Internal control system for financial reporting
Due to the Sarbanes Oxley Act (SOX) introduced in 2002, de facto every company operating worldwide must guarantee the accuracy and completeness of its published financial data. For example, the annual report must contain an assessment of the internal control system for financial reporting. Related processes must be fully documented and internal controls must be verifiably guaranteed.
From a complex Lotus Notes solution …
ABB had long handled the issue of “Internal Control over Financial Reporting” with the help of a complex Lotus Notes solution. In search of a future-proof new solution 1stQuad was assigned to evaluate a suitable platform. Among the systems already existing in the company none seemed to meet the requirements – the choice finally fell on the FAST Framework. 1stQuad was allowed to assist ABB with platform consulting, development, implementation and operational support throughout the entire project.
… to a modern application suite
The result is a comprehensive application suite that meets the very high security and traceability requirements and takes into account the complex, frequently changing organizational and functional structures of the Group. A core aspect is the integration with the master data of the numerous company units, positions involved and stakeholders: Flexible, stringent access management is one of the most important elements of the solution.
FAST Framework enables the quantum leap
For ABB, the new tool represents a technological quantum leap. An attractive interface with clear dashboards with live charts and KPIs, comprehensive reporting functions and several consolidation levels support the financial reporting process worldwide. The effort required for financial reporting has been greatly reduced, synchronization problems no longer occur, and as a web application the tool does not require extensive client installation.