New Compliance Solutions from Hyperion Provide Superior Visibility and Greater Insight into Financial Performance and Controls.
Hyperion (Nasdaq:HYSL), the global leader in Business Performance Management software, said today it is helping companies manage and closely monitor financial disclosure compliance under Sarbanes-Oxley using a comprehensive solution that integrates market leading Hyperion's financial management and reporting software, with a dashboard specifically designed for compliance. The combination of the newest version of Hyperion Financial Management and the Hyperion Compliance Management Dashboard delivers a high degree of automation and integration of processes, systems and data to help meet the growing need for transparency, and also helps measure and monitor business performance and financial controls.
Hyperion Financial Management is built from the ground up to support compliance and control. It delivers financial data to the Hyperion Compliance Management Dashboard to provide finance executives "finger on the pulse" visibility into their Sarbanes-Oxley financial disclosure compliance status. The combination of the two technologies provides key income statement accounts and balances with the internal controls associated with those accounts, and then delivers risk-assessed financial statements.
Hyperion announced the new approach to compliance at Solutions 2005, its global customer conference and the world's premier event for Business Performance Management. Solutions 2005 is taking place April 10-13 in New Orleans.
A recent study by the CFO Executive Board research firm reports that "Sarbanes-Oxley Section 404 legislation is causing many more companies to miss deadlines for filing their financial reports; with nearly 300 companies indicating that they cannot file their 10-Ks with the SEC on time (versus only 70 last year)."
"Meeting sustaining regulatory compliance is a fact of life in corporate America," said Rich Clayton, vice president of product marketing for Hyperion. "However, leading companies are now moving from a defensive posture to an offensive one, where the burden of compliance is shifting to an opportunity to improve business performance. Hyperion Applications Suite 4, featuring Hyperion Financial Management, provides corporations with the tools needed to effectively manage their businesses to achieve breakthrough performance while also improving corporate governance and supporting compliance with financial disclosure under Sarbanes-Oxley Act and other global initiatives."
"Hyperion's suite of financial management tools allowed us to meet several Sarbanes-Oxley reporting requirements efficiently and effectively," said Todd Naughton, vice president and controller with Zebra Technologies. "We are quite proud that we filed our 10-K, with all Sarbanes-Oxley requirements, sixty days after year-end and received a clean opinion on internal controls."
While Hyperion software has been designed to optimize compliance with reporting mandates, the company recognizes that the implications for using its solutions to improve performance extend far beyond the requirements of Sarbanes-Oxley financial disclosure compliance.
"CFOs should view compliance as a leadership issue and look for ways to reduce the administrative burden of regulation," according to Robert Kugel, vice president and research director with Ventana Research. "We are in a new environment that demands more formal control structures. Our recent Audit and Control research study demonstrated that CFOs must redesign and restructure financial processes and systems to improve their efficiency. Fortunately, these same changes should enable them to reduce time spent on transactions processing and other low-value administrative chores while simultaneously allowing them to focus on more strategic activities to improve performance. In particular, they can expand their analytical support to provide the entire corporation with greater internal and external insight."
Hyperion Financial Management
The enhanced Hyperion Financial Management application offers world-class financial consolidation, reporting and analysis via the Web that addresses domestic and global financial reporting requirements. It provides out-of-the-box features for helping companies comply with heightened disclosure requirements of the Sarbanes-Oxley Act, as well U.S. Auditing Standards, and accelerated reporting requirements. It is also designed to support global industry or business standards such as International Financial Reporting Standards (IFRS) and requirements set forth by NYSE/NASDAQ, and other legal, regulatory or standards boards.
A new module enables matching of intercompany activity at the transaction level to speed the reporting process and help prevent reconciliation issues at quarter end. Improved audit trails and links to external documents provide additional annotations to financial results that speed up the audit process and reduces both internal and external audit costs. Enhanced process controls and automation improve administrative oversight of the financial consolidation and reporting process while shortening closing cycles.
"New capabilities within Hyperion Financial Management will allow us to provide more documentation behind our financial results," said Aubrey Funn, financial systems manager with Terex Corporation. "This will make life easier for our internal and external auditors at quarter end and help reduce potential audit costs."
"Leading companies today are moving beyond mandatory regulatory compliance to implement a sustainable compliance environment that integrates their control activities with their everyday financial operations," said Andy Rusnak, principal, Deloitte Consulting LLP. "The combination of Hyperion Applications Suite 4 and specifically Hyperion Financial Management and Hyperion Compliance Management Dashboard along with Deloitte Consulting's Sustained Compliance Framework can help companies address sustained compliance."
Hyperion Applications Suite 4
Hyperion Financial Management is part of Hyperion Applications Suite 4, which was also announced today. Hyperion Applications Suite 4 also includes:
--Hyperion Strategic Finance
--Hyperion Performance Scorecard
--Hyperion Business Modeling
--Compliance Management Dashboard
--Workforce Planning Module
Hyperion Applications Suite features a common, task-oriented user interface, and a new MS Office front-end that provides an Excel spreadsheet add-in that end users can leverage to access and operate multiple Hyperion products. It also takes advantage of new Smart Tag features within MS Office to provide integration with MS Word and MS PowerPoint.
Hyperion Applications Suite 4 is available now.
Hyperion Solutions Corporation is the global leader in Business Performance Management software. More than 10,000 customers -- including 91 of the Fortune 100 -- rely on Hyperion software to translate strategies into plans, monitor execution and provide insight to improve financial and operational performance. Hyperion combines the most complete set of interoperable applications with the leading Business Intelligence platform to support and create Business Performance Management solutions. A network of more than 600 partners provides the company's innovative and specialized solutions and services.
Named one of the FORTUNE 100 Best Companies to Work For 2004, Hyperion employs approximately 2,500 people in 20 countries. Distributors represent Hyperion in an additional 25 countries. Headquartered in Santa Clara, California, Hyperion generated annual revenues of $622 million for the 12 months that ended June 30, 2004. Hyperion is traded under the Nasdaq symbol HYSL. For more information, please visit www.hyperion.com, www.hyperion.com/contactus or call 800-286-8000 (U.S. only).
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Statements in this press release other than statements of historical fact are forward-looking statements, including, but not limited to, statements concerning the potential success of anticipated product features, the anticipated product offerings and the potential market opportunities for business performance management software. Such statements constitute anticipated outcomes and do not assure results. Actual results may differ materially from those anticipated by the forward-looking statements due to a variety of factors, including, but not limited to the company's ability to retain and attract key employees, the successful and timely development of new products, the impact of competitive products and pricing, customer demand, and technological shifts. For a more detailed discussion of factors that could affect the company's performance and cause actual results to differ materially from those anticipated in the forward-looking statements, interested parties should review the company's filings with the Securities and Exchange Commission, including the Report on Form 10-K filed on September 13, 2004 and the report on Form 10-Q filed on February 9, 2005. The company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
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Editors Note: A separate announcement about Hyperion Applications Suite 4 was released today. For more information, please go to: http://www.hyperion.com/news_events/.