Hyperion Solutions Corp. on Monday announced two partnerships that will allow it to deliver its business performance management technology as part of offerings for Sarbanes-Oxley Act compliance initiatives.
At its Solutions 2004 customer conference in Chicago, the company announced partnerships with Axentis Inc., a developer of governance, compliance and risk management software, and Deloitte Consulting LLC, to develop separate compliance solutions.
Hyperion and Axentis will team up to offer an integrated solution combining Hyperion Financial Management and Axentis Enterprise, bringing together financial consolidation and reporting features from Hyperion with control documentation and associated risk measurements features from Axentis.
The combination will allow users, particularly CEOs, chief financial officers and board members to view financial statements with “risk-driven traffic lighting” for each line item. Users can then drill down through their Hyperion chart of accounts and organizational entities to isolate the source of any flagged risk, and link into Axentis Enterprise for a full understanding of the root cause, Hyperion officials said.
This will help users to better understand the sources of risk and get a better assessment of the adequacy of controls and testing activities, officials said. The integrated solution is available now.
Hyperion will also develop with Deloitte Consulting a solution for financial and internal control monitoring and reporting that combines Hyperion Financial Management with Deloittes OneView framework for financial and internal control monitoring and reporting, which is based on Deloittes compliance-specific knowledge and best practices gleaned from customer sites.
A dashboard interface delivers information about the status of internal controls integrated with day-to-day financial operational data.
The solution is designed to reduce close-cycle times, replace manual control procedures with automated and preventative controls, and identify new sources for profitability and cash flow at the company, product, brand and customer levels, Hyperion officials said.
It includes a Web-based financial consolidation and reporting application for collecting and reporting periodic financial data and workflow monitoring to increase the level of collaboration during period-end close and facilitate approvals during the process.
The solution adds monitoring of the current control environment and the Sarbanes-Oxley compliance process. This control monitoring links with financial reporting and other business performance management tools.
Compliance information is integrated, delivered and shared via the Web. OneViews compliance dashboard provides for security, personalization and custom alerts.
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