Keeping up-to-date with regulatory compliance for a leading international financial services company

Industry

Financial Services

The challenge

The company was facing rapidly changing payroll regulations in its key markets which had major impact on the compliance of its payroll processes and therefore shifted the software requirements to cater for these changes. The client previously utilised a de-centralised payroll model where they had to manage multiple local payroll providers, culminating in high vendor overheads and lack of standardisation for the company.

Our Client

Our client is a leading global financial services company, with operations in all major financial centres around the world providing services in investment banking, private banking, asset management and shared services.  Their focus is on strengthening and simplifying the integrated financial services model and investing in sustainable growth, while placing risk management at its core.

What Solutions Did OSHRS Provide

As global payroll experts, we were able to onboard our client's multi-country payroll, managed centrally by our payroll outsourcing teams. We deployed our customisable payroll processing platform to meet each of the individual country's specific requirements, as well as continue automatic statutory maintenance with our in-house global statutory compliance unit.

Consolidation of payroll across multiple entities

Provide centralized payroll platform and services at optimum cost

Overseeing and monitoring all required regulations and updates for the country

The Result

Cost savings due to consolidation and economies of scale

Quick deployment across multiple countries

Consistent and accurate data for reporting, transparency and improved compliance support