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Sarbanes-Oxley Compliance Fuelling Improvements in Business Performance

  • 15 September, 2005 11:22

<p>Hyperion (NASDAQ: HYSL), the global leader in Business Performance Management (BPM) software, said today that a July 2005 special study from IDC, The Compliance Chasm, confirmed that in complying with Sarbanes-Oxley mandates companies are also gaining greater insight into their financial performance.</p>
<p>The report, based on a survey of 220 business leaders about the cost and effectiveness of Sarbanes-Oxley compliance, follows the first full year of compliance initiatives.</p>
<p>Respondents to the IDC survey indicated that they were not only anticipating improvements in financial management activities but overall business performance management as well. A whopping 88% of respondents said that Sarbanes-Oxley would have a positive impact on business performance. As a result, IDC reports, a number of organisations have now moved from viewing compliance as a burden to using compliance requirements as an opportunity to improve business processes and manage risk.</p>
<p>Hyperion delivers targeted compliance solutions to meet the growing needs highlighted in the IDC study. The combination of Hyperion Financial Management software, which delivers collection, financial consolidation, reporting and analysis, and Hyperion Compliance Management Dashboard software, which integrates ongoing compliance controls with financial reporting and analysis, provide a high degree of automation and integration of processes, systems and data.</p>
<p>In providing the critical information companies need to gain confidence in the appropriateness of financial statements and disclosures, the software also makes it possible for companies to manage business performance by identifying opportunities for growth and profitability while optimizing the allocation of their resources. Integrating data from multiple sources, providing a common view across the enterprise and enabling an integrated financial and performance management process that aligns individual goals with corporate objectives, the solutions are key components in an internal control system that not only ensures the completeness, accuracy and timeliness of financial information, but delivers greater insight into performance as well.</p>
<p>“Sarbanes-Oxley requires constant vigilance over financial reporting processes that can extend throughout the enterprise,” said study author Kathleen Wilhide, director, financial compliance applications and BPM software at IDC. “As a result, it is no surprise to see that technology, including compliance software, is playing a vital role in the compliance effort. The implications of compliance software reach beyond meeting Sarbanes-Oxley mandates; the software also has the capability to contribute to increased efficiency and profitability across the organisation.”</p>
<p>Rohm and Haas, a $7 billion producer of specialty chemicals for use in industries worldwide, is using Hyperion software to reduce the time required for consolidation, improved visibility into data and enhanced external reporting. “We implemented process management approvals right into Hyperion Financial Management,” said Brian Donnelly, project manager for the Hyperion Financial Management implementation at Rohm &amp; Haas. “That helps drive sign-off and responsibility to the appropriate levels, from the legal entity owners on up through the consolidation managers. Now the data is very well reviewed and signed off, which was a key deliverable for Sarbanes-Oxley compliance. Going through that process has had the added benefit of providing greater insight into our overall financial performance.”</p>
<p>Hyperion vice president of product marketing Rich Clayton has observed this shift in attitude as well. “Leading companies increasingly recognise compliance as an opportunity to improve business performance,” Clayton said. “We see our customers leveraging our solutions not only to improve corporate governance and support compliance with financial disclosure under Sarbanes-Oxley but to effectively manage their business to achieve breakthrough performance as well.”</p>
<p>About Hyperion</p>
<p>Hyperion Solutions Corporation 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.</p>
<p>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 or www.hyperion.com/contactus.</p>
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<p>Safe Harbor Statement</p>
<p>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 company's performance and cause actual results to differ materially from those anticipated in the forward-looking statements, interested parties should review the company's filings with the Securities and Exchange Commission, including the Report on Form 10-K filed on September 13, 2004 and the report on Form 10-Q filed on February 9, 2005. The company does not undertake an obligation to update its forward-looking statements to reflect future events or circumstances.</p>
<p>“Hyperion,” the Hyperion “H” logo and Hyperion’s product names are trademarks of Hyperion. References to other companies and their products use trademarks owned by the respective companies and are for reference purpose only.</p>
<p>Media Contact
John Back
Kinetics
(02)9976-6611
john@kinetics.com.au</p>

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