Hyperion & Deloitte deliver solution
Hyperion and Deloitte Consulting LLP to Deliver Solution for Financial and Internal Control Monitoring and Reporting
CHICAGO – HYPERION SOLUTIONS 2004 CONFERENCE – April 26, 2004 – To help organisations achieve and move beyond compliance with the requirements of the Sarbanes-Oxley Act, Hyperion (Nasdaq:HYSL) and Deloitte Consulting LLP(Deloitte), one of the nation’s leading professional services firms, today announced an agreement to deliver a solution for financial and internal control monitoring and reporting. Combining proven Hyperion software and Deloitte’s experience in assisting more than 500 clients in Sarbanes-Oxley Section 404 readiness and other compliance-related projects, this solution is designed to help companies monitor compliance more effectively through a single portal that consolidates diverse financial, internal control and operational information. By providing visibility into this critical information, this solution can also help managers make decisions that lead to improved performance.
According to John Hagerty from AMR, organisations should parlay their compliance efforts into more comprehensive performance management activities.
"Companies are beginning to put compliance requirements in perspective of what they consider the spirit of Sarbanes-Oxley: better managed and reliable company financial performance. With that, they are connecting the dots between overall corporate governance initiatives, mandated compliance requirements, and their own Enterprise Performance Management activities," said John Hagerty in The AMR Research Alert, March 8, 2004.
Dashboard Delivery Integrates Control Monitoring and Reporting with Financial Analysis With this solution, a single dashboard delivers integrated information to user desktops to offer companies improved decision-making capabilities. By providing clear communication around the status of internal controls through a single source of information on policies and principles that is integrated with day to day financial operations, users gain the ability to analyze and take action on potential control weaknesses.
“We know that our clients are seeking solutions that will enable them to achieve compliance not just as an end in itself, but as a critical stop on the path to improving overall business performance,” said Rich Clayton, vice president of product marketing for Hyperion. “By integrating Hyperion’s Business Performance Management applications with Deloitte’s leading practices and internal control processes, we have designed this solution specifically to help organisations focus on superior operational and financial performance while monitoring compliance.”
Integrated Leading Compliance Practices with Business Performance Management Deloitte’s financial and internal control monitoring and reporting framework, which is known as OneView, combines their compliance-specific knowledge and leading practices with technology including Hyperion Financial Management software. The result is a solution designed to help organisations maximise their investment in current Sarbanes-Oxley compliance and build an environment of sustained compliance for the future.
“We’ve extended our alliance with Hyperion specifically to help organisations monitor the quality of their internal control environment and improve their overall business performance,” said Andy Rusnak, principal, CFO Services for Deloitte. “Deloitte and Hyperion are teaming to help drive the transition of organisations toward realizing the business performance opportunities presented by their compliance efforts.”
This solution can help companies reduce close-cycle times by days or weeks, cut compliance and operational costs by replacing manual control procedures with automated and preventative controls, and identify new sources for profitability and cash flow at the company, product, brand and customer level. It complements and integrates systems to provide stronger internal control monitoring and real-time reporting. Key categories of enabling technology include:
· Web-based financial consolidation and reporting application for collecting and reporting periodic financial data, including key operating metrics and information required to meet external reporting requirements. Workflow monitoring increases the level of collaboration during period-end close and facilitates approvals during the process.
· Control monitoring of the current control environment and monitoring the Sarbanes-Oxley compliance process. Control monitoring links seamlessly with financial reporting and other Business Performance Management tools to leverage an organisation’s knowledge base of internal control standards and practices.
· Web delivery platform that integrates compliance information and facilitates information sharing among key executives and compliance officers via the Web. OneView’s compliance dashboard makes information easily accessible and provides for security, personalisation and custom alerts.
A key technology component of the OneView framework is Hyperion Financial Management, a proven Web-based, enterprise-scale financial management and reporting application that helps satisfy shareholder, investor and government requirements for disclosure, transparency and accountability. Part of a comprehensive suite of Business Performance Management software, Hyperion Financial Management provides managers with rapid access to financial results, and the ability to review an audit trail of approvals before signing off on financial statements.
Learn More at Hyperion Solutions 2004
OneView will be demonstrated at Solutions 2004, the Hyperion Annual Global Conference, at The Lakeside Centre at McCormick Place in Chicago, April 25-28. Andy Rusnak, principal, CFO Services for Deloitte, will deliver a presentation on, “How to Move Beyond Sarbanes-Oxley Compliance” on Monday, April 26, from 1:00 to 2:00 p.m. (session #4012A). For more information about Hyperion Solutions 2004, visit Hyperion online at www.hyperion.com/conference/.
Deloitte, one of the nation's leading professional services firms, provides audit, tax, consulting, and financial advisory services through nearly 30,000 people in more than 80 U.S. cities. Known as an employer of choice for innovative human resources programs, the firm is dedicated to helping its clients and its people excel. "Deloitte" refers to the associated partnerships of Deloitte & Touche USA LLP (Deloitte & Touche LLP and Deloitte Consulting LLP) and subsidiaries. Deloitte is the U.S. member firm of Deloitte Touche Tohmatsu. For more information, please visit Deloitte's Web site at www.deloitte.com/us.
Deloitte Touche Tohmatsu is an organisation of member firms devoted to excellence in providing professional services and advice. We are focused on client service through a global strategy executed locally in nearly 150 countries. With access to the deep intellectual capital of 120,000 people worldwide, our member firms, including their affiliates, deliver services in four professional areas: audit, tax, consulting, and financial advisory services. Our member firms serve more than one-half of the world’s largest companies, as well as large national enterprises, public institutions, locally important clients, and successful, fast-growing global growth companies.
Deloitte Touche Tohmatsu is a Swiss Verein (association), and, as such, neither Deloitte Touche Tohmatsu nor any of its member firms has any liability for each other’s acts or omissions. Each of the member firms is a separate and independent legal entity operating under the names “Deloitte,” "Deloitte & Touche," "Deloitte Touche Tohmatsu," or other, related names. The services described herein are provided by the member firms and not by the Deloitte Touche Tohmatsu Verein. For regulatory and other reasons, certain member firms do not provide services in all four professional areas listed above and is limited in its ability to provide the solution discussed above to SEC registrant attest clients.
Hyperion is the global leader in Business Performance Management software. More than 9,000 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 specialised solutions and services.
Named one of the FORTUNE 100 Best Companies to Work For 2004, Hyperion employs approximately 2,600 people in 20 countries. Distributors represent Hyperion in an additional 25 countries. Headquartered in Sunnyvale, California, Hyperion – together with recently acquired Brio Software Inc. – generated combined annual revenues of US$612 million for the 12 months ending June 30, 2003. 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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Safe Harbour Statement
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 Hyperion’s performance and cause actual results to differ materially from those anticipated in the forward-looking statements, interested parties should review Hyperion’s filings with the Securities and Exchange Commission, including the Report on Form 10-K filed on August 13, 2003 and the Report on Form 10-Q filed on February 9, 2004. Hyperion does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.
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