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External Reporting

Primary User Financial Reporting Manager, Controller, Director of Finance

Company Profile Large multinational company, $2 billion in revenue, operations in six countries

Problem When the financial reporting manager created the annual report, she would have to consolidate data from different systems, different countries, and different departments while maintaining accuracy and integrity. She consistently struggled with many redundant and menial tasks, like updating financials, and subsequently the narrative, when source data changed. The process was labor intensive, error prone and inefficient.

Solution Using DisclosureNet, her department is operating more efficiently. When data changes at the source, the updates cascade through every report and the corresponding narrative. All reports are updated instantaneously and automatically, without any manual intervention.

Workflow and Audit Trail

Primary User Controller

Company Profile Fortune 500 company, Petroleum Industry

Problem When producing the last quarterly report, the controller had to identify many moving parts, determine specific accountability points, and manage all iterations of a single report. Along with many logistical frustrations, that chaotic process markedly increased the risk of error and overlap. He often pursued false paths while attempting to get to the root of a single data point, despite having limited time and availability. Not only was this process logistically frustrating, but it stole valuable time away from other, more meaningful tasks that required his attention.

Solution Now a DisclosureNet user, he knows exactly when and where every data point has changed, and the point of accountability for that update. Because DisclosureNet is designed to have multiple users working within a document simultaneously, he rests easy knowing that a single version of the truth prevails, virtually eliminating data overlap.

XBRL Validation

Primary User Accountant, XBRL Manager, Financial Reporting Manager

Company Profile Mid-sized public company, $500 million common equity

Problem While this accountant had diligently and meticulously created XBRL filings to coincide with reports, the software she used to validate XBRL tags required that she do so on a single tag basis. It failed to take into account instances where the tag appeared in tables, again in note disclosures, and then again in other sections of the report. This process was repetitive, time-consuming and laden with risk.

Solution With the click of a button, DisclosureNet gives her the flexibility to validate data section-by-section or document-wide. While individual tags can also be validated on a one-off basis, she saves valuable time and effort by identifying any proliferating XBRL validation issues. She’s confident in her filings and completes her validations faster.

Managerial Reporting

Primary User Business Unit Manager, Director of Finance

Company Profile Large financial institution, Market capitalization of over $20 billion

Problem A business unit manager was putting together the monthly report for his department. Using last month’s report as a starting point, his task was to update the changes manually, adjust the PowerPoint presentation slide by slide and collaborate with stakeholders in order to aggregate data and narrative. This risk of missing an update was high and the process was fragmented.

Solution Now that he uses DisclosureNet to update his monthly reports, he adjusts data in the source document and the information updates automatically in the formatted PowerPoint presentation. Since the same financials are connected to other stakeholders’ reports, their documents reflect the updates automatically as well. Any risk of presenting past or erroneous data is virtually eliminated.

Corporate Reporting

Primary User CFO

Company Profile International manufacturing company, offices in 18 countries

Problem Using public company filings, this CFO used to manually comb through his competitors financial reports in order to exact market intelligence. He would spend hours labouring through regulatory databases and websites, and then subsequently through lengthy annual reports. All this effort just to extract a few key pieces of comparative financial data, requested by the board. He would preferred to spend that time dissecting that financial data strategically, rather than simply finding it.

Solution Using DisclosureNet’s research solution and analytics platform combined, the CFO can find the intelligence he’s looking for and do more meaningful things with the information in a fraction of the time it previously took. First, in DisclosureNet’s research solution, robust search filters enable him to drill down into the public filings database, narrowing his search by competitor, date and filing category. He boosts the search power by using the keyword search in conjunction with the filters, which bring him to the exact point of contextual, qualitative richness within the filing. Then, using DisclosureNet’s analytics platform, he tackles his quantitative research needs. With a built-in, cloud-based spreadsheet, he chooses data from financial reports, then pulls it into dashboards that visualize the important data and allow him to interact with it. He then interacts with the data, charting and mapping that financial information. Easily extractable and up-to-date, this data is regenerated daily, so he’s always aware of his company’s position in the market place.

Corporate Reporting

Primary User Financial Reporting Manager

Company Profile Fortune 100 company, large technology firm

Problem When annual reporting season came around, the financial reporting manager used to find herself split between managing the procedural aspect of disclosure management and the actual creation of the financial report. On one hand, she was managing a fragmented collaboration process through email, and data updates were checked and re-checked as they were made manually by her team. On the other hand, she was busy ensuring compliance with the latest accounting standards updates. In addition to the procedural and contextual work that went into these reports in-house, she would manage all communication with the financial printer who was responsible for tagging the document. Between the SEC’s stark deadlines and the printer’s pencils down time, the risk of filing late always loomed. The process was fragmented and stressful and the margin of error was incredibly slim.

