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Financial Governance
In the wake of major accounting scandals and emerging regulations has progressively increased the pressures on IT systems, finance and control processes, in other words the responsibilities of CIOs and CFOs.
In
the wake of major accounting scandals and emerging regulations has
progressively increased the pressures on IT systems, finance and
control processes, in other words the responsibilities of CIOs and
CFOs.
Financial Governance applications have been developed to help companies:
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Improve the efficiency of financial processes and controls
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Optimize data traceability
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Manage the close process for financial and regulatory reporting and publish illustrative Financial Statements
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Make compliance highly efficient and transparent
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Drive their Financial and Regulatory reporting
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Identify all compliance-relevant information on processes, companies, controls & risks (Risk Control Matrix)
A unified software for Financial Governance and Performance Management like Tagetik 3.0 empowers companies to face challenges such as:
Isolated Processes
Companies manage interdependent Financial processes by using multiple vendor solutions, which complicates sharing and tracking information throughout the organization.
Long Closing Cycles
Complex Regulatory mandates create more pressure and complexity during tight deadlines of the close cycle. Integrating data from isolated systems is time consuming and sometimes impossible to tell the story behind the numbers.
High risk of errors
In order to collect and consolidate data from several companies, most organizations still rely on manual processes and have high risk of errors. Closing Cycles may be prolonged if any problems are not identified in the early stages.
Lack of control
Without a specific workflow process, companies can not effectively control the processes and activities required to generate the information needed for the preparation of documents (Risk Control Matrix).
Limited Traceability
Without the unification of processes and systems, most companies are unable to properly document user roles and responsibilities (to see who changed what, when and where) across the organization.
Tagetik 3.0 for Financial Governance enforces financial controls and supports companies in meeting new and existing governance requirements including SOX & SOX-like regulations (i.e. Italy’s Laws 262/2005) covering vertical markets such as banking, energy and telecommunications.
Discover Tagetik 3.0 functionalities for:
