The new versions of the Internal Controls Manager and Financial Consolidation Hub products, both of which sit on top of Oracle E-Business Suite 11i, include new support for financial data aggregation and analysis via new dashboard interfaces.
Both updated products could prove useful at Loral Space & Communications Inc., a New York-based satellite manufacturer, according to CIO and compliance officer Barry Goldfeder.
The company runs the current version of Internal Controls Manager with the Oracle E-Business Suite 11.i.10 financial software and other ERP applications. The updated product's new prebuilt financial reporting templates could improve Loral's certification processes, Goldfeder said, noting that its ability to export reports directly to external auditors can save time.
New features in the Hub offering, including a dashboard interface, are generating interest from Loral, Goldfeder said. The dashboard would allow Loral executives to instantly gather information from any line of business, Goldfeder said.
Internal Controls Manager helps executives and managers document and test internal financial-control processes and monitor legal compliance. The Financial Consolidation Hub cleanses data from disparate sources and provides a single, global view of a company's finances.
Integration features
The updated versions allow the tools to be linked together to create a single platform for reporting and compliance certification -- a key feature, according to Kathleen Wilhide, an analyst at research firm IDC.
The ability to integrate the tools will deliver a "more focused approach to financial compliance that is sustainable and cost-effective," she said.
The new version of the Controls Manager tool can now use the analytical capabilities of Oracle's Daily Business Intelligence capabilities, said Folia Grace, vice president of financials application marketing at Oracle. The Controls Manager software also adds 20 prebuilt templates to assist in internal reporting.
Company auditors can use the templates to quickly craft reports in PDF format, which could shorten the auditing process. Internal Controls Manager Version 5 will ship later this year.
Enhancements to Financial Consolidation Hub will allow financial personnel to see consolidated data and rapidly identify a given process, such as order to cash, and see any associated financial reporting risks, said Grace.
Financial Consolidation Hub Version 2 is available now.