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Executive Circle on Performance Management
This Executive Circle, an exclusive element61-event by invitation only, will focus on
Automation of Financial Statement Reporting and Management books
Most CFOâs are part of
organizations that have invested heavily in the streamlining and automation of
their operational finance processes by implementing ERP software. A lot of them
have also automated their statutory and management consolidation process and
financial reporting using Corporate Performance Management applications. This
trend has been strengthened by the arrival of more integrated CPM software
solution suites promising "Closed loop Performance Managementâ.
All of these
elements have contributed to a much more automated generation of the consolidated
financial statements (actuals, budgets and forecasts).
But organizations typically still invest
a lot of time during their monthly or quarterly and annual close process on a
number of additional activities that are crucial to produce internal
management reporting books as well as to deliver external reporting to a
growing number of instances and regulators.
These activities typically include
producing a management summary & discussion of the numbers, the generation
of disclosures, incorporating comments and observations in written text, incorporating
non-financial indicators and producing and delivering the reported information
to the different stakeholders (Executive Committee, Board of Directors,
regulatory bodies and the "Marketâ), ideally including an approval workflow
within the own organization.
These additional activities,
performed after the consolidated figures are made available, are often referred
to as "the last mile of finance" or "disclosure management
Although these "last mile
activitiesâ are as critical as the production of the figures by the CPM
solutions to deliver accurate internal and external reports, automation of
these activities has been lagging and the process is still mainly manual with
the help of Excel and Word. This is a considerable risk as these tools are not
designed to be collaborative tools and certainly cannot provide adequate
security and segregation of duties functionality nor do they provide an
adequate audit trail which is typically what the closing process requires.
The Executive Circle will make you
discover this innovative new category of Disclosure Management software and
will include a demo of IBM Cognos FSR, Financial Statement Reporting.