5 Benefits of Disclosure Management
What is Disclosure Management? And what are the benefits?
What is Disclosure Management?
Disclosure Management, as a process, is also known as the “last mile of finance”, where all steps in the financial processes – financial close, variance analysis, and re-forecasting – are all key ingredients in what is reported to external stakeholders.
This means that the internal information will be reported externally including all comments and explanations and ideally with the help of a clear workflow with tasks and responsibilities. Within the solution of our partner Board this can be done in one platform that is integrated with windows tools like excel, word and powerpoint.
Financial and regulatory statements (annual report & iXBRL filing)
Disclosure Management Benefits
Report & Disclose from one solution
Automatically release statutory full, standalone, and consolidated financial statements including profit & loss, balance sheet, cash flow tables, and notes to annual accounts from your existing financial processes.
Use Multiple Schemes
By using one solution, multiple schemes can be implemented based on the same data and information. This includes financial and non-financial data, multiple GAAP’s and ESG.
Checks & Balances
Create calculations and cross checks to validate the data and information to be disclosed. In addition to reusing existing information, this creates extra safety in the disclosure process.
Workflow Management
Support the process with workflow management, both from the process steps and from the taks, roles and responsibilities.
Regulators & Stakeholders
With all information explained, checked and reported internally, also the steps towards reporting to stakeholders via annual or quarterly reports and (i)XBRL is safer and faster.
These are five benefits of Disclosure Management. By implementing a Disclosure Management Solution, the Annual or Quarterly Report will be done safer, faster, better and more transparent including other options or requirements like (i)XBRL and ESG.
Create a single version of the truth
The risk of human error, an inability to edit data collaboratively (at the same time), and a lack of intelligent insights are reasons that the use of spreadsheets for disclosure processes leaves a lot to be desired. Instead, organizations should be looking for a unified solution that provides a single version of the truth. Data is no longer siloed across multiple locations.
Support processes with workflow
Automation, Notes & Checks
In the disclosure process, creating remarks and explanations is important in addition to the financial and non-financial information. In Board this can be done via office (Excel, Word, Powerpoint) and the loading and checking of data can be automated. Also checks & balances will be added and automated to make sure everything is safe and sound to be delivered as a reporting pack or book to the staeholders.
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