New Compliance Solutions from Hyperion Provide Superior and Greater Insight into Financial Performance and Controls
Announcement posted by Hyperion Solutions 14 Apr 2005
New Versions of Hyperion Financial Management and Compliance Management Dashboard Helps Companies Manage and Monitor Compliance
Hyperion (Nasdaq: HYSL), the global leader in Business Performance Management software, said today it is helping companies manage and closely monitor financial disclosure compliance under Sarbanes-Oxley using a comprehensive solution that integrates market leading Hyperions financial management and reporting software, with a dashboard specifically designed for compliance. The combination of the newest version of Hyperion Financial Management and the Hyperion Compliance Management Dashboard delivers a high degree of automation and integration of processes, systems and data to help meet the growing need for transparency, and also helps measure and monitor business performance and financial controls.
Hyperion Financial Management is built from the ground up to support compliance and control. It delivers financial data to the Hyperion Compliance Management Dashboard to provide finance executives finger on the pulse visibility into their Sarbanes-Oxley financial disclosure compliance status. The combination of the two technologies provides key income statement accounts and balances with the internal controls associated with those accounts, and then delivers risk-assessed financial statements.
Hyperion announced the new approach to compliance at Solutions 2005, its global customer conference and the worlds premier event for Business Performance Management. Solutions 2005 is taking place April 10-13 in New Orleans.
A recent study by the CFO Executive Board research firm reports that Sarbanes-Oxley Section 404 legislation is causing many more companies to miss deadlines for filing their financial reports; with nearly 300 companies indicating that they cannot file their 10-Ks with the SEC on time (versus only 70 last year).
Meeting sustaining regulatory compliance is a fact of life in the majority of listed companies, said Russell Evans, Managing Director, Hyperion Australia & New Zealand. However, leading companies are now moving from a defensive posture to an offensive one, where the burden of compliance is shifting to an opportunity to improve business performance. Hyperion Applications Suite 4, featuring Hyperion Financial Management, provides corporations with the tools needed to effectively manage their businesses to achieve breakthrough performance while also improving corporate governance and supporting compliance with financial disclosure under Sarbanes-Oxley Act and other global initiatives.
While Hyperion software has been designed to optimize compliance with reporting mandates, the company recognizes that the implications for using its solutions to improve performance extend far beyond the requirements of Sarbanes-Oxley financial disclosure compliance.
Hyperion Financial Management
The enhanced Hyperion Financial Management application offers world-class financial consolidation, reporting and analysis via the Web that addresses domestic and global financial reporting requirements. It provides out-of-the-box features for helping companies comply with heightened disclosure requirements of the Sarbanes-Oxley Act, as well U.S. Auditing Standards, and accelerated reporting requirements. It is also designed to support global industry or business standards such as International Financial Reporting Standards (IFRS) and requirements set forth by NYSE/NASDAQ, and other legal, regulatory or standards boards.
A new module enables matching of inter-company activity at the transaction level to speed the reporting process and help prevent reconciliation issues at quarter end. Improved audit trails and links to external documents provide additional annotations to financial results that speed up the audit process and reduces both internal and external audit costs. Enhanced process controls and automation improve administrative oversight of the financial consolidation and reporting process while shortening closing cycles.
Leading companies today are moving beyond mandatory regulatory compliance to implement a sustainable compliance environment that integrates their control activities with their everyday financial operations, said Andy Rusnak, principal, Deloitte Consulting LLP. The combination of Hyperion Applications Suite 4 and specifically Hyperion Financial Management and Hyperion Compliance Management Dashboard along with Deloitte Consultings Sustained Compliance Framework can help companies address sustained compliance.
Hyperion Applications Suite 4
Hyperion Financial Management is part of Hyperion Applications Suite 4, which was also announced today. Hyperion Applications Suite 4 also includes:
Hyperion Planning
Hyperion Strategic Finance
Hyperion Performance Scorecard
Hyperion Business Modelling
Compliance Management Dashboard
Workforce Planning Module
Hyperion Applications Suite features a common, task-oriented user interface, and a new MS Office front-end that provides an Excel spreadsheet add-in that end users can leverage to access and operate multiple Hyperion products. It also takes advantage of new Smart Tag features within MS Office to provide integration with MS Word and MS PowerPoint.
Hyperion Applications Suite 4 is available now.
About Hyperion
Hyperion Solutions Corporation is the global leader in Business Performance Management software. More than 10,000 customers including 91 of the Fortune 100 rely on Hyperion software to translate strategies into plans, monitor execution and provide insight to improve financial and operational performance. Hyperion combines the most complete set of interoperable applications with the leading Business Intelligence platform to support and create Business Performance Management solutions. A network of more than 600 partners provides the companys innovative and specialized solutions and services.
