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NEW HYPERION DASHBOARD FIRST TO DELIVER DATA VISIBILITY FOR SUSTAINABLE COMPLIANCE
Easy-to-Deploy Hyperion Compliance Management Dashboard Integrates Internal Controls and Financial Data to Address $80 Billion 'Sustainable' Compliance Market
Hyperion Partners With Axentis, IBM and OpenPages for New Solution
LONDON, UK, February 28, 2005 - Hyperion (Nasdaq: HYSL), the global leader in Business Performance Management software, today announced the launch of Hyperion Compliance Management Dashboard, the first solution to marry internal controls data, such as those defined by COSO, with financial data. As a result, finance officers are now able to gain visibility into their companies' Sarbanes-Oxley compliance status and potential risk exposures, ensuring improved reporting accuracy and confidence in financial statements and disclosures moving forward.
“Now that most companies have passed the first critical deadline for Section 404 of Sarbanes-Oxley compliance, progressive organizations are focused on ensuring sustainable compliance and achieving value from compliance investments,” said Kathleen Wilhide, Director, Financial Compliance Applications & BPM Software, IDC. “Hyperion's Compliance Management Dashboard integrates the monitoring of ongoing compliance controls with financial reporting and analysis, providing the basis for good governance as well as business performance management.”
Hyperion Compliance Management Dashboard helps companies address sustainable compliance, which requires establishing and maintaining appropriate business processes for the long term as a prominent area of continuous focus, versus a one-time project for meeting a compliance deadline. Although the Hyperion Compliance Management Dashboard is pre-configured to provide views into Sarbanes-Oxley compliance, it is also customizable for specific industry or business standards, as well as International Financial Reporting Standards (IFRS) and requirements set forth by the NYSE / NASDAQ, and other legal, regulatory or standards boards.
Tempur-Pedic, the market-leading manufacturer, marketer and distributor of premium mattresses and pillows worldwide, is a beta customer and recognizes great value in the solution. “We are very interested in the Hyperion dashboard's ability to bring together data from multiple sources to provide a thorough picture on our compliance status. Its drill-down capabilities should allow us to easily and quickly identify and correct internal controls gaps as well as discover potential sources of risks, making us more confident that we're in compliance,” said Mike Schwarz, Business Intelligence manager for Tempur-Pedic International, Inc.
Hyperion Compliance Management Dashboard brings together key balance sheet, income statement accounts and balances with the internal controls associated with those accounts, and then calculates risk assessments. The solution includes a data mart with pre-built connectors to data sources as well as a series of easy-to-use dashboard screens, gauges, meters and stoplights designed to rapidly convey the critical information financial managers require. The dashboard also includes drill-down capabilities into time periods, sub-accounts, and company's entities, allowing users to quickly discover the risk sources and put a relevant remediation plan in place.
“Hyperion is proud to provide industry-leading dashboarding solutions in the much-needed area of compliance,” said Rich Clayton, vice president of product marketing for Hyperion. “Not only can Hyperion Compliance Management Dashboard help our customers gain greater confidence in their financial statements and visibility into their exposures, but it also can provide them with greater insights into their data, processes and systems. This will result in improved financial integrity and corporate accountability and ultimately improved business performance across the enterprise.”
Unlike stand-alone internal control documentation point solutions, the Hyperion Compliance Management Dashboard utilizes data from multiple sources, including financial consolidation, reporting and analysis applications such as Hyperion Financial Management, and third-party solutions that provide internal controls (COSO) data. The dashboard is powered by Hyperion Performance Suite, which provides query, analysis and reporting capabilities.
$80 Billion 'Sustainable' Compliance Market
Analyst firms have determined that there is a significant demand in the market for 'sustainable' compliance solutions. According to AMR Research, companies will spend more than $80 billion on compliance-related work between 2005 and 2009, as reported in its January 31, 2005 Outlook. The report states, “With a wide range of directives (such as HIPAA, SEC rulings, Basel II, IFRS, and others), leading companies are connecting the dots between overall compliance requirements and their own Enterprise Performance Management activities.”
John Hagerty, vice president of AMR Research added in the report, “Forward-thinking companies, having learned from their history of regulatory compliance, are putting a broad set of mandates in perspective. These companies must include business and process improvement while meeting legal and regulatory mandates for any hope of a return on investment.”
Hyperion Compliance Management Dashboard is pre-configured to provide views into internal controls assessment and documentation solutions from Axentis, IBM and OpenPages along with financial data from Hyperion Financial Management to provide an integrated, more complete view into Sarbanes-Oxley compliance status and any potential risk exposures on the financial statements.
Larry Bowden, vice president of IBM Workplace Software Solutions for Lotus, says: “Sarbanes-Oxley compliance has proven to be very time-consuming and costly for publicly traded firms, but the good news for forward-looking organizations that invested in business controls platform, such as IBM's Workplace for Business Controls and Reporting, is their investment is immediately leveragable as the core of an overall Enterprise Risk Management solution. Hyperion Compliance Management Dashboard allows our clients to monitor their execution of key initiatives as they relate to compliance and business performance goals in an easier, more cost-effective and comprehensive manner.”
Ted Frank, president of Axentis, a leading provider of governance, risk and compliance (GRC) management solutions, says: “Companies who have invested millions of dollars in Sarbanes-Oxley compliance are now looking to extend those investments to all governance and operational activities. By utilizing data from Axentis Enterprise and Hyperion Financial Management, Hyperion Compliance Management Dashboard extends the value of that data and delivers robust reporting and monitoring capabilities to our clients.”
Michael J. Duffy, president and CEO of OpenPages, the leading provider of enterprise governance, risk and compliance management (GRCM) solutions, says: “The world's most prestigious companies rely on OpenPages to help them meet their governance, risk and compliance goals. We're proud to have OpenPages SOX Express support Hyperion Compliance Management Dashboard to provide a clear and compelling way for companies to combine business performance information with operational risk management and compliance processes.”
Hyperion Business Intelligence Platform
Separately, Hyperion today announced enhancements to Hyperion Business Intelligence Platform, which provides customers performance visibility into their operational and financial data. Central to the Hyperion Business Intelligence Platform offering is Hyperion Performance Suite 8.3 with new features including a wizard-driven dashboard builder that enables business users to develop cost-effective, interactive and personalized dashboards that require no programming. With Performance Suite 8.3 and Compliance Management Dashboard, Hyperion significantly strengthens its platform and extends its worldwide leadership in Business Performance Management. Hyperion Compliance Management Dashboard will be available in March of 2005.
Hyperion 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/uk, e-mail firstname.lastname@example.org or call 01784 228015.
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