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<\/a>\nThe implementation marks a key milestone in Banyan Group\u2019s finance transformation journey, modernizing its consolidation environment and establishing a scalable, cloud\u2011based foundation for statutory reporting across a highly complex global organization. By replacing a legacy consolidation system with CCH Tagetik, Banyan Group has significantly accelerated its group close while strengthening governance, auditability and data accuracy across the enterprise.<\/p>
\nMeeting the challenges of multi\u2011GAAP, multi\u2011entity consolidation in a global hospitality group<\/b><\/p>
\nWith operations spanning more than 80 legal entities across 23 countries<\/b>, Banyan Group operates a complex legal and financial structure. Listed on the Singapore Exchange, with a subgroup listed in Thailand, the Group is required to meet multiple regulatory and accounting standards, including Singapore GAAP and Thai GAAP, alongside multi\u2011currency and multi\u2011segment reporting.<\/p>
\nAs the organization expanded, its legacy consolidation platform became increasingly difficult to maintain. Manual processes, limited flexibility and heavy dependence on IT support constrained the finance team\u2019s ability to respond efficiently to growing reporting demands.<\/p>
\nTo address these challenges, Banyan Group partnered with Wolters Kluwer to implement CCH Tagetik, to deliver a modern, cloud\u2011based consolidation platform designed to support complex group structures and future transformation initiatives.<\/p>
\n\u201cBanyan Group operates one of the most complex consolidation environments in the hospitality sector, with multi-GAAP requirements, multiple listings and a highly distributed global footprint,\u201d said Kumiko Minowa, APJ Managing Director, CCH Tagetik at Wolters Kluwer<\/b>. \u201cCCH Tagetik enables finance teams to simplify that complexity, accelerate close cycles and build a trusted data foundation for long-term transformation.\u201d<\/p>
\nBy implementing CCH Tagetik, Banyan Group has realized clear operational and governance benefits, most notably a financial close that is approximately five working days faster, with the potential to reach up to eight days as further optimizations are introduced.<\/p>
\nAdditional benefits include:<\/p>
- \n
- \nFaster, more accurate consolidated reporting across 80+ entities<\/li>\n
- \nStronger data governance and internal controls<\/li>\n
- \nFewer audit issues due to improved structure and traceability<\/li>\n
- \nSeamless support for multi\u2011GAAP and multi\u2011currency requirements<\/li>\n<\/ul>
\n\u201cOur previous consolidation system had become legacy, outdated and difficult to maintain,\u201d said Kelvin Tan, Head of Corporate Finance at Banyan Group<\/b>. \u201cWe wanted to move to a cloud\u2011based, future\u2011proof solution that users could manage more independently, without heavy IT support. Since going live with CCH Tagetik, we\u2019ve accelerated our close by about five working days.\u201d<\/p>
\nBeyond close and consolidation, the CCH Tagetik platform provides Banyan Group with a scalable foundation to support future initiatives, including budgeting and planning, intelligent disclosure, and ESG reporting. Wolters Kluwer\u2019s continued investment in innovation ensures the platform will evolve alongside Banyan Group\u2019s regulatory, operational and sustainability requirements.<\/p>
\nTo learn more, read the full case study about Banyan Group's successful implementation of the CCH Tagetik Intelligent Platform<\/a>.<\/p>
\nAbout Wolters Kluwer<\/b><\/p>
\nWolters Kluwer (EURONEXT: WKL) is a global leader in information solutions, software and services for professionals in healthcare; tax and accounting; financial and corporate compliance; legal and regulatory; corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions<\/i> that combine deep domain knowledge with technology and services.<\/p>
\nWolters Kluwer reported 2025 annual revenues of \u20ac6.1 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 21,100 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.<\/p>
\nWolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX, Euro Stoxx 50, and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt (ADR) program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).<\/p>
\nFor more information, visit www.wolterskluwer.com<\/a>, follow us on LinkedIn<\/a>, Facebook<\/a>, YouTube<\/a> and Instagram<\/a>.<\/p>