Named one of the FORTUNE 100 Best Companies to Work For 2004, Hyperion employs approximately 2,500 people in 20 countries. Distributors represent Hyperion in an additional 25 countries. Headquartered in Santa Clara, California, Hyperion generated annual revenues of $622 million for the 12 months that ended June 30, 2004. Hyperion is traded under the Nasdaq symbol HYSL. For more information, please visit www.hyperion.com or www.hyperion.com/contactus.
Hyperion Financial Management is built from the ground up to support compliance and control. It delivers financial data to the Hyperion Compliance Management Dashboard to provide finance executives finger on the pulse visibility into their Sarbanes-Oxley financial disclosure compliance status. The combination of the two technologies provides key income statement accounts and balances with the internal controls associated with those accounts, and then delivers risk-assessed financial statements.
Hyperion announced the new approach to compliance at Solutions 2005, its global customer conference and the worlds premier event for Business Performance Management. Solutions 2005 is taking place April 10-13 in New Orleans.
A recent study by the CFO Executive Board research firm reports that Sarbanes-Oxley Section 404 legislation is causing many more companies to miss deadlines for filing their financial reports; with nearly 300 companies indicating that they cannot file their 10-Ks with the SEC on time (versus only 70 last year).
Meeting sustaining regulatory compliance is a fact of life in the majority of listed companies, said Russell Evans, Managing Director, Hyperion Australia & New Zealand. However, leading companies are now moving from a defensive posture to an offensive one, where the burden of compliance is shifting to an opportunity to improve business performance. Hyperion Applications Suite 4, featuring Hyperion Financial Management, provides corporations with the tools needed to effectively manage their businesses to achieve breakthrough performance while also improving corporate governance and supporting compliance with financial disclosure under Sarbanes-Oxley Act and other global initiatives.
While Hyperion software has been designed to optimize compliance with reporting mandates, the company recognizes that the implications for using its solutions to improve performance extend far beyond the requirements of Sarbanes-Oxley financial disclosure compliance.
Hyperion Financial Management
The enhanced Hyperion Financial Management application offers world-class financial consolidation, reporting and analysis via the Web that addresses domestic and global financial reporting requirements. It provides out-of-the-box features for helping companies comply with heightened disclosure requirements of the Sarbanes-Oxley Act, as well U.S. Auditing Standards, and accelerated reporting requirements. It is also designed to support global industry or business standards such as International Financial Reporting Standards (IFRS) and requirements set forth by NYSE/NASDAQ, and other legal, regulatory or standards boards.
A new module enables matching of inter-company activity at the transaction level to speed the reporting process and help prevent reconciliation issues at quarter end. Improved audit trails and links to external documents provide additional annotations to financial results that speed up the audit process and reduces both internal and external audit costs. Enhanced process controls and automation improve administrative oversight of the financial consolidation and reporting process while shortening closing cycles.
Leading companies today are moving beyond mandatory regulatory compliance to implement a sustainable compliance environment that integrates their control activities with their everyday financial operations, said Andy Rusnak, principal, Deloitte Consulting LLP. The combination of Hyperion Applications Suite 4 and specifically Hyperion Financial Management and Hyperion Compliance Management Dashboard along with Deloitte Consultings Sustained Compliance Framework can help companies address sustained compliance.
Hyperion Applications Suite 4
Hyperion Financial Management is part of Hyperion Applications Suite 4, which was also announced today. Hyperion Applications Suite 4 also includes:
Hyperion Planning
Hyperion Strategic Finance
Hyperion Performance Scorecard
Hyperion Business Modelling
Compliance Management Dashboard
Workforce Planning Module
Hyperion Applications Suite features a common, task-oriented user interface, and a new MS Office front-end that provides an Excel spreadsheet add-in that end users can leverage to access and operate multiple Hyperion products. It also takes advantage of new Smart Tag features within MS Office to provide integration with MS Word and MS PowerPoint.
Hyperion Applications Suite 4 is available now.
About Hyperion
Hyperion Solutions Corporation is the global leader in Business Performance Management software. More than 10,000 customers including 91 of the Fortune 100 rely on Hyperion software to translate strategies into plans, monitor execution and provide insight to improve financial and operational performance. Hyperion combines the most complete set of interoperable applications with the leading Business Intelligence platform to support and create Business Performance Management solutions. A network of more than 600 partners provides the companys innovative and specialized solutions and services.
Named one of the FORTUNE 100 Best Companies to Work For 2004, Hyperion employs approximately 2,500 people in 20 countries. Distributors represent Hyperion in an additional 25 countries. Headquartered in Santa Clara, California, Hyperion generated annual revenues of $622 million for the 12 months that ended June 30, 2004. Hyperion is traded under the Nasdaq symbol HYSL. For more information, please visit www.hyperion.com or www.hyperion.com/contactus.