Prodiance Corporation, a world leader in delivering comprehensive business solutions for improving compliance with todayâs corporate, regulatory and legal mandates, today announced the availability of itâs newest product release, Prodiance Spreadsheet Compliance Manager (SCM) v4.0. As an integral component in the industry-leading Prodiance Spreadsheet Compliance Edition solution, Prodiance SCM helps organizations audit and report on changes to critical spreadsheets while satisfying corporate and regulatory compliance mandates such as SOX 404, A-123, Combined Code, MiFID, and Basel II. Additionally, with this new release, Prodiance takes the technology high ground by incorporating a web services architecture for high performance, and enabling full interoperability with 3rd party content and document management systems.
âProdiance has taken a leadership position in the growing controls automation and compliance management market by helping organizations automate controls for critical spreadsheets used in the financial reporting process,â said Dr. Soheil Saadat, president and CEO of Prodiance Corporation. "Prodiance SCM v4.0 is a direct result of our experience in helping global organizations address spreadsheet compliance, and incorporates many innovative features and enhancements requested by our customers.â
With the increasing adoption of content and document management systems, organizations today typically have a variety of repositories in place across the enterprise for managing electronic records. Prodiance SCM is designed to be ârepository-neutralâ and fully compatible with the Prodiance ECM repository or any 3rd party content or document management system, including Microsoft Sharepoint, Documentum, FileNet, Interwoven, Hummingbird, OpenText, etc.
Web Services Architecture
For increased scalability and performance, Prodiance SCM incorporates a new web services based, cell-by-cell audit trail for tracking changes to spreadsheet data, formulas, macros, and VB code. For very large and complex financial spreadsheets, audit trails can grow large over the spreadsheet lifecycle. This enhancement moves the audit trail to a web server, which provides a ten-fold increase in performance over embedded audit trails, and improves user response time.
Real-time Alerts and Notifications
Financial spreadsheets contain critical information often used during the reporting process to make important business decisions. As such, changes to key financial metrics such as EPS, total revenues, head count, gross profit, etc. are top of mind for executives. Prodiance SCM incorporates real-time email alerts that are sent when key metrics change or satisfy specified criteria. For example, if an account cannot be reconciled with acceptable limits as calculated in a reconciliation spreadsheet, a quality assurance manager can receive an email notification that the exception occurred, and immediately take action to put remediation activities in motion.
Named and Range Auditing
The use of named ranges (or meaningful names applied to cells or cell ranges) is critical for spreadsheet efficiency, and Prodiance SCM supports cell-by-cell auditing of any and all spreadsheet names. In addition, cell-by cell audit trails can be configured to audit a subset of cells or cell ranges.
Reporting on Key Risk Indicators
To provide better visibility into change histories of key financial metrics and key risk indicators (KRIs) during the closing cycle, Prodiance SCM incorporates a new Key Items report which can be published as a text, XML or Excel spreadsheet, or electronically archived through a virtual printer into the Prodiance ECM repository.
Link Management & Reporting
Financial spreadsheets have proven to be very complex in nature, with both inbound and outbound links to other spreadsheets, databases, and even automated feeds from enterprise applications. To address this complexity, Prodiance SCM incorporates inbound and outbound link reporting, and a unique archival integration which allows organizations to maintain existing spreadsheet links by working with local working copies. Incremental spreadsheet versions are automatically archived in a secure, web based repository for access to historical data.
To ensure spreadsheet integrity and maintain segregation of duties, roles and procedures, Prodiance SCM incorporates enhanced security by allowing for domain users to be assigned as spreadsheet administrators and/or spreadsheet users. Additionally, when used in conjunction with Prodiance Enterprise Content Manager (ECM), robust access controls can be applied via a powerful security infrastructure that incorporates domain (LDAP) users, groups, roles and privileges. These security features ensure that only authorized users can modify critical spreadsheets while enforcing corporate change control and security standards.