The Corporate Services division stands strong with 70% of the company’s Finance and Accounting headcount, 20% of auditors and a niche group of qualified lawyers. These professionals offer intelligent services that require specialized knowledge, best practices and technology to serve and retain internal and external customers and also business partners.
From successful lean Six Sigma/ Kaizen projects in the areas of transactional accounting, auditing, graded training in Lean Six Sigma tools and techniques across each function to global deployments in partnership with corporate IT and legal due diligence on onshore acquisitions and more, Corporate Services has proven its expertise in process standardization and cost optimization.
The largest accounting center for the parent entity, IFSC manages a wide gamut of corporate accounting processes. With the majority of accounting happening under one roof, IFSC contributes effectively in process standardization and governance. On the Order to Cash side, we account for revenue from our direct and agency network, manage invoicing and adjustments; Procure to Pay is responsible for supplier set ups, invoice processing and disbursements while Record to Report is responsible for maintaining the sanctity of Balance Sheet accounts through periodic reconciliations, recording accounting transactions through the journalizing process, managing Fixed Assets transactions and culminating the close through various reporting. IFSC employs accounting professionals like CPA, CIMA, CA, MBA etc. Accounting graduates/ post graduates with good accounting concepts and understanding of controls manage our day to day delivery. An independent Continuous Improvement team led by Master Black Belt and Black Belt trained executives drive projects and impart training.
Insurance is a highly regulated sector and being part of it demands expertise of trained audit staff who provide oversight on the functioning of a huge agency network and significant branch operations onshore. Additionally, our auditors are called upon to test a number of key accounting controls as required by the SOX regulations. This is a significant gate-keeping function and is led by qualified accountants and career auditors.
The Legal Services team employs highly qualified and experienced lawyers who support and counsel a strong attorney fraternity on matters of eDiscovery, legislative monitoring, litigation support, contract drafting, M&A due-diligence and specialized assignments. FAI’s lawyers work with their on-shore partners on a one-on-one basis and are an integral part of the overall legal set up of our parent company.