Implementation of the VTB Group consolidated IFRS reporting platform
- Customer
- VTB Bank
- Project manager on the customer side
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- IT Provider
- Consist LLC and FORBES Consulting LLC
- Year of project completion
- 2025
- Project timeline
- February, 2024 - October, 2025
- Project scope
- 400000 man-hours
- Goals
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To create a full-featured domestic analogue of the Oracle HFM system to automate the preparation of consolidated financial statements in accordance with IFRS for VTB Group.
Key objectives:- Formation of a complete reporting package for 68+ sub-holdings in a competitive time frame
- Ensuring the operational calculation of consolidation adjustments (29 algorithms)
- Conducting transactional reconciliation of intra-group transactions (~7,700 transactions) in no more than 2 days
- Providing flexible tools for Ad-hoc analysis.
- Achieving complete technological independence in a business-critical process.
- Project Results
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Technological sovereignty: A domestic system is being created that is not inferior in functionality to the world leader Oracle HFM, which eliminates the risks of further use of foreign software.
More than 180 routine reports and more than 250 reports with the possibility of detailed analysis have been generated, algorithms for data verification, automatic reconciliation of intra-group operations (IGO), consolidation have been implemented, and a toolkit for unregulated queries has been created.
- Increased efficiency: Automation of critical processes (reconciliation of CSOs, data quality control, calculation of consolidation adjustments) will free up analyst resources.
- Industry benchmark: VTB's successful experience sets a new standard for import substitution of complex EPM systems in the financial sector and demonstrates the maturity of Russian solutions.
- Team capital: A highly qualified cross-functional team with unique expertise has been formed.
The platform showed a high level of performance and scalability, which allowed for a more than six-fold increase in the speed of consolidation calculations compared to the initial measurements during the first stage of the project.
The project's perimeter includes more than 68 sub-holdings, automation of 29 consolidation algorithms, and providing a full cycle of user reconciliation of more than 7,7 thousand CSOs in two days. Tools for generating irregular queries for data analysis in the context of more than 135 analytical reference books, as well as multifactorial data quality analysis, have been implemented.
To select a target solution, a multifactor analysis system was developed, consisting of more than 130 positions in 16 groups of indicators.
The uniqueness of the project
The uniqueness lies in the methodology of choosing a solution and the implemented scope of functional requirements:- VTB has developed the most detailed system of 130+ criteria in 16 groups for market analysis.
- The Kontur IFRS solution is created as a specialized product based on the TURBO X platform and TURBO Budgeting software and has no analogues in Russia in terms of the depth of study of financial consolidation tasks for VTB Group level structures.
- The project is a landmark for the entire financial industry, demonstrating the maturity of domestic EPM platforms to replace the most complex foreign systems.
- Used software
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Main platform: The Russian TURBO X platform and TURBO Budgeting software (included in the software registry, developed by Consist Business Group, LANSOFT IT Holding).
- Module under development: Kontur IFRS is a specialized software for preparing consolidated financial statements in accordance with IFRS.
- Key modules: The intra-group turnover reconciliation module, the data collection module, the consolidation module, and the reporting module.
- Infrastructure: Deployment on the Customer's own infrastructure in compliance with all information security requirements.
- Difficulty of implementation
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The complexity is due to the scale and criticality of the system being replaced. Oracle HFM at VTB is a highly customized product that processes huge amounts of data (consolidation of 68+ sub-holdings in 10 minutes).
The main challenges:
- Methodological: Accurate reproduction of 29 consolidation algorithms and a complex multidimensional data model with 135+ analytical sections.
- Technological: Providing high performance and load resistance comparable to Oracle HFM.
- Organizational: The need to combine the project work of key experts with their responsibilities in current activities. Managing such a complex project requires a balance between flexibility and strict adherence to a detailed plan.
- Project Description
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The project was initiated in response to the regulator's demand and the need to ensure technological sovereignty.
The goal is to migrate from the highly loaded Oracle HFM system, which has been successfully operating for more than 10 years and has been recognized internationally, to a domestic solution without loss of functionality and performance. At the selection stage (2021-2023), the VTB team developed a unique system of 130+ criteria for an objective comparison of Russian solutions.Based on the results of a thorough analysis, the choice fell on the TURBO X platform and TURBO Budgeting software, when implemented by the vendor Consist LLC with the participation of the integrator FORBES Consulting.
The project started in February 2024. The implementation is carried out according to a clear schedule using a hybrid management methodology (Agile + classical approach). All 5 modules of the System are fully implemented and installed in the production environment. All data has been fully uploaded to the System since 2012 (monthly cross-sections), all accounting periods from 01.01.2024 to 30.09.2025 inclusive have been calculated and verified.
1. The "Data Loading" module
2. The intra-group operations IGO module
3. The "Reporting" module
4. The "Consolidation" module
5. The module of integrations with intrabank services
Special attention is paid to the close cooperation of a single team of the Customer, Vendor and Integrator, regular demonstrations of functionality and joint search for solutions for complex methodological and technological tasks.
- Project geography
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The project is being implemented at VTB's head office in Moscow. The result will be the creation of a single centralized system for preparing consolidated financial statements for the entire VTB Group, uniting more than 68 active sub-holdings.
The project has been implemented in all regions of the Russian Federation, Kazakhstan, the Republic of Belarus, the Republic of Armenia, Georgia, the Republic of Azerbaijan. In the future, the geography will be expanded to all the countries where VTB Group operates in Europe and Asia.
Thus, the system's impact and user base cover the entire financial structure of VTB Group. This is a large-scale project to replace an international-class critical IT system (Oracle HFM) in one of Russia's key banks. The project involves teams from VTB, Consist LLC, and FORBES Consulting LLC.