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Research by The Hackett Group shows that by reducing process, systems and control complexity, leading companies are able to operate with a more effective internal control environment. By doing do, they spend less on Sarbanes-Oxley Section 404 compliance, which has been a cash drain for many companies in recent years. Leading companies also spend less to perform their key control activities on an ongoing basis.
A key part of the Cognos performance management platform, Cognos 8 Controller version 8.2 is a comprehensive, web-based solution that enables finance teams to automate the entire close process (from data collection to financial consolidation to output), while reducing the close cycle time and ensuring data integrity. Controller version 8.2 enhancement highlights include:
Audit and compliance capabilities: Data lineage allows users to understand the date and time stamp of the data access and load, and maintain an original unchanged version of source data. This ensures data quality to support financial statements in the consolidation process. Audit trails allow users to track application and data changes, by user, with the date and time stamp - along with the ability to filter, evaluate and analyze their impact. In an age focused on internal controls, audit trails supply a reliable mechanism to support efficient and effective compliance.
Support for performance management: The seamless integration with Cognos 8 Planning and Cognos 8 Business Intelligence provides a single view of all operational and financial data, leveraging rich analytics, to support decision-making requirements.
Advanced consolidation techniques: Different geographies and financial jurisdictions continually evolve their regulatory and financial reporting requirements. Controller version 8.2 includes deep domain capabilities to support these changing regulatory reporting needs.
Cognos 8 Controller version 8.2 will be generally available in June 2007. [May 15, 2007]
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