Our credentials | KPMG | RU

Our credentials

Our credentials

The highlights of our successfully completed projects.

The highlights of our successfully completed projects.


 

Development of organizational structure and service catalogue for overseas assets

Client

A vertically integrated oil and gas upstream holding company with Russian and overseas assets.

Problem

Insufficiently integrated foreign assets into corporate governance business processes.

Solution

KPMG Strategy Group reviewed the compliance of the current organizational structures and distribution of functions between the central administration and companies managing overseas assets with global best practices. The functions of structural divisions were also analyzed to eliminate duplications and improve staff performance. The analysis results helped to develop organizational structures of the companies managing upstream overseas assets based on the suggestions from the management of functional units of the company's central administration.

The analysis of existing service catalogue and review of services provided to overseas assets were also performed with subsequent update of the service catalogue.

Result

Suggestions on target organizational structure and service catalogue were made and approved by the company's Board of Directors. These suggestions helped enhance the manageability of overseas assets.

Why KPMG

Our global base of best practices and an extensive local experience in oil and gas projects help us provide the most effective and efficient solutions to our clients.

 

Development of performance assessment system of the Shared Service Center (SSC)

Client

A vertically integrated oil and gas upstream holding company with Russian and overseas assets.

Problem

During reorganization of a service model, the company needed to introduce a comprehensive quality assessment system of services provided by SSC to overseas upstream assets.

Solution

KPMG team performed a benchmarking analysis of best practices used by major international oil and gas companies in SSC management models and the organization of quality assurance. After that KPMG analyzed services provided by SSC by functions including finance, IT, HR, etc. The analysis resulted in a list of aggregate indicators for assessing the quality of services for each function.

Passports of quantitative quality indicators were prepared based on this list with the description of calculation methods and threshold values for each indicator. KPMG also developed mechanisms for assessing the quality of services including methods for calculating quantitative indicators, described the process of gathering and applying feedback from service customers and the expert quality assessment process. Structure of quality assessment system management authorities with detailed description of their responsibilities and powers was developed.

Result

A quality assessment system of services provided by SSC to overseas upstream assets and projects was created and formalized in Regulations on Servicing Quality Assessment System. Introduction of the system helped significantly improve the quality of services offered by SSC.

Why KPMG

KPMG Global Strategy team has an extensive experience in designing, implementing and optimizing the operations of shared service centers or common service centers.

 

Global tax and accounting support in foreign jurisdictions

Client

A leading Russian oil company and one of the world’s largest public oil and gas companies

Problem

The Company had no permanent and up-to-date information about the tax status of each of its foreign subsidiary. As a result, a number of tax risks emerged in the countries of operation, as well as risks related to incorrect consolidation of local statements of foreign companies with consolidated statements of the group.

Solution

KPMG team developed a unique approach to the collection of accounting and tax data from foreign companies of the group (including for the purposes of calculating CFC profit); the preparation of corporate statements for consolidation purposes on a monthly basis; as well as the preparation of regular reports and tax monitoring for online tax decision making which allowed reducing or completely eliminating tax risks.

KPMG engaged its local specialists from different countries and subcontractors for the organization of the process. Moscow team was responsible for consistent coordination of the entire process and acted as a single point of contact for the client solving all issues related to tax risks and financial and tax statements 24x7.

Result

KPMG succeeded in organizing a concise process of preparing financial and tax statements in accordance with common standards (including organization of internal controls) sharing the responsibility with the client.

The management obtained access to all necessary consolidated financial and tax information in a timely manner which helped:

• significantly reduce financial and administrative costs;

• perform consolidation of audited statements of each company on a monthly basis;

• fully comply with statutory requirements in foreign jurisdictions, and receive possible tax benefits;

• reduce or completely eliminate tax risks in foreign jurisdictions;

• take prompt decisions on current issues.

Why KPMG

Due to international coverage and highly effective communication between offices in different countries, KPMG manages to solve issues related to global tax and accounting support (including non-standard issues) in an effective and efficient manner.

 

Introduction of a single cross-border treasury

Client

Major Russian state-owned oil and gas company.

Problem

The company had a decentralized cash flow management system with low control over spending and low forecast accuracy at the group level.

Solution

• Introduction of a centralized payment solution for the group’s settlement center in Russia (“Payment factory”).
• Implementation of a cash pooling system at the group level.
• Development and implementation of short- and medium-term cash flow and liquidity forecast system based on financial risk impact at the group level.
• Development of approaches to optimization and improvement of corporate dealing efficiency (deposit, credit, conversion operations and other).
• Development of a key performance indicator system for treasury departments of the group.

Result

Introduction of a single global transnational treasury for a group of companies in compliance with the requirements of Russian and foreign legislation and best practices in finance and treasury management.

Why KPMG

KPMG Financial Management and Treasury group has in-depth understanding of approaches to finance and treasury management gained through working with major Russian and international companies.
Our qualification is confirmed by international certificates in finance, treasury, risk and project management including:
• Certified Treasury Professional (CTP) by Association for Financial Professionals, USA;
• Certificate in Treasury (CerT) by Association of Corporate treasurers;
• Project Management Professional (PMP) by Project Management Institute;
• Financial Risk Manager (FRM) and Energy Risk Professional (ERP) by Global Association of Risk Professionals.

 

Centralization of treasury and financial functions

Client

State-owned companies (oil and gas, metals, energy, exploration, transport, construction, sea transportation sectors and others).

Problem

Centralization of treasury at the group level.

Solution

• Introduction of a centralized treasury at the group level in compliance with Russian and foreign legislation, in line with the industry specifics and the companies’ needs.
• Development and implementation of a target organizational structure and calculation of the target headcount of a centralized treasury.
• Development and implementation of a functional treasury model with centralization of treasury key functions, namely, payment management, interaction with banks, liquidity forecast, corporate dealing (allocation of temporarily available cash, fund raising, conversion operations), financial risk management, performance assessment and monitoring.
• Development of a set of necessary regulatory documents (functional regulations, policies, guidelines, methods, job descriptions).

Result

Centralized treasury at the group level in compliance with Russian and foreign legislation and in line with the industry specifics and the company’s needs.

Why KPMG

KPMG Financial Management and Treasury group has in-depth understanding of approaches to finance and treasury management gained through working with major Russian and international companies.
Our qualification is confirmed by international certificates in finance, treasury, risk and project management including:

• Certified Treasury Professional (CTP) by Association for Financial Professionals, USA;
• Certificate in Treasury (CerT) by Association of Corporate treasurers;
• Project Management Professional (PMP) by Project Management Institute;
• Financial Risk Manager (FRM) and Energy Risk Professional (ERP) by Global Association of Risk Professionals.

Go back to the list of projects.

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