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Reporting Solutions
MetaGovernance Financial Disclosure Reporting Solutions are geared toward organizations undergoing a strategic initiative to automate financial reporting. Most of these organizations are replacing a variety of manually intensive techniques used for financial reporting and disclosure. These organizations have realized the inherent risk caused by manual manipulation of data in spreadsheets and end-user applications. MetaGovernance incorporates the best of proven accounting disciplines with the technology available in today’s business intelligence applications.
Take the simple test below to determine if you are a candidate for a MetaGovernance Financial Disclosure Reporting Solution:
- Are spreadsheets and user-developed applications at the core of your reporting strategy?
- Does financial reporting and disclosure consume vast amounts of resources?
- Are Sarbanes-Oxley certifications completed with a general hope that all data is accurate?
- Are you lacking demonstrable evidence that data used for reporting is an accurate reflection of your business transactions?
- Do you have differences in board reporting, management reporting, and government reporting caused by fundamental data issues?
- Do you need an ongoing governance procedure and toolkit that that remove any doubt as to data quality, or procedurally how to address issues?
- Do you have one or more data warehouse initiatives that have failed to meet business requirements?
- Do you have a current data warehouse initiative that is stalled or in need of triage or second surgery?
- Are you suffering from “88 reasons why not” when it comes to automating reporting?
- Are you concerned about financial, operational, reputational, or compliance risk inherent in inaccurate reporting in today’s regulatory environment?
If you answered ‘yes’ to any of these questions, a MetaGovernance Financial Disclosure Reporting Solution can be the answer to your issues. MetaGovernance approaches automated reporting with a completely different paradigm than our competition. There are two significant differences in the strategy MetaGovernance deploys when compared to other technical solutions; namely we start with Information Governance and then follow with the design and implementation of an automated reporting system that has data referential integrity as the fundamental blueprint of the design. The MetaGovernance approach is risk and operational efficiency led, not technology led.
What does it mean to start with Information Governance? MetaGovernance knows from our experiences that data warehouses and Business Intelligence solutions are built without a clear understanding of the data and the data owners, data stewards, and data consumers. These collective stakeholders must be given the opportunity to participate in the design and the reconciliation business rules encompassing the system. Effective Information Governance mandates that data is owned by a specific department. This mandate is independent of in which system or database the data resides. Organizations will typically define data ownership at the transactional system level. In reality, data ownership is often confused with application ownership. But what about the data that resides in the reporting applications, spreadsheets, or other databases? What about the data that has been sent to the government as part of an SEC 10Q/10K report, Call Report, or other disclosure report? Effective Information Governance assigns data ownership in line with the original source data. This is a huge paradigm shift for organizations. It is also a shift that business units are unwilling to make, rightfully so, unless the overall system design can provide demonstrable evidence that the data in the reporting stream is an accurate reflection of business transactions. The MetaGovernance approach incorporates the tools, techniques, and procedures to bring Information Governance practices to bear on this issue. As a company, MetaGovernance is unwilling to participate in a reporting solution that does not include Information Governance as we know the system will most likely fail.
Contact us to learn more about the role of Information Governance in automating financial disclosures and how to design a reporting solution that ensures data integrity.
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