Financial Governance applications support financial departments in streamlining financial processes, improving audit processes, extending the controls inherent in ERP systems and managing financial risk.

The core components of Financial Governance include:

• Financial consolidation

• Intercompany transactions
  

• Reconciliation
  

• Financial controls and compliance

• SOX - Basel II
• Law 262/05 (Italy)
  

• Financial Close - "the last mile of Finance"

• Access and segregation of duties controls
  

• Financial analytics

• 10Q 10K (US)
  
• IAS/IFRS
  

Why the need for Financial Governance Applications?

ERP systems focus on financial transactions and allow controls only at the transaction level causing lack of analytical audit controls.
Spreadsheets require a lot of manual support, they are prone to error and lack a workflow process.
CPM applications focus on performance management, transaction management and reconciliation capabilities not included and lack sufficient process management capabilities to effectively enable the "last mile of finance".

Challenges:

• Integrate different applications, usually from different vendors (ERP systems, CPM suites, and finance and audit GRC products)
• High risk error due to too many manual operations in the closing financial reporting process
• Long closing cycles
• Inadequate process controls and auditability
• Lack of supporting documentation and approvals
• Reduced filing deadlines
• Emphasis on public accountability and transparency
• Complexity of corporate governance
• Organization and management of compliance activities determined by international regulations such as the Sarbanes-Oxley Act (SOX) and local regulations such as Legge 262

Tagetik CPM

One solution for CPM and Financial Governance: Tagetik CPM unifies Corporate Performance Management processes and all Financial Governance Processes.
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Built-in Workflow and Functionalities: Tagetik CPM provides Built-in “accounting based” processes and in depth functionalities.
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Leverage Existing Technology: Tagetik CPM leverages existing technology investments by supporting multi-platform and open architecture. It unifies the technology environments by running on all mainstream databases and providing direct interfaces with the most commonly used ERP systems.
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Low Total Cost of Ownership: The unification of all Financial Governance Processes permits quicker configuration/maintenance thereby reducing the total cost of ownership.
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