Oracle Sustainability Reporting Starter Kit for Oracle Hyperion Financial Management

The Oracle corporation submitted at a conference in November, 2011 Oracle OpenWorld to San Francisco the new preconfigured Sustainability Reporting Starter Kit for Oracle Hyperion Financial Management application designed to simplify integration and approval of the reporting under environmental safety and sustainable development of financial statements.

The solution is proposed by the careful, checked and controlled approach to consolidation of the economic, ecological and social indicators necessary for preparation of the corporate reporting on environmental safety and sustainable development. The appendix is contained by the specialized guide to the reporting – Global Reporting Initiative (GRI) Sustainability Reporting Guidelines. The structure and structure of reports are checked by GRI, the organization which created the comprehensive platform of the reporting under environmental safety and sustainable development which is widely used around the world.

The starter kit free of charge available to clients and partners will help to start quickly initiatives of the organization of the reporting of this class using Oracle Hyperion Financial Management.

"The reporting under environmental safety and sustainable development purchases the increasing importance for financial top executives as concerned parties require bigger transparency concerning ecological and social influence of the organizations with which they are connected by business relations, – John O'Rourke, the marketing vice president of the products Oracle Enterprise Performance Management emphasized. – The starter kit of Sustainability Reporting Starter Kit for Hyperion Financial Management gives the chance to approve both types of the reporting and at the same time will accelerate project implementation on reporting on environmental safety and sustainable development using the careful, checked and giving in to audit approach".

The reporting under environmental safety and sustainable development forms the organizations around the world on a voluntary basis, and in many countries is obligatory. Over 2000 organizations registered the reports in GRI.

Using powerful opportunities of the solution Oracle Hyperion Financial Management for consolidation and preparation of reports, the organizations can prepare the reporting under environmental safety and sustainable development together with financial statements, without creating separate specialized process.

"Sustainability Reporting Starter Kit for Hyperion Financial Management will add the opportunities of preparation of the reporting under sustainable development given to Oracle Environmental Accounting and Reporting. The starter kit offers the same opportunities to consolidation and the reporting for ecological accounting as Oracle Hyperion Financial Management – for financial statements", – Jon Chorley, the director of Oracle of environmental safety and sustainable development noted.

The starter kit of Sustainability Reporting Starter Kit for Oracle Hyperion Financial Management contains the preconfigured chart of accounts of accounting (chart of accounts) based on requirements of GRI G3.1 Sustainability Reporting Guidelines, the standard list of tasks, web data entry forms, rules of calculations and conversions and also the configured report templates.

The organizations can integrate data directly from different financial systems, personnel management systems and other applications using Oracle Data Integrator or Oracle Hyperion Financial Data Quality Management. Besides, users can enter data directly into the application for preparation of the reporting under environmental safety and sustainable development.

The built-in rules of recalculation based on applied coefficients for each power source and emissions of greenhouse gases (GHG) allow to enter data on energy consumption and volumes of emissions in any national units of measure for further conversion in reports into any other units of measure (for example, kilowatt-hours in gigajoules).

Using advantages of control functions by tasks and scenarios in Oracle Hyperion Financial Management, the organizations can enter planned corporate targets of environmental safety and sustainable development into the application and measure the actual results, such as energy consumption reduction, emissions of greenhouse gases or human resource management.

The Oracle Hyperion Financial Management functions on process management, an auditor trace (to step-by-step record of economic transactions from the moment of their commission before receiving a financial result) and ensure safety high confidentiality and accuracy in the reports generated both for the internal management, and for independent auditors.

"Many organizations keeping the reporting under environmental safety and sustainable development according to the GRI standards face a problem of frequent errors by drawing up spreadsheets manually, – Michel Schoolenaar, the senior consultant of Centre Consulting company for the products Oracle EPM explained. – The starter kit of Sustainability Reporting Starter Kit for Oracle Hyperion Financial Management will allow us to accelerate implementation of processes of the reporting under environmental safety and sustainable development, more closely to integrate it with financial statements and to guarantee the accuracy and faultlessness of data for all concerned parties".

Among advantages of the new preconfigured application: more effective consolidation of economic, ecological and social data for the corporate reporting on environmental safety and sustainable development; an opportunity for clients of Oracle Hyperion Financial Management to use the existing IT investments and also to apply the application to implementation of new requirements to the reporting; development of contacts and interrelations with key clients, employees, partners and suppliers; improvement of image of a brand thanks to the reporting under the environmental safety and sustainable development which became to more transparent; ensuring compliance with statutory requirements in such countries as Finland, France, the Netherlands, Spain and Sweden.

"The reporting under environmental safety and sustainable development requires the same careful and exact processes, as well as financial statements, i.e. accurate determinations and standards, reliable mechanisms of control, an auditor trace and change control in reporting data, – George Turk, the vice president of Telenor Group for the reporting reported. – The translation of the reporting under sustainable development from spreadsheets in Hyperion Financial Management will allow owners of content to pay more attention to the analysis, but not to spend time for quality control because of mistakes which are made during the work manually".