Financial Services Ireland

IFRS

Case Studies

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La Banque Postale

How can a bank improve its risk management without putting its core values at risk? Find out how EY helped La Banque Postale modernize its risk management.

Lloyd’s of London

As part of its Vision 2025 strategy, Lloyd’s of London has set a goal of becoming the market of choice for specialist insurance and reinsurance. To accomplish this, Lloyd’s set ambitious growth targets in emerging and frontier markets. The starting point for this growth strategy has been the pursuit of local reinsurance licenses to build an on-the-ground presence.Recent entrance into China and Brazil had demonstrated the inherent challenges of transporting the established Lloyd’s market model into new territories and the need for customized approaches tailored to the unique conditions within these countries.

Find out how EY has helped.

Case study – VAT reporting tool

A client asked us to review the VAT monthly process for bespoke automation. We developed a VAT reporting tool using data analytics. It involves inputting client’s raw data to the tool and uses bespoke instructions to turn the raw data into reportable VAT output required by the client. We were able to  eliminate potential human error, develop an automated analytical review, complete segregation of duties, process documentation and using a rule-based program, our solution significantly increases the level of assurance over the process.

Original process

  • Monthly VAT process for a multinational financial institution
  • 2-3 days every month required of the Tax team’s time
  • Multiple systems used to data to prepare the VAT details

New process

  • We built a VAT reporting tool that reduces the tax team’s time from 2-3 days every month to .8 of a second.
  • The tool works across internal accounting systems to extract relevant data, manipulate that data, perform specific VAT calculations for separate business units and produce the amounts to be submitted to the tax authorities.
  • A process that was done manually every two months is now done every month, improving financial reporting, business forecasting and segregation of duties. The new process eliminates the potential for human error and reduces the overall tax risk.