Disclosure management

Getting the annual report ready may feel like a yearly marathon. Luckily professional tools are available and can make your life considerably easier. Kadenza will help you with the transition to disclosure management.

Cutting and pasting

Many annual reports are still generated manually. Businesses have automation tools for their data storage and consolidation tasks, but in the last phase of the reporting process, people are still cutting and pasting from Word and Excel. The components to the annual report are sent back and forth by email, and various versions are saved all over the place on hard drives. This aggravates the likelihood of disturbing faults and inconsistencies.

This is why disclosure management is indispensable for all new reporting requirements and for the associated standards. Kadenza can help you with the implementation of IBM Cognos Disclosure Management (IBM CDM), amongst other things. As one of IBMs leading partners, we prefer to work with the Cognos tool. It is a safe and scalable solution for business-wide cooperation, which combines data at the enterprise management (EPM, CPM) level with GRC processes (Governance, Risk & Compliance).

IBM CDM offers powerful functionalities with which to combine editorial text with financial data from a number of different sources. The analyses and explanatory notes that are incorporated in the reports, will therefore always include the latest data. These powerful resources will prevent you from accidentally publishing the wrong figures and enhance the reliability of the documents prepared by you.

European rules and XBRL

Statutory rules that apply on a European level are compelling more and more sectors to use specific formats. An XBRL obligation is not far off, which is a major step towards real-time financial reporting. IBM CDM supports all new formats and is XBRL-proof. The tool combines BI data, performance figures and qualitative analyses in one environment.

The result? Fast and faultless integration of the input from financial reporting packages and consolidation applications from various departments in your organisation. Consistency of data throughout all processes. Fast processing and integration of adjustments; even last-minute adjustments. In addition, you also reduce the likelihood of errors thanks to standardisation, built-in checks and a substantial reduction of manual work.

At Kadenza, we are of the opinion that this last mile’ should be incorporated, as a mature step, throughout the reporting process. In the most ideal case, you will be automating the data stream from the source to the report.

Disclosure management is becoming more and more important. The urgency with which organisations are approaching this topic differs from sector to sector. Major advances have been made in the financial world in recent years, with respect to disclosure management, due to regulatory regimes like Basel (for banks) and Solvency II (for insurance providers). Complying with strict requirements for risk management and reporting is becoming considerably less complicated for financial service providers, thanks to advanced tools for disclosure management.

Workflow and audit trail

The most compelling reason to switch to disclosure management with IBM CDM? The switch is in fact a switch to powerful workflow management (with comprehensive functionality for approval) and an impressive audit trail. This software improves accountability and visibility significantly. With IBM CDM, you have a safe environment that provides you with a range of detailed insights. Who is working on what, at what point in time? Who is responsible for what? You also have full control over the security and governance aspects related to sensitive documents (including Excel, PowerPoint, Word and PDF). Users learn to generate and validate sensitive reports fast, accurately and securely.

Mix of finance and IT

Kadenza is one of the very few parties in the Netherlands with extensive experience in the field of disclosure management. We have various large groups of companies as clients – often with unique challenges and issues. This is evident from the best practices developed by us, which are to your advantage, without a doubt. We have experienced financial experts who also have a certain click’ with IT. This is exactly what you need for the initial establishment of disclosure management. Our people combine financial knowledge with an understanding of consolidation, BI know-how and knowledge of the office packages. We know how data streams can be automated in a smart way, and how to ensure that your financial source data is also adopted correctly in financial reports.