Performance Blueprint for financial management

The CCR Blueprint was developed jointly with Deloitte Inc. and is powered by Cognos 8 Controller enterprise financial consolidation and corporate reporting software. It combines process and technology best-practices that organizations can apply to optimize the closing process and improve financial controls.

Available now, the CCR Blueprint is designed to help organizations face the modern challenge of ensuring integrity and improving the quality and auditability of their financial information while increasing the speed of delivery to internal and external stakeholders.

Close mapping

It maps each step in the financial close to the appropriate financial control activity, providing a view of an end to end financial close cycle necessary for organizations to achieve greater data integrity, shorten the cycle and reduce compliance costs.

Within the CCR Blueprint, Deloitte has applied its extensive knowledge of risk and controls to itemize 30 financial control objectives linked to the framework established by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), a private sector organization dedicated to improving the quality of financial reporting.

"This joint work represents leading practices compiled from related engagements with hundreds of clients," said Ray Pineda, enterprise applications - performance management leader, Deloitte.

"The Close, Consolidate, Report process embodies the entire end to end process of the financial close cycle. The process incorporates Cognos Controller as a financial consolidation solution that deals with complex processing such as currency translation, intercompany eliminations and minority interest. It is an important piece for measuring and monitoring performance of the organization. Applying the blueprint's best-practices and control activities to streamline this process shortens the close cycle and reduces the risk of material misstatements in financial reporting for customers."

Weakness spotting

The CCR Blueprint provides a solution for companies to quickly address gaps and weaknesses in financial processes, make focused investments, and optimise the use of technology. It identifies controls that are dependent upon integration between the financial close process and technology. Cognos 8 Controller financial consolidation and corporate reporting software powers the control objectives that are included.

"This blueprint provides a road-map for customers that includes the necessary process and application controls to implement a consolidation system," said David Brierley, regional manager, Cognos Middle East and Africa.

"With this approach, our customers can be assured that business process best practices are driving optimal use of the technology. Cognos Controller's automated controls provide greater data integrity, help contain costs around SOX compliance and streamline the entire close, consolidate and report process."