Panariagroup selects Tagetik CPM for Italian Sox compliance

Tagetik, a global provider of Corporate Performance Management (CPM) software solutions, today announced that Panariagroup has chosen Tagetik CPM to ensure compliance with Law 262/05, the Italian equivalent to the Sarbanes-Oxley regulations for financial governance.  The Italian company, which specializes in high-end ceramic floor and wall tiling, employs 1,900 staff in 6 production plants in Europe and the United States and has been listed on the Star segment of Borsa Italiana since 2004.

"Our company needed to adopt a solution that could adequately respond to dynamic challenges - whether new strategies or new acquisitions - and meet the requirements of 262/05," explains Bartholomew Vultaggio, Head of Internal Auditing at Panariagroup. "Tagetik CPM fits our needs perfectly. Since the software is Web-based, it is very simple to use, manage and maintain which also results in a very low cost of ownership. Thanks to the competence and flexibility of the professionals at BGP Consulting, we were also able to implement our custom solution in the allotted time frame."

"Law 262/2005 has a strong impact on business functions and accountability in Italy’s public companies,” continues Manuel Vellutini, Chief Operating Officer at Tagetik. “Affected companies must now appoint a manager to monitor all administrative and accounting activities based on a very strict set of guidelines. With Tagetik CPM, however, companies can easily implement the system of internal controls that is required by law and manage the risk levels at each stage of the process. This makes it much easier for the responsible parties to activate the appropriate monitoring criteria, review a fully documented audit trail and, ultimately, process the September filing. Best of all, the solution ensures that all participants correctly complete the necessary documentation during – not after - the process."

Tagetik CPM helps companies comply with Law 262/05 because it unifies all financial processes that help drive business performance into a single solution. These include intercompany reconciliation, management and statutory consolidations, financial closing, segment reporting, management reporting and financial reporting.  

Unlike many CPM suites on the market, Tagetik CPM provides powerful built-in standard functionalities which are merged in a logical, precise workflow. As a result, companies can manage all relevant financial processes such as strategic planning, budgeting, forecasting, statutory and management consolidations, financial closing and reporting in a single application based on a single interface and database. This allows companies to create a transparent, unified view of their business data as well as simplify the processes of verification and control. The software is easy to use and administer for a low total cost of ownership (TCO).

Tagetik is a global provider of the new generation of Corporate Performance Management (CPM) and Financial Governance (FG) solutions. The extensive experience in the Corporate Performance Management market has enabled Tagetik to offer a software solution that helps companies automate processes, obtain the necessary transparency and data accuracy for compliance, improve governance, reduce costs as well as meet industry-specific requirements.
Tagetik CPM is an innovative single solution that leverages cross platform technology and delivers unified and faster process cycles, powerful scalability, short implementation time and lower total cost of ownership (TCO) thanks to its out-of-the-box CPM Processes. Tagetik CPM is the first completely financial closed-loop, double entry solution, that unifies in a single product all core CPM processes (budgeting, planning & forecasting, profitability modeling & optimization, dashboard & scorecarding, financial consolidation, statutory & management reporting), extended CPM processes (such as credit reporting & analysis, ICT performance management, compliance), vertical CPM processes (such as regulatory accounting, cash flow management by project and regulatory reporting) and Financial Governance processes.
Tagetik CPM incorporates the knowledge and best practices gained in over a decade of real-world projects. Tagetik has over 300 customers representing all industries including Financial Services (Unicredit), Manufacturing (Barilla), Insurances (Talanx), Fashion (Gucci), Healthcare (SSL Healthcare), Automotive (Yamaha).