The Business Problem
Finance frequently has to merge Non-Financial data (Risk, KPI and more) with their Financial reports to build a unified Board Pack.
Frequently the Risk data may live in large, proprietary risk systems which of course will not talk to their Finance systems.
Risk logs may live in scattered spreadsheets owned by different project teams and exhibit zero data integrity or versioning.
There is a lengthy manual collation exercise to bring this data together into a meaningful report with the same process next month.
Clearview is modular software focused on Risk and KPI with direct integration to Cloud CFO for Financial Reporting.
Synapse designed these siblings to share interconnected data as we see in the diagram on the left hand side.
This means that a risk registered against a Project can be seen alongside its Project financials in our Power BI reporting module.
Importantly, the essential steps taken to document the risk controls and mitigations can be viewed in the unified reporting dashboard.
Cost - less FTE time wasted on manual cutting and pasting
Time - to Financial Close because of fewer dependencies (waiting for one person to finish working on a required spreadsheet)
Risk – more reliable numbers because of the sophisticated cloud database replacing spreadsheet weaknesses.
Flexibility and agility in the creation of reports means a better financial close faster
Adoption by finance teams because the familiar spreadsheet approach works with BAU
Clearview is a product containing three principal pre-integrated modules solving specific business problems in the management of:
- Power BI: Financial Risk Modelling
Clearview takes a light touch approach to Risk and KPI management compared with high priced and feature bloated enterprise systems.
The Clearview pre-connection with Cloud CFO data means that risks can be drilled down into within the context of Financial Dashboards
For example, many projects have associated risks which can live at portfolio, project, milestone or any of multiple levels. The Finance team may also have hierarchies of Group, Division, entity, broken down by different Dimensions such as Product.
Clearview can associate Risk and KPI within any of these contexts so that the Board reporting is comprehensive and up to the minute.
Define all strategic and operational risks and their controls; link corporate risks and goals to mitigation steps supporting delivery of organisation objectives.
Manage alignment of your risk management framework with these definitions and embed risk management processes and monitoring.
Mitigate risks with measurable and actionable steps that bring the organisation back within the risk appetite threshold.
Reduce Time taken to get important risk management tasks completed by automation of your end to end processes.
Reduce Costs by minimising the FTE costs wasted on manual spreadsheet copying, pasting and assembly of reports and other data entry tasks.
Reduce Risk by automated triggers for review cycles and email updates that help management be proactive in instituting change.
PowerBI: Financial Risk Modelling
This Power BI module is pre-connected to the Cloud CFO database and comes with pre-defined templates such as Covenant Templates and multiple other Financial Ratios of interest to stakeholders.
FRM connects to the Clearview database to retrieve Non-financial data e.g. Risk and KPI so that reporting is based on a single version of the truth which is always up to the minute - 'no assembly required'.
These non-Financial data increasingly need to be seen by auditors to be documented and have processes in place that prove this e.g.: Risk Controls should have owners and a documented review history.
FRM is therefore the one place to go to get the single version of the truth that unifies Financial and non-Financial data with a contextually intuitive drill down by any time period or dimension.
Focus on Financial Risk
Clearview has all of the 'generalist' functionality of a mature Risk and KPI Management system leading to fully documented Risk Registers.
Our Finance Team audience also have 'specialist' risk management needs, for instance custom Bank Covenant and Loan cover ratio reporting.
Our FRM (Financial Risk Modelling) Power BI module lets the Finance team generate the numeric data to satisfy these requirements.
But then the Clearview risk module steps in to let the team document Risk controls and mitigations for all of these financial risks.
The ultimate deliverable is a full risk Board report spanning financial and non-financial data coupled with a comprehensive statement of Risk controls, mitigations, review processes, owners and more.