Cartesis, the business performance management (BPM) software specialist, and Robert Frances Group announced the availability of the study "Improving Compliance Sustainability with Business Performance Management" that defines 15 critical BPM capabilities for compliance. While many organizations already spend heavily on services, the research proposes that they shift focus to BPM technologies, which can provide effective controls for sustainable financial reporting and regulatory compliance.
The 15 necessary BPM capabilities that lead to improved compliance include: comprehensive "built-in" financial controls, global compliance metrics, integration of financial results with process assessment, audibility, role-based security, automated validation of reporting packages, ability to drill-down to all levels of details, data aggregation functions, transparency and traceability, automation of legacy and manual processes, process monitoring and disclosure speed, single integrated data model, data categories, dimensions and eXtensible Business Reporting Language (XBRL).
Robert Frances Group found that enterprises are devoting between $1 million and $3 million per billion dollars of revenue on consulting services. Yet, many of these same enterprises have failed to invest in software systems that would reduce the burden of compliance in the future. Savvy firms are now turning their attention to technology frameworks, specifically BPM, to sustain compliance and reduce some incremental costs incurred in year one of SOX or IFRS.
The ultimate goal of BPM is to tie together metrics, consolidation, reporting strategy mapping and planning, budgeting and forecasting into a consistent framework. The right BPM software can ensure the information firms report fairly represents the company's financial condition by more easily accessing detailed results, reducing reconciliation process time by an average of 15 days, integrating seamlessly with a firm's preferred consolidation system and enabling reconciliation at both balance and invoice levels.
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