MBWL International shares the mutual core values of Milliman, Barnett Waddingham and Lurse. All three organisations are independent and are wholly owned by their Partners or Principals.
Therefore, we have no agenda, other than doing what is best for our clients. We do not offer any products that conflict with our consulting services, which ensures our advice is not conflicted and is in your best interests.
Local delivery is achieved through Milliman’s global presence with physical offices in over 25 countries. We have supplemented this with other key affiliations to ensure we can provide you with global coverage.
The establishment of MBWL International as a joint venture ensures you receive seamless consistent advice across your group with a single point of accountability dealing with the corporate HQ.
MBWL International staff have access to all of the systems, expertise and experience that sits within the Milliman, Barnett Waddingham and Lurse groups that employ over 5,000 people across the globe.
Time-saving and efficient global accounting consolidation using Milliman Account™
In 2017, Milliman worked with a company in the technology sector. Using the Milliman Account system, a web-based tool for managing multi-national disclosures, we helped the organisation consolidate the financial information for their defined benefit plans in seven countries
Reporting for these defined benefit plans under US GAAP (ASC 715) was undertaken in-house and much of the input and the consolidation of financial information was carried out manually.
This led to additional work and a number of challenges for the financial reporting team in an already extremely busy period. Not only did data and disclosure information need to be gathered for the individual plans from both local colleagues and the plan actuaries in different countries, but also reviewed – and where necessary clarified, discussed and agreed. Finally, data then had to be consolidated by the financial reporting team and loaded into the reporting systems.
Following close liaison with the financial reporting team on their needs and a demonstration of the Milliman Account system, the company appointed us to provide global accounting consolidation services using Milliman Account for their 2017 financial year-end.
Thanks to our services, the company benefitted from:
- Easy and timely access to consolidated reporting output for their pension plans
- Improved efficiency in reporting financial information to their global parent company
- Greater automation in the submission, consolidation and update (including currency conversions) of the disclosure figures
- Increased confidence in the accuracy of the consolidated disclosure figures, thanks to inbuilt Milliman Account validation checks and independent actuarial review of the disclosure figures and assumptions
- More time for the financial reporting team to deal with other matters during the critical year-end reporting period
- Improved oversight of the plans included in the consolidation of the initial Milliman Account set-up process
- Identification of plans excluded from the consolidation as part of the initial Milliman Account set-up process
- The ability to consider plans for future inclusion as circumstances change