In yesterday’s Financial Performance Insider Webcast, a monthly webcast series brought to you by Business Analytics software at IBM, we delivered business content to our global customer community highlighting important business practice updates about today’s ever-evolving regulatory, compliance, financial reporting and risk management landscape and how finance, IT and risk management teams can better prepare and arm themselves for effective stewardship of these market realities. In addition, we touched on how enterprises can leverage IBM solutions, in this case, IBM OpenPages and IBM Cognos Clarity FSR, as part of the Business Analytics software solution suite to enable these practices most effectively. As mentioned, these IBM solutions can help automate and manage these related processes driving value through improved efficiencies and greater transparency to ensure proper regulatory compliance is in tact and enterprise risk is effectively managed and monitored. This ability to deliver integrated solutions across these critical practice areas all in the face of changing business strategies and the evolving external demands on the enterprise is critical to IBM delivering business value in its solutions for its customer community. Peppered throughout the webcast customer success stories were discussed proving the real-world value these solutions deliver for organizations worldwide. In addition, empirical research about the state of enterprise risk management, disclosure management and XBRL were discussed to provide greater context for how critical these processes are and are only going to get more and more complex over time thereby reinforcing the urgency to start building a more robust infrastructure around these vital business processes.
In the webcast, we featured the 3 IBM Product Marketing leaders including IBM’s Doug Barton, WW Product Marketing Lead for Financial & Risk Analytics, Dan O’Brien, Product Marketing Director for IBM Clarity Systems, and John Kelly, Product Marketing Director for IBM OpenPages.
There were many valuable nuggets of information to extract from each of their presentations too numerous to mention but to summarize their presentations down to a few topic areas would be that they each highlights that there are certainly traditional challenges facing finance and risk departments in today’s business environment only now with emerging complexities becoming more and more demanding on these departments as we look down the road at what’s coming. These summarized areas discussed were:
- Transparency, rating agency and regulatory demands for risk and compliance information;
- Compressed deadlines;
- Electronic filing requirements (Think XBRL); yet
- No relief on what Doug called, “the “performance imperative”.
Many of those present on the webcast work in publicly traded organizations and have seen shorten filing deadlines and an ever expanding workload…and yet the “last mile of financial reporting” has largely lacked true, analytic and collaborative technology support.
That was clear. Yet there is hope. Doug mentioned the results from the CFO Executive Board survey at the end of 2010, discussing the changes in finance budgets to reflect these new concerns for finance and risk management teams.
There are certainly many challenges facing finance, IT, and risk management professionals today to address myriad practices on their agendas today. As Doug, Dan and John reinforced throughout the webinar, Business Analytics software at IBM has a solution portfolio through solutions like IBM Clarity FSR and IBM Openpages that can harness, automate and enable effective management of these practices.
Click the image to find out more about IBM Cognos Clarity
What ROI have other IBM Cognos customers gained from using our solutions?
There are many, many IBM customers leveraging IBM OpenPages and IBM Clarity FSR solutions to enable their disclosure management, XBRL and risk management practices, some of which are discussed during this webcast.
A few customer success stories discussed were:
- Omnicom Group - In first two years Omnicom was able to increase cash flow by $200M by lowering accounts receivable balances greater than 60 days by 3.5%.
- United Technologies - 20% savings efficiently addressing new XBRL and “last mile” demands putting into practice IBM Clarity FSR. They use IBM Clarity FSR to deliver all of their required regulatory filings 10 Qs and 10 Ks – pulling information from dozens of G/Ls and supplemental data sources. Automating this process to supported both core external reporting process and integrated XBRL tagging in a single solution without errors
- Barclays - Reduced cost, improved efficiency and effectiveness, a better overall view of risk and compliance posture and the dependencies between them, and implemented a IBM Business Analytics platform used extensively by the business, particularly when completing risk and control assessments.
In addition, the presenters drilled deeper into our solutions that address these key processes:
Click the image to find out more about IBM OpenPages
- Financial Governance
- Consolidation & Corporate Reporting
- “The Last Mile” and Integrated XBRL
- Mastering Risk Management
- Financial Controls, Policy & Compliance, & Internal Audit
- Operational Risk Management
Questions asked during this webinar:
IBM Cognos Clarity (Dan O’Brien)
- How much of a learning curve is there with FSR? Very little – since you will be using the familiar tools of excel and word with added functionality
- Does IBM Cognos Clarity FSR have SEC EDGAR HTML as an output option? Yes, our latest release of FSR supports EDGAR conversion – giving our SEC reporting customers a single integrated solution for report building, XBRL tagging, and EDGAR conversion
- (XBRL) Do I have to tag every Q and K that I produce in FSR? You will do most of the heavy lifting during the mapping and tagging of your first XBRL filing – after that you can re-use the tags when you roll forward the report to jump start the next period’s report
- IBM Cognos Clarity FSR: Does FSR only automate consolidated external reports? Do you have any customers that use FSR for automating internal reporting? FSR can be used to automate and enhance controls over any multi-author process driven reporting. We have many customers that use FSR for external reporting, as well as internal reporting.
Hope you enjoyed. Please let me know if there's additional information you need or questions.