The client appointed Nexdigm to take charge of the CFO office and handle all reporting regulations after the reinsurance regulations in India were liberalized which led them to open a branch in the country.
Client : The Indian arm of one of the largest reinsurance companies
Service Offered : Interim CFO Services, US GAAP conversion & ERP Implementation
Sector / Industry : Banking and Finance
The client appointed Nexdigm to take charge of the CFO office and handle all reporting regulations after the reinsurance regulations in India were liberalized which led them to open a branch in the country.
While there was a lack of local F&A team, the regulatory landscape also kept evolving. India moved to the GST regime at the same time when Insurance Regulatory and Development Authority (IRDA) evolved the insurance regulations for reinsurance branches. Moreover, the accounting systems were not in place to provide the required reporting as per the Indian regulations and/or Indian GAAP, thereby adding to the complexities.
Nexdigm deployed an experienced team to handle their complete F&A responsibilities like -
Nexdigm deployed an experienced team to handle their complete F&A responsibilities. We set up their accounting systems for reporting from US GAAP to Indian GAAP in record time and provided comprehensive support with respect to the F&A function including designing SOPs, reporting to global and APAC teams, etc.
Nexdigm also represented the India office in the global SAP implementation project. Our contribution even extended to representations to the IRDAI in drafting reinsurance regulations.
Our support in the set-up phase ensured that the business ran seamlessly, without any non-compliance risk for the client. We were entrusted with key decisions, implementation of systems and processes, and audits in India.
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