|
|
 | ||
| ||
|
|
|
News < Back Sarbanes Oxley : Technology : Financial Intelligence Brookfield Power Selects Cognos for Financial Consolidation Tool Cognos Controller will give company better management reporting and quicker consolidation capabilities
Brookfield Power is a leading North American producer and distributor of power, primarily focused on hydroelectric power generation in the northeast. The company has developed and successfully operated hydroelectric power facilities for almost 100 years and today has 141 power generating facilities in Ontario, Quebec, British Columbia, New York State, New England, Pennsylvania, Maryland, Louisiana and Brazil. In recent years, Brookfield Power acquired more than 80 affiliates, which made manual financial consolidation via spreadsheets a complex and burdensome task. In addition to market changes and the risk of errors, manual consolidation would not allow Brookfield Power to meet the requirements of Law 198, the equivalent of the Sarbanes-Oxley Act for Canadian enterprises. With Cognos Controller, Brookfield Power will not only meet the regulations of the Canadian energy sector, it will be able to securely consolidate data and corporate results in each region. The company will also be able to better audit monthly revenues, spending, track pricing and monitor variances to expectations. The Cognos solution integrates with Brookfield Power's Oracle database architecture to easily integrate new data sources, providing analytical capabilities, and dynamic information. "The task of financial reporting and consolidation was becoming too complex and time consuming to do manually," said Julie Morin, Vice President and Corporate Controller, Brookfield Power. "With Cognos Controller we will be able to organize the more than 80 companies that have been integrated and easily provide a single view of our business. Soon we'll be combining our financial consolidation with business intelligence capabilities to provide staff with more reliable, timely and complete performance information. In addition to meeting our financial consolidation requirements, Cognos was the only vendor with a proven BI solution to address all of our needs to deliver consistent, comprehensive information in a timely fashion while ensuring efficiency." Organizations are looking to improve their closing process made difficult by business changes, new SOX, IFRS, and local compliance requirements and disparate systems. Cognos Controller automates and structures the financial consolidation process, supports the improvement of the internal control environment and helps deliver valid, financial performance information for internal and external reporting. Thus, the solution provides a transparent, accurate and timely management view of enterprise-wide corporate performance for customers. "Cognos Controller gives Brookfield Power an automated method to ensure their financial information for management and corporate reporting is consistent and accurate," said Doug Barton, vice-president, product marketing, Cognos. "It's a finance-owned application that compresses the time to close and enables business stakeholders to make decisions and report with confidence in spite of the fast-changing business environment and regulatory scrutiny." Cognos performance management solutions provide a single line of sight across all time horizons. Planning and consolidation combine the forward management view of the business (planning, budgeting and forecasting) with the current and historical view of the business (consolidations, reporting, and financial analytics.) This integrated operational and financial view lets customers proactively address business challenges for greater operational effectiveness. Brookfield Power comprises the power generating, transmission, distribution and marketing operations of Brookfield Asset Management. Brookfield Power has developed and successfully operated hydroelectric power facilities, primarily in North America, for almost 100 years. Brookfield Power's portfolio comprises almost 3,700 megawatts of capacity and includes 137 hydroelectric power generating stations and 1 pumped storage facility located on 48 river systems, one wind farm, two co-generation facilities and transmission and distribution assets, principally in the northeast North America. (See http://www.brookfieldpower.com for more details). Brookfield Asset Management Inc. is an asset manager. Focused on property, power and infrastructure assets, the company has approximately US$50 billion of assets under management and is co-listed on the New York and Toronto Stock Exchanges under the symbol BAM. (See http://www.brookfield.com for more details). Cognos, the world leader in business intelligence and performance management solutions, provides world-class enterprise planning and BI software and services to help companies plan, understand and manage financial and operational performance. Cognos brings together technology, analytical applications, best practices, and a broad network of partners to give customers a complete performance system. The Cognos performance system is an open and adaptive solution that leverages an organization's ERP, packaged applications, and database investments. It gives customers the ability to answer the questions -- How are we doing? Why are we on or off track? What should we do about it? -- and enables them to understand and monitor current performance while planning future business strategies. Cognos serves more than 23,000 customers in more than 135 countries, and its top 100 enterprise customers consistently outperform market indexes. Cognos performance management solutions and services are also available from more than 3,000 worldwide partners and resellers. For more information, visit the Cognos Web site at http://www.cognos.com. 
|
|
|
||||||||||||
 | |||
| |||
| |||
|
© 2019 Simplex Knowledge Company. All Rights Reserved. | TERMS OF USE | PRIVACY POLICY |
