accuracy and efficiency while empowering their team to take control of their reporting workflows. This success highlights the power of collaboration and innovation and reflects our commitment to delivering tailored solutions that drive measurable impact for our clients,” said Tomi Hietanen, Partner at BearingPoint.

Securing accuracy and efficiency of financial and ESG reporting

By using Workiva, Aktia benefits from streamlined financial and ESG reporting processes. The new collaborative tool eliminates version control issues and improves data management considerably. The efficient data gathering, aggregation, and transformation processes with a full audit trail significantly reduced the time spent on submitting and filing data, report design, and risks with auditing.

By establishing clear governance and accountability of tasks, Aktia has improved the reporting effectiveness and lead time. Additionally, the company gained more control and transparency across the publication close reporting process. The new solution allows Aktia to manage the report design and independently adjust reporting criteria easily when needed, as all communication, data requests, tasks, and documentation are handled under one user interface.

“With BearingPoint’s support, we were able to implement a new reporting platform used for financial and ESG reporting within a very short timeframe. BearingPoint’s experience of similar projects was of great support in both project management and operational support,” said Maria Hellström, Head of Group Finance at Aktia Bank Plc.

About Aktia

Aktia is a Finnish asset manager, bank and life insurer that has been creating wealth and wellbeing from one generation to the next for 200 years. We serve our customers in digital channels everywhere and face-to-face in our offices in the Helsinki, Turku, Tampere, Vaasa and Oulu regions. Our award-winning asset management business sells investment funds internationally. We employ approximately 850 people around Finland. Aktia's assets under management (AuM) on 30 September 2024 amounted to EUR 14.3 billion, and the balance sheet total was EUR 12.0 billion. Aktia's shares are listed on Nasdaq Helsinki Ltd (AKTIA). aktia.com.

About BearingPoint

BearingPoint is an independent management and technology consultancy with European roots and a global reach. The company operates in three business units: Consulting, Products, and Capital. Consulting covers the advisory business with a clear focus on selected business areas. Products provides IP-driven digital assets and managed services for business-critical processes. Capital delivers M&A and transaction services.

BearingPoint’s clients include many of the world’s leading companies and organizations. The firm has a global consulting network with more than 10,000 people and supports clients in over 70 countries, engaging with them to achieve measurable and sustainable success.

BearingPoint is a certified B Corporation, meeting high standards of social and environmental impact.

For more information, please visit:

Homepage: www.bearingpoint.com
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Twitter: @BearingPoint

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