Finances

Alignment and consolidation

The focus for the global finance and control team in the strategic period from 2016 to 2020 is alignment and consolidation, together with a continuous improvement of our internal control system.

Six concrete actions were planned for this strategic period: 

1. global alignment of accounting principles
2. implementation of a global accounting system
3. preparation of consolidated financial statements
4. global alignment of financial policies and procedures
5. implementation of a global risk management process
6. implementation of a global treasury management process

The first action; global alignment of accounting principles, was finalized in 2017. For the second action, the implementation of a global accounting system, preparations started in 2017 and the expectation is that the last two regions will go live in 2019, with hindsight per 1 January 2019. This will make it possible to complete action three in 2019. It took much longer than expected to implement one global accounting system. It is a complex process to align more than 30 legal entities, each with their own local rules and regulations and bring them together in once accounting system. 

The global alignment of financial policies and procedures is ongoing, expected finalization is 2020. The last two actions; the implementation of a global risk management process and a treasury management process, have not yet begun. Implementation of a risk management process (action 5) can only start after all policies and procedures have been mapped (action 4) and a treasury management process (action 6) can only start after all regions are fully working in the global accounting system (action 2).