Clarity Systems today announced general availability of Clarity FSR(TM) 6.5, a comprehensive, unified financial governance solution created for the Office of Finance to help improve financial processes and controls. As a single, unified financial governance solution, Clarity FSR supports the following critical financial functions:
Statutory Reporting
- Clarity FSR provides advanced functionality to automate the creation
and submission of statutory filings (like 10-Ks and 10-Qs in the USA)
as well as automate key internal documents such as the Board Book.
Clarity FSR improves the efficiency and reduces the risk inherent in
the external reporting process, with key features such as: seamless
integration with source data, workflow, audit trail, validation
rules, collaboration, and compliance checklists.
Regulatory Reporting
- Each industry has its own set of regulatory reporting requirements.
Clarity FSR is ideally suited to automate the creation of regulatory
reports to improve the efficiency, reduce the risk and improve the
oversight and control of these critical business processes.
XBRL
- XBRL is fast becoming the world-wide standard for the exchange of
business information. The U.S. Securities and Exchange Commission has
recently mandated its use for all public companies - based on a three
year phase in program. As the only fully integrated XBRL solution
available today, Clarity FSR is ideally suited to help companies
comply with the SEC's XBRL mandate.
Reconciliation Management
- There are a number of accounts in the trial balance that need to be
reconciled during the financial close process as well as at
predetermined periods throughout the month. Clarity FSR helps
companies automate this reconciliation process in a controlled and
auditable environment. Furthermore, Clarity FSR's account
reconciliation dashboard provides management with effective oversight
to monitor and manage the status of all account reconciliation
activities.
Continuous Controls
- A traditional month-end process has been the norm for identifying
discrepancies between systems and/or within a given system. With
Clarity FSR's Continuous Controls capabilities, users can
automatically identify anomalies within their operating environment -
so that they can react and take action more quickly.
GAAP to IFRS Conversion
- The IFRS accounting standard is being adopted by jurisdictions around
the world. Clarity FSR helps companies transition from local GAAP to
IFRS within a controlled and auditable environment. With Clarity FSR
users can avoid major surgery to your ERP or consolidations system
and still satisfy the IFRS statutory reporting requirements.
Enterprise Risk Management
- Enterprise risk management (ERM) is the art of managing risks while
seizing opportunities related to the achievement of an organization's
objectives. Clarity FSR helps organizations document their risks and
opportunities and assess them in terms of likelihood and magnitude of
impact, so that they can determine a response strategy, and monitor
progress towards risk mitigation.
CSR Reporting
- Corporate social responsibility (CSR) reporting is increasingly
becoming a mainstream practice and an important mechanism for
organizations to manage performance, communicate value to multiple
stakeholder groups and honor the triple bottom line of People, Planet
and Profit. Clarity FSR provides a comprehensive solution to create
and manage an organization's CSR reports.
As a single unified financial governance solution, Clarity FSR provides these value propositions to its customers on a single technology platform, with a single training program, with a common user interface, and with only one solution to maintain – leading to an overall lower cost of ownership.
Originally launched in January 2007 as a unique solution for automating the creation and filing of financial reports, with today’s announcement Clarity FSR 6.5 has evolved into a comprehensive unified financial governance solution.
“The underlying architecture of Clarity FSR first lent itself to automating internal and external reports including filings to regulators such as the U.S. Securities and Exchange Commission and the UK’s Financial Services Authority,” said Mark Nashman, President & CTO, Clarity Systems.
“Since the initial launch of Clarity FSR, we have continually enhanced the product’s core capabilities. With today’s announcement we have extended the power of Clarity FSR to deliver a true Unified Financial Governance solution,” continued Nashman.
Genesis of Unified Financial Governance
The need to enhance financial controls within companies and better report the results to regulators prompted a leading industry analyst in October 2007 to issue recommendations for CFOs and IT professionals reviewing applicable technology solutions(1). Clarity FSR 6.5 is a unified solution that delivers on the financial governance vision outlined in this report.
Clarity Systems
Clarity Systems delivers software solutions to the Office of Finance. The company’s software helps organisations around the world improve their budgeting, planning, consolidations, scorecarding and management reporting processes, and also automates the external reporting processes required to produce regulatory and statutory reports. Clarity’s unified applications help CFOs reduce risk while simultaneously improving operational efficiency.
For more information, please visit Clarity’s website at http://www.claritysystems.com or call +44-(0)-2031784038 in the UK or 1-877-410-5070 in North America.
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(1) Financial Governance Will Emerge to Enhance Financial Controls and
Regulatory Reporting (Report No. G00152329) by John E. Van Decker and
Nigel Rayner, Gartner, published October 11 2007.
For further information: on Clarity Systems, please contact: Dave Paolini, Communications Manager, Clarity Systems Limited, +1-(647)-242-1184 , dpaolini@claritysystems.com
Source: Clarity Systems Limited
For further information: on Clarity Systems, please contact: Dave Paolini, Communications Manager, Clarity Systems Limited, +1-(647)-242-1184, dpaolini@claritysystems.com
