Banking

Industrial Bank of Korea: The Establishment of a BI Portal to Support Company-Wide Accounting and Share Knowledge

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Executive Summary

IBK built an IFRS closure system in 2009. While carrying out internal consolidation. The bank has also come to understand the many troubles which exist in generating internal and external reports such as FSS reports and individual or consolidated financial statements, because the person in charge has to extract, analyze, and process all data manually. IBK has considered how to enhance work efficiency in accounting and simultaneously share related data in an efficient manner. The solution to the problem was found with the BI Portal. By grafting the BI technology onto the IFRS closure system, IBK is now able to make a range of formal and informal reports with ease, have centralized management, and share the accounting knowledge and data generated via BI.

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