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Our workflow

Eurokleis, in partnership with SAS Institute®,  has developed an instrument for the companies with a high organizational complexity where the control of all the components (for example National and abroad checking) is made with criteria and instruments different from the traditional ERP systems.  For example, there is a multinational company which works with a model based on treasury management. Every day the positive or negative closing balances of controlled companies are deposited on the bank account of the holding one that the day after provides the necessary endowment for the everyday activity. In this way the management of the optimal amount to avoid overdrawns on the account, as well as the control on possible irregular deficits, can not leave aside the implementation of the statistic methodologies and reporting of the business intelligence systems for which the ERP are data sources. With the compliance instrument panel it is possible to have an homogeneous view on the society and/or the group controlling system, to access a detailed analysis and to use the summary instruments for the individuation of the management problems.

The context

The law 262/2005, "the saving Law", introduced important changes to the Consolidated Law on Finance and to the Civil Code on corporate governance of listed companies. One of the important innovations of the Law No.262/2005 is the identification of additional responsible to shape the market for the truthfulness of corporate communications, with particular reference to economic, financial and patrimonial information.

The law requires the figure of "manager responsible for preparing corporate accounting documents" and regulated their specific tasks and responsibilities. The Chief Financial Officer (or CFO) becomes, together with the management bodies and the general manager, responsible for the acts of the company and notices required by law or disclosed to the market, containing information and data on the assets, liabilities or financial position of the same company and must be accompanied by a written declaration of truth.

The CFO has the "adequate powers and means" and has to put in place "appropriate administrative and accounting procedures for the preparation of financial statements and, where applicable, the consolidated financial statements and any other communication of a financial nature" and these, together with other executive agencies, must certify the adequacy and effective implementation of these procedures and the correspondence of the budget to the books and records.

Failures to pursue these requirements makes the CFO responsible for both civil and criminal events. A fundamental importance is assigned to the protection of corporate stakeholders. At the same time, there is the problem to provide to the CFO business intelligence tools to perform the checks required and to ensure the truthfulness of the economic, financial and society's capital information.