IBM has introduced a new version of Cognos Disclosure Management. The software, which was released in its first iteration last October, is designed to automate business processes around external financial reporting and disclosures to regulators and stakeholders. It enables a finance team to combine quantitative performance data with qualitative narrative analysis in one central repository, then directly draw on that repository for reporting and analysis.
Not only does this approach eliminate some manual processes for finance staff, but it also makes performance data more auditable. Cognos Disclosure Management includes controls, security, data validation, and audit trail reporting that extends into Microsoft Excel, Microsoft Word, Microsoft PowerPoint, and Adobe PDF files. According to IBM, the audit trail reporting saves auditors time—and companies money—after each financial close.
The new version of Cognos Disclosure Management is available in the cloud, as well as through on-premises implementation. This release also generates XBRL documents to meet regulatory filing requirements under the European Banking Authority’s COREP and FINREP taxonomies.