Improving the Last Mile in Financial Reporting with IBM Cognos FSR
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To watch the recorded on-demand web seminar go to http://alturl.com/cev4j Watch the web seminar to learn how the Office of Finance can leverage IBM Cognos Financial Statement Reporting (FSR) for its external and internal reporting requirements, XBRL compliance, and analytic insights. Although many organizations have made investments in solutions for monitoring financial performance and extracting financial data, many of these companies also rely on costly manual processes for the creation of external and internal financial documents. Automating the processes required in the creation of quarterly and annual reports is viewed as the Last Mile in the financial reporting. At present, the Last Mile has become even more cumbersome due to new additional regulatory reporting mandates (e.g. SEC’s XBRL Mandate) and efforts to enhance Internal Controls over Financial Reporting (ICFR). Organizations are facing many challenges in creating a sustainable financial governance process that can lead to long term cost savings and increased reliability of financial reports. Beyond delivering regulatory compliance, finance leaders are expecting better business insight. Now with IBM Cognos FSR you can overcome all these. Watch the web seminar to discover how to make your Finance department more efficient. You will learn that IBM Cognos FSR: •Automates the creation of the external and internal financial reports (10K, 10Q, 8K, MD&A, Annual, Board Book, Prospectus, Flash or Management Reports, Executive ppt Decks, Monthly Operations Reports, etc). •Provides one version of the truth, across all reporting applications. •Is very easy-to-use and allows you to leverage the tools you use today (MS Word, MS Excel, PowerPoint, Adobe), •Promotes collaboration – each section of the document can be managed, reviewed and approved by different stakeholders. •Supports various output formats – MS-Word, PDF, MS-Excel, XBRL, and others. •Is the only integrated XBRL tool. •Works with any Financial Consolidation or ERP system, including SAP, Oracle, Hyperion, and others. Learn more: www.CognosFSR.com
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Improving the Last Mile in Financial Reporting with IBM Cognos FSR
- 1. Web Seminar: Improving the Last Mile in Financial Reporting with IBM Cognos FSR April 18, 2012, 1:30 PM ET
- 2. Welcome and Introduction Rusty Pennington Senior Client Director, Performance Management DataClarity Louis Robinson Solution Specialist , Cognos FPM/FSR IBM
- 3. Who is DataClarity? 12 year focus delivering performance management solutions – Financial Performance Management – Financial Consolidation and Process Management – Financial Planning, Budgeting & Forecasting, – Business Analytics – Data Integration, Management and Warehousing Client for life philosophy -- over 275 clients and 600+ successful projects completed Software, consulting & training services Only senior and principal-level experts – Average experience = 12.5 years IBM Cognos Premier Partner
- 4. Clients Who Trust Us
- 5. The “Last Mile” in Financial Reporting The Last Mile Call Scripts Board Book, Management Decks 10-K, 10-Q, Planning Budgeting Consolidation Employee Updates Annual Report, Modeling Forecasting Reporting BU Reviews Prospectus Press Releases Earnings Reports Call Scripts Manual processes dominate “The Last Mile” Exec Decks EDGAR Format Filings Monthly Ops BU Reviews Reviews Press Releases Most organizations spend more time preparing Earnings Reports Reconciliation Docs the reports than analyzing them Budget Packages CSR Reports
- 6. Common Issues of “The ‘Last Mile” in Financial Reporting Inefficiencies: Informal data collection and repetitive manual data entry to and from multiple locations Contributors Similar information presented in multiple reports Awkward workflow process Version control is challenging Reviewers Report status tracking difficult No detailed audit trail(s) Approvers Results: Limited analysis due to long report creation Document Managers cycle times Risk of errors limits confidence in analysis Last-minute updates cannot be integrated Report Consumers
- 7. IBM Cognos FSR – Improving The Last Mile Automated method to produce statutory, regulatory and internal reports – 10K, 10Q, 8K, MD&A, Annual, Board Book, Prospectus, Flash or Management Reports, Executive ppt Decks, Monthly Operations Reports IBM Cognos FSR key features: – Dynamically driven from a central database – Leverage the formatting capabilities of MS-Word and the calculation features of MS-Excel – Collaborative environment – Security driven access with full audit trail – Workflow for report reviews and approvals
- 8. IBM Cognos FSR – Automate manual processes Create reports once…no need for one off or recreating reports each week/month/quarter Reinsurance and other amounts recoverable reflect amounts due from reinsurers and policyholders to cover incurred but not reported and pending claims for minimum premium products and certain administrative services only business where the right of offset does not exist. See Note 10 for additional ##rnote for additional information on reinsurance. For the ##D<cqmel> ##D<cqe>, actual information on reinsurance. For the three months ended March 31, 2012, actual experience differed from the Company’s key assumptions resulting in experience differed from the Company’s key assumptions resulting in ##D<cqqheamcpfavor> incurred to prior years’ medical claims payable of $40 favorable incurred claims related claims related to prior years’ medical claims payable of $##D<cqqheamcppyin*-1> million, or ##D<cqqheamcppyd%in> million, or 0.5% of the current year incurred claims as reported for the year of the current year incurred claims as reported for the year ended ##D<cye-1>. ended December 31, 2011. Actual completion factors resulted in a reduction in Actual completion factors $17 million, or 0.2% of the current year incurred medical claims payable ofresulted in ##D<cqqheamcpcfactordir> in medical claims as reported$##D<cqqheamcpcfactor> million, or payable of for the year ended December 31, 2011 for the insured book ##D<cqqheamcpcfactor%> of the current year in a reduction in medical claims of business. Actual medical cost trend resulted incurred claims as reported for the year ended ##D<cye-1> for the insured book of business. Actual reported payable of $23 million, or 0.3% of the current year incurred claims asmedical cost trend resulted in ##D<cqqheamcptrenddir> in medical of business. for the year ended December 31, 2011 for the insured bookclaims payable of $##D<cqqheamcptrend> million, or ##D<cqqheamcptrend%> of the current year incurred claims as reported for the year ended ##D<cye-1> for the insured book of business. Use “variables” to change once...update everywhere Variable used is ringed... and how it looks when the report is generated 8
- 9. IBM Cognos FSR – Ensure single version of the truth Consolidated GAAP Financial Statements and Footnotes MD&A Operational & Risk Measures Asset Management BU 1Sales & Revenue BU 2 Sales & Revenue Plan and Forecast Data Executive Compensation CEO/CFO packs Board Books Monthly close package reports Key Regulatory & Statutory reports Plan & Forecast packs
- 10. IBM Cognos FSR – Integrated ‘Tag Once’ XBRL Tagging Extend controls and transparency to XBRL tagging Experienced global XBRL services & support Support for multiple global XBRL XBRL & iXBRL taxonomies EDGAR-HTML 1
- 11. IBM Cognos FSR – How it Works XBRL Taxonomy Multiple SEC EDGARization Single versionCheck Variables in of XBRL Compliance Editor Audit Trail Workflow RoundingRules BusinessTM Cognos FSR Output the Once Tag truth Text Lists External Documents Options Data Sources ERP • • Title Page Title Page • • • Table Page Title Table of Contents TableofShareholders Contents • • • Letter to Shareholders Letter toof Contents Consolidations Operational & • • • Business Overview Letter to Shareholders Business Overview • Business Overview Collaboration Financial • • Balance Sheet Balance Sheet Information • • • Income Statement Balance Sheet Income Statement • • • Cash Flow Statement Income Statement Cash Flow Statement Relational • Cash Flow Statement • • Notes –– Cash Cash • Notes Long Term Assets Notes – Cash • • Notes –– Long Term Assets Notes • • • Notes ––Revenue Assets Notes Long Term Notes – Revenue • • • Auditors Report Auditors – Revenue Notes Report In-Design OLAP • • • Compliance Processes Auditors Report Compliance Processes • Compliance Processes HTML EDGARized Data Collection (Statistical & Operational)
- 12. How do customers use IBM Cognos FSR? Local & regional statutory reporting Regulatory reporting Global XBRL tagging & filing requirements GAAP to IFRS conversion Internal performance reporting and file management Controls & compliance requirements Public sector budgets and annual reports Corporate Social Responsibility (CSR) reports Stock Exchange reporting requirements
- 13. What values do customers gain from Cognos FSR? Gain Time – Process is automated, reducing effort and the time to complete – Easily create and maintain reports Gain Control – A solution owned by the business – Visibility into the progress of the process Gain Confidence – Reduce risk of errors, late filings, non-compliance and insider leaks. – Ensure accuracy at all times throughout the entire process
- 14. IBM Cognos FSR Demo
- 15. For more information: Visit us on the web at http://www.CognosFSR.com
- 16. Interested in Learning More? • Request a tailored IBM Cognos FSR demo for your organization – E-mail a request to sales@dataclaritycorp.com – Submit a request at www.CognosFSR.com – Call or e-mail Rusty Pennington 919.256.6790 r.pennington@dataclaritycorp.com • Visit www.CognosFSR.com – Download e-books, white papers and case studies.
