If you already know how IBM Cognos Disclosure Management can reduce risks and save resources in your Comprehensive Annual Financial Report (CAFR) process, than you may have an idea of how it can also cut costs. Basically, IBM Cognos Disclosure Management reduces audit costs incurred by manual reporting processes.
When you produce your CAFR manually, internal (and possibly external) audit costs increase because manual processes are prone to the following issues:
- Limited internal controls
- Poor audit trails
- Difficulty integrating auditors into a standard workflow
All these factors combine to create a slower, longer, and more difficult auditing process, which in turn drives up costs. But how can you avoid these issues, which are inherent in a manual CAFR process?
You simply change your process. When you automate your process with IBM Cognos Disclosure Management, you benefit from these integrated features:
- Internal controls and checklists help you ensure that the proper steps are followed in the creation, submission, and approval of each section in the document.
- A system-maintained audit trail tracks every change to the document. Now you can easily compare any two versions of the document to see what changed, who changed it, and when it changed.
- A drag-and-drop workflow manager enables you to track the status of each section of the document, with due dates and responsibility assignments for all participants, including internal and external auditors.