Solution With DisclosureNet’s all-in-one solution, this financial reporting manager brings her entire process in-house. DisclosureNet’s disclosure management software enables a secure and streamlined workflow so her team creates the report cohesively, without risking versioning overlap. She rests assured that up-to-date numbers flow through into reports because her corporate data sources are plugged into the system, securing a single version of the truth. To set her team up, she formally incorporates benchmarking into the process. For best-in-class disclosures, she sets up alerts on peers’ filings, as well as any regulatory rule or accounting standard changes using DisclosureNet’s research solution. Benchmarks and valuable examples are available as they’re submitted inside this rich public filings repository. Using the analytics solution, she gets an overall view of the industry and the company in context. This helps the company identify strategic opportunities to develop for next quarter. In the interest of security and containing costs, she also chooses to bring XBRL production in-house. Using DisclosureNet’s with tag-once technology, and taking advantage of the company’s XBRL services team, for ad-hoc support, her team rests assured their XBRL filings are healthy and compliant.

Corporate Reporting

Primary User Controller

Company Profile Non-accelerated filer, retail clothing

Problem This busy controller has taken on too much for his small reporting team and with the XBRL mandate coming into full effect, his time is spread exceedingly thin. His company’s CFO is wary about outsourcing XBRL filings to printers because of the security issues inherent with changes made outside the company’s systems, but his own worries come from the previous filing period where a long pencils down time almost resulted in a late filing.

Solution Now that this controller is enrolled in DisclosureNet’s XBRL management program, his personal XBRL consultant does the work for him within his company’s environment. This program takes the tagging, taxonomy upgrade and validation onus off of the controller, freeing him up to concentrate on other corporate responsibilities. The XBRL consultant completes the filing within the company’s cloud-based reporting environment, which means data is secure. DisclosureNet’s XBRL consultants are available 24 hours a day, seven days a week; pencils down time is completely eliminated.

Corporate Reporting

Primary User Director of Corporate Finance

Company Profile Fortune 500, consumer packaged goods

Problem The director of corporate finance made the commitment to streamline his financial reports in late 2008 when automated disclosure management became a possibility with FSR - the hottest technological evolution to hit finance departments since Microsoft Excel. But FSR’s performance issues began to vex his reporting team and the lack of functionality in the XBRL tool continued to dredge them down in logistics. FSR’s tagging grid only allows users to tag one cell at a time. In combination with a long lag and a longer report generation time, his team would tag an entire document only to discover myriad errors at the very end. While FSR was at the helm of disclosure management in its time, it has not evolved congruently with disclosure requirements or in-tune with the needs of today’s finance departments.

Solution Once the director of corporate finance upgraded to DisclosureNet CDM, he finds that his procedural needs are met. In addition to procedure, contextually, his team is equipped with an entire suite of disclosure information through the disclosure research function, including benchmarks, competitive analysis and accounting standards. In addition to this, DisclosureNet CDM enriches his processes from end-to-end with the following advanced functions: built-in disclosure research modules, instantaneous data matching, multi-user work environments, flexible deployment options and more sophisticated XBRL functions, like tag-once technology, a real-time tagging grid and live tagging validations. In terms of workflow, automation and content, the director of corporate finance is now ready to create financial reports at any time, in half the time.

Corporate Reporting

Primary User Senior Accountant, Controller, SEC Reporting Manager, Assistant Controller

Company Profile Accelerated filer, oil and gas industry

Problem When this senior accountant’s company decided to outsource their XBRL filings to printers, didn’t realize they were also outsourcing their responsibility. Lengthy pencils down periods made her decide the company was better off bringing XBRL in-house. While a new disclosure management solution had been freshly integrated into her company’s financial reporting processes, her accounting team was out of practice when it came to tagging XBRL and understanding the latest best practices. She felt the risk for errors were only getting greater as the knowledge gap became more evident.

Solution This senior accountant knows she can’t waste any time between reports, so to get her team back up to speed, she brings on DisclosureNet’s XBRL services team to train and provide continued education in regards to the XBRL mandate and requirements. DisclosureNet’s consultants provided valuable guidance in element selection and best practices, tagging and taxonomy building. Available 24/7, the services team helps educate the accountant’s finance team, so they submit accurate and complete filings now and continue to in the future.

Corporate Reporting

Primary User Controller

Company Profile Mid-sized transportation company, trades on the NYSE

Problem Microsoft Excel alone was just not cutting it when it came to managing this controller’s financial report data. Neither were internet search engines or company websites, which had a tendency to bury the valuable information the controller needed to contextualize disclosures and narratives. Manual disclosure research meant scattered processes and information. Financial reports risked overlap as the controller’s team experienced versioning issues resulting from making changed to a word document over email. Similarly, valuable competitive information that could have been used for benchmarking was also lost in the mix. The Disclosure Management Cycle, at this point, was frayed, informal, and thus, fragmented.

Solution In formalizing a Disclosure Management Cycle, disclosure management (process) and disclosure research (content) are integrated, resulting in well-informed compliant disclosures. Using DisclosureNet’s combined disclosure management and research solution, the controller is able to aggregate valuable benchmarks and the latest accounting regulations to create disclosures that comply completely, while simultaneously updating financial reports as corporate data changes. No more collecting information in a piecemeal process or communicating sensitive information through Outlook. The controller’s finance team is able to complete all of these key functions collaboratively within a single, cloud-based system.


Compliance Collaboration

Primary User Controller, Accountant, Finance Manager, Reporting Team

Company Profile Large international retail company, 2500+ locations worldwide

Problem A controller worked with her finance team to create an 8-K filing. While she facilitated the document’s creation, she also oversaw the benchmarks and examples of standards that her team gathered in order to comply with the latest regulatory requirements. It was always a struggle for her and her team to annotate their decisions, provide comments, and maintain a dialogue with each other, especially as accounting rules continued to change and their peers’ filings were released.

Solution Now that DisclosureNet is an integral part of her compliance strategy, the controller and her team receive immediate notifications when reporting standards change. She searches a database of filings that reflect the latest requirements to review compliant benchmarks. Along with access to the latest regulations, she uses DisclosureNet as a collaboration tool, communicating research and ideas back and forth with her team; a convenient, efficient way to compile research and comments in the same area.


Competitive Intelligence

Primary User CFO, CXO, Director of Business Development, VP Finance

Company Profile Mining and Minerals Company, Publicly traded on the NYSE

Problem This CFO completed his annual task of guiding projections for the entire year, but it wasn’t easy. Because he wore many hats, his competitive intelligence imperative had fallen short of his expectations and he missed vital information.

Solution Using DisclosureNet’s immediate notifications, competitive intelligence is delivered straight to the CFO’s inbox; an essential function for this CFO, especially because he’s spread thin. No more scouring the web, no more missed opportunities; instead increased confidence and more time to dedicate to analyzing and strategizing on the competitive intelligence, rather than locating it.


Acquiring Benchmarks

Primary User Director of Corporate Reporting

Company Profile Fortune 1000 Company, Automotive Sector

Problem A director of corporate reporting at a Fortune 1000 company (who’s short on time and patience) disclosed a rare note in the company’s last annual financial report. While she got the job done, it took hours to find a precedent suitable to help her craft the unfamiliar note and she had to use many different sources to do so. The search was laborious, exhausting, and wasted her valuable time.

Solution Using DisclosureNet, she now investigates the latest filings approved and submitted using advanced search filters. She drills down by auditor (so she knows the note disclosure is passable), by document type and by key word. Using the key word function, she is brought to a series of relevant documents that contain examples of the exact note she’s looking to benchmark. DisclosureNet also highlights and identifies the exact spot within the document where her benchmark resides. What took hours previously, now takes seconds.


Audit Fee Reduction

Primary User CFO, Accountant, Controller, VP Finance, Director of Finance

Company Profile TSX-V Mining Company

Problem This CFO was fielding all questions, changes and requests from the auditors during the review of the last annual report. She was surprised at the amount of back and forth her filing received and how much had to be changed in order to comply with not just regulatory standards, but the auditors’ standards too. When the bill came in, it was much higher than she anticipated. As a smaller reporting company trying to contain costs, unexpected expenses caused a major rift in this CFO’s budget.

Solution Using DisclosureNet, she not only searches audit fees to ensure she’s getting the best deal relative to her industry peers, but she uses the advanced search filters to distill the recently filed reports from her peers who use the same auditor. Because they’ve used the same auditor, she can model her disclosures, definitions and notes from theirs. This practice ensures that her disclosures follow the auditors’ guidelines, drastically reducing the back and forth and thus, the cost of the audit.


Precedent Research

Primary User Partner, Lawyer, Law Librarian, Legal Researcher

Company Profile Mid-sized law firm, 300 clients

Problem A partner at a law firm needed to understand how an agreement was handled in the past by their client’s peers. He was looking for a precedent to ensure that he’d covered his bases by understanding the results of past contracts and the nature of the disclosures. Finding this precedent, however, required very specific search terms that most search engines didn’t accommodate. The process itself proved to be arduous and fragmented and involved chaotically scouring multiple websites while risking noncompliance and wasting valuable time.

Solution He now sources all intelligence from a single source. Using DisclosureNet to quickly locate existing precedents through robust key word searching and category filtering, he carefully scrutinizes these documents so the client’s company is best able to determine how much to disclose, quickly, confidently and compliantly.


Filing Translation

Primary User Translator

Company Profile Major independent law firm

Problem A translator was tasked with sourcing a series of public legal documents to review and translate from English to French. On his plate to be translated was a prospectus, a take-over bid, an annual information form and a proxy circular. Finding the original documents was time consuming and required searching through various databases and regulatory sites around the web. That required time this busy translator just didn’t have, as it put him at risk for falling behind on other pressing projects.

Solution With DisclosureNet, he finds valuable precedents in seconds. Searching in one central hub, he uses a combination of the 40+ search filters and Boolean based full-text search to retrieve the exact documents he’s looking for. In addition to this, he finds the English/French feature extremely useful because it brings up filings in both languages when available, drastically reducing time spent researching precedents.


Research Delegation and Training

Primary User Law Librarian, Lawyer

Company Profile National law firm

Problem A law librarian was tasked with not only delegating and executing the research requests from partners at the firm, but also managing a new team of articling students. While these academically fresh students were well acquainted with Boolean logic and research methods, they weren’t aware of the technology available to help them perform their research tasks more effectively. This was the law librarian’s job but he struggled to get the students’ technical knowledge up-to-par while completing the endless barrage of research requests from the top.

Solution Now a client, he calls upon DisclosureNet’s account management team in order to train new students efficiently. With one hands on, in-depth session, the students perform and complete tasks with little-to-no extra effort on behalf of the librarian so the research gets done in half the time with a minimal knowledge lapse.

Investor Relations

Primary User VP of Investor Relations, CEO, CFO, Director of Business Development

Company Profile Mid-sized natural resources company

Problem As the voice of the company when speaking to the growing investment community, the VP of IR was responsible for attracting new investors. With the exponential changes the company underwent the previous quarter, the VP found himself overwhelmed with communicating and retaining current investors, which stymied his ability to keep on top of prospective institutional investors; a process that requires timely research and knowledge acquisition.

Solution With DisclosureNet, he researches, reviews and analyzes a target group of companies and funds that have invested in peers and competitors with immediate results. Not only are his prospecting targets precise, but any new information on competitors is also delivered to his inbox – he knows exactly how competitors position themselves at any given time. He uses this knowledge to ensure his company is presented in an attractive, favourable light.

Insider Trade Research

Primary User Equity Research Analyst

Company Profile Major financial institution

Problem A dynamic equity research analyst at a major financial institution made a preliminary recommendation for investors, but the research required to make this recommendation involved monitoring individual executives on a daily basis as they bought and sold shares. While it was necessary for her to understand all trading activities involved in the company, this process involved an overwhelming amount of information coming from an array of sources, which was time-consuming and difficult to track.

Solution Using DisclosureNet, she sees accurate and up-to-date transaction values. Her alerts are set so that the activities of specific insiders or companies are sent directly to her inbox, as she sees fit: immediately, daily or weekly. Whether she is advising her client to buy or sell, the alerts and information she receives provide insight into how the company is trending and the knowledge to make powerful decisions.


Executive Compensation Research

Primary User HR, CXO

Company Profile Large multinational retail company, offices in 15 countries, over 200 stores

Problem A senior HR professional at a large multinational company interviewed the perfect, albeit highly coveted, candidate to fill a c-level position. The company doesn’t just want the best talent; they need it in order to survive in their rapidly changing industry. The next step was that he needed to create the perfect executive package, balancing a top notch compensation structure, retirement plan and hefty stock option rewards within the company’s economic means. Without the right package, he risked losing the candidate either to a more lucrative offer or a flat out rejection.

Solution Using DisclosureNet, he finds executive packages in line with the industry-standard. He benchmarks these other compensation packages in order to craft an offer that the ideal candidate cannot refuse. With this intelligence sourced quickly and comparatively, his case is compelling and meets the candidate’s expectations.