LONDON, February 25 /PRNewswire/ --
- 'Unique to the Market,' FSR Delivers Greater Confidence in and Control of Annual Account Numbers, Automating a Manual Process
Clarity Systems, a leader in corporate performance management (CPM) today announced that its expanding Clarity FSR customer base now includes LV=, one of the United Kingdom's oldest and most prestigious mutual financial services groups. The firm's group finance department is now using Clarity FSR to prepare all of its 2008 annual accounts for March 2009 filing.
At LV= we are always looking for operational and technical advantages to improve our cost-efficiency for the benefit of our policyholders, says Andy Young, Group Financial Controller. So when we found the one product on the market that could automate our manual, MS Excel-based annual account preparation and filing process, we were keen to adopt it. With Clarity FSR, we've gained greater control over the reporting process, with the specific benefit of the consolidation of numerous spreadsheets into a single Clarity FSR document, complete with version control, workflow and audit trail capabilities.
More than 50 companies provide death/life benefits, critical illness, income protection, house, car and travel insurance and other services to just over one million members under the LV= umbrella. The individual companies or group accounts used to provide all the numbers in myriad MS Word and MS Excel documents, which Young and his team had to check and combine to produce monthly reports and the annual accounts. The process had become far too cumbersome, costly and risk-prone.
Using Clarity FSR, our people are finding more time to review and confirm the numbers, and add incisive commentary, in our annual accounts and management reports, says Young, who adds that, FSR is a key component of our move from a financial environment that emphasises production, to one that is about adding value.
LV= is to be congratulated on adopting FSR to remain on the leading edge of friendly societies and other assurance companies looking for efficiencies, given the global pressure on this industry in today's recessionary times, noted Mark Nashman, President and CTO, Clarity Systems. Whether one is filing with the UK's Financial Services Authority or with the U.S. Securities and Exchange Commission, Clarity FSR is the only enterprise software application that automates the external reporting process by providing a robust set of functionality to improve the efficiency and reduce the risk inherent in the production of statutory and regulatory reports, added Nashman.
Young also noted that, while there are no current requirements for UK-based insurers to tag their accounts in XBRL format, some regulators are looking at XBRL as an optional filing method so, We appreciate that Clarity has already integrated XBRL into the external reporting process by making the tagging, creation and validation of XBRL documents seamless with FSR, which will stand us in good stead in the future, said Young.
About LV=
LV= is a registered trademark of Liverpool Victoria Friendly Society Limited (LVFS) and LV= is a trading style of the Liverpool Victoria group of companies. The new LV= brand identity was launched in March 2007.
LV= employs more than 3,700 people, serves around 3.5 million customers and members, and manages around (pnds stlg)7 billion on their behalf. It is also the UK's largest friendly society (Association of Friendly Societies Year Book 2006/2007, Total Net Assets) and a leading mutual financial services provider. http://www.LV.com
About Clarity Systems
Clarity Systems delivers software solutions to the Office of Finance. Our software helps large and mid-market organizations around the world improve their budgeting, planning, consolidations, scorecarding and management reporting processes, and also automates their external reporting processes to support the production of regulatory and statutory reports. Our unified applications help CFOs reduce risk while simultaneously improving operational efficiency. For more information, please visit our website at http://www.claritysystems.com or call us at +1-877-410-5070 in North America or +44(0)2031784038 in the UK.
For further information: Dave Paolini, Communications Manager, Clarity Systems Limited, +1-647-242-1184, dpaolini@claritysystems.com
For more information call us at +1-877-410-5070 in North America or +44(0)2031784038 in the UK. For further information: Dave Paolini, Communications Manager, Clarity Systems Limited, +1-647-242-1184, dpaolini@claritysystems.com
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