CCH Tagetik for Disclosure Management
In Tagetik the "Collaborative Disclosure Management"-module unifies all external company disclosures within one solution. From start of the closing process till the publishing of the final disclosures and publications, the full process can be automated and managed in the Tagetik-solution.
Combining critical information across the organization can be cumbersome, this process is often manual in most organizations. Repetitive and often many non-productive steps and version control issues are thus common in many organizations. This leads to error-prone reports which can be a liability.
A restatement of the financial disclosures -for example after a mistake- can be costly for a companys credibility, f.i. the stock price could drop significantly. Hence, a software solution which offers increased accountability, increased efficiency, greater control, workflow and full traceability is necessary. Tagetik can be the solution just bringing that to the table.
Reporting-needs can be addressed by Word or Powerpoint documents with direct links to the figures in the Tagetik-database. The integration within the Tagetik-application ensures a fast and consistent reporting cycle. Regulatory reportings to government agencies can be filed through Tagetik (Solvency II, CoRep, FinRep, SEC filings). Exports in XBRL-format are easily accessible. Quarterly reports, management reports, board books can all be put directly into Tagetik. This is key for easy and transparent updating of the reports, with consistent and reliable data, from a "single version of the truth".
Today data must be gathered from many stakeholders, a process which is manual, hence prone for errors. Tagetik is the only software which stores all data (consolidation data + disclosure management data) in the same database. The large advantage here is that you can start with the disclosures early in the consolidation cycle. All changes can be followed-up using the full audit trail. This makes the Tagetik-reporting cycle also much faster than current processes and competing solutions.
Another use of the Tagetik Disclosure Management Solution is that it can meet with the Solvency II / CoRep / FinRep regulations. Solvency II is a regulatory challenge of Pillar 3 for insurance companies. Banking companies need to provide CoRep- and FinRep-reporting. It is clear that the reporting load has increased tremendously the last years, so it needs to be addressed in an efficient and structured manner. In many banks and insurance companies, Tagetik was successfully implemented to dramatically shorten the reporting cycle.
In 2014, Tagetik won the "Ventana Research Technology Innovation Award for the Office of Finance for its Collaborative Disclosure Management (CDM) solution. Tagetik offers a streamlined process of the disclosure cycle from start to finish. Financial data can be prepared, shared and published. Accurate and compliant reporting with full-auditability in less time and cost is the end-result.
element61 has expertise and certifications in Tagetik for Disclosure Management, so dont hesitate to contact us for more information.