The global Disclosure Management market is on the brink of substantial growth, with projections indicating a rise from USD 1.02 billion in 2023 to USD 2.20 billion by 2028, at a CAGR of 16.50% during the 2023-2028 forecast period.
Disclosure management software is now an indispensable tool for organizations of all sizes. It offers a collaborative and adaptable process, reducing costs and streamlining operations. This software provides customizable templates, optimizes disclosure workflows, and simplifies data collection and integration from diverse sources.
In reporting, disclosure management empowers organizations to create and edit visually annotated XBRL filings for regulatory bodies like the SEC. Financial statements, comments, and supporting schedules are compiled using familiar tools, such as Microsoft Excel or Word, and efficiently delivered in PDF, XBRL, HTML, or EDGAR formats.
Among the diverse range of disclosure management software solutions, IRIS CARBON® consistently shines as the top pick for professionals and businesses. Its status as the leading platform in this sphere is a result of its user-friendly interface and comprehensive feature set, streamlining the entire process.
In this blog, we’ll explore the compelling factors behind IRIS CARBON®’s reputation as the easiest-to-use and most preferred choice for financial disclosure professionals. We’ll uncover the secrets that underpin its enduring popularity and unrivaled status.
Introduction to IRIS CARBON® Disclosure Management
In December 2022, IRIS Business Services, a SaaS RegTech company based in India, launched the latest version of its financial disclosure management solution. The Office 365-based solution, part of the IRIS CARBON® range of products, serves global organizations with structured financial reporting and analytics.
IRIS CARBON® disclosure management solutions enable customers to go the last mile to ensure a timely, accurate and risk-free financial closing process, by managing the production, filing and publication of financial statements and non-financial reports.
The cloud-based disclosure management solution can make it a breeze to collaborate with colleagues and peers throughout the report generation process. This streamlines the whole activity by providing maximum visibility to all parties concerned and eliminating the dissonance between them, ensuring everyone is always on the same page.
The IRIS CARBON® disclosure management solution brings tons of flexibility to its users by integrating source data from various systems and allowing it to generate a narrative for the efficient generation of corporate reports. A spotless audit trail is all but guaranteed with good disclosure management software, allowing you to also publish your reports in XBRL seamlessly if need be.
Here Are Some of the Salient Features of IRIS CARBON®
If you are looking for a solution that can aid your organization with corporate disclosures, IRIS CARBON® provides you with a mix of features you are unlikely to find anywhere else.
- Seamless Collaboration: Unmatched collaboration for effective teamwork.
- Data Intelligence: Smart data linking for enhanced data insights.
- Effortless Audit and Review: Easy audit and review processes.
- Version Management: Version control for document tracking.
- Efficiency Maximization: One source, multiple outputs for time and cost savings.
- Accessible Support: Unimpeded access to consultation and training.
- Financial Acceleration: Faster financial close with reduced compliance costs.
- Integrated Framework: Complex financial processes consolidated into one framework.
- Visual Management: A visual, user-friendly approach to financial statement production.
- Collaboration Enabler: Seamless teamwork through collaboration and workflow tools.
- Compliance: Meets XBRL publishing and IFRS compliance requirements.
- Output Flexibility: Offers various output options for financial statement filing.
- Cloud Collaboration: Cloud-based SaaS for easy collaboration.