- 17. Q&A
Editor's Notes
- So what do you mean you only have to create reports once? That report data is integrated? How do I ‘automate’ reporting?One example is by leveraging the single, secure database behind FSR to create report ‘variables’. Variables allow users to update once…change everywhere – across multiple sections of one report (Balance sheet and footnotes) or share common data across multiple reports (which we will discuss in the next slide) - ensuring consistent data (one version of the truth)This capability combined with eliminating manual rekeying of narrative and updated report data – significantly reduces the amount of time and effort spent on reporting. This also helps reduce the internal and external audit process when they can trace the direct link from system of record through the final report.
- An small sample of the many different report objects that orgs use to run the business. Each sample report object is usually made up of underlying worksheets, emails, and other commentary, analysis and calculations.Common ‘reports’ or reporting ‘packages’ examples are across the bottom of the slide. You can see that most reports share common data, reports and analysis. Using just personal productivity tools, email, and manual processes to ensure reports are consistent is a nightmare.But through Cognos FSR – organizations can share common data elements through data integration and shared ‘variables’ across reports. This eliminates the need for intelligent and highly paid finance professionals to perform time consuming and manual word and excel-based workarounds and data validations in disparate reports.
- Cognos FSR extends security & transparency over unstructured excel data and tables as well as narrative analysis and disclosures. Activity Dashboards serves two important purposes: 1. Provide management visibility into each step of the reporting process – the ability to instantly monitor the delivery of all the Different objects that make up any report built in FSR. 2nd. FSR activity dashboard significantly enhances the transparency into the reporting process. By leveraging a single, Secure Database with data integration, and secure user-login requirements – the activity dashboard is one wasy to quickly see who created, edited and approved every section in a report. This is very important for companies who have to comply with SOX related mandates that hold executive liable for material errors or omissions in reports and disclosures.Business Rules & Validation - With FSR you can design reports to provide error preventing checks including exception warnings for missing or duplicate data. As you can see in this example, a validation was automatically kicked-off and failed – prompting the user and showing him/her exactly where the wrong data is and what the delta is.Audit Trail – With FSR, you can extend the audit trail capabilities from existing structured data sources and systems all the way through the ‘last mile’ of reporting. Embedded controls, compliance checklists and audit trail into the reporting process. FSR audit trail captures every change made in any report and reports: who made the change, what they changed, when they changed it. Users can also generate a comparison of any 2 versions of the reports (not just consecutive versions…but any 2 versions) to do a blackline to show all changes. Users can also instantly refer back to any previous version of a report or a portion of a report.Workflow & Task Management - FSR had embedded workflow capabilities to force adherence to reporting policies and promote process ownership by those involved in every step in the reporting process. Managers can set up workflows that are tied to compliance checklists that require e-signatures before a report object can be advanced to the next step in the workflow. This greatly enhances the governance structure over the external reporting process, but still allows users to use the familiar tools of MS Office with a single, secure database to ensure a single version of the truth.
- Cognos FSR’s integrated XBRL tagging means organizations can tag financial data and disclosures and reports in XBRL – without having to wait until the finalized numbers are done. This avoids last minute XBRL tagging that is common when using a point (or bolt-on solution) that gets added to the end of the reporting process – right before filing. FSR also has automatic roll-over of XBRL tags – meaning once you set up your company’s taxonomy – you can roll the tags at the end of each reporting process to the next quarter and the Tags will automatically update to reflect the new period. This greatly reduces the time and effort required to comply with ‘detailed’ xBRL tagging requirements.Since the data and narrative analyisis in the reports come from the same, single, database – there is never a time when the XBRL tagged data does not match the report data. FSR is a single source for SEC reporting and eliminates any need for ‘pencils down’ as compliance deadlines approach. EDGAR HTML and XBRL are always in synch, because they are generated from the same single database.
- For more information on how FSR will eliminate building reports by hand while greatly enhancing controls and transparency into regulatory and statutory reporting requirements around the globe – join us in the expo hall to download complimentary research reports or visit us on the IBM Cognos FSR webpage on IBM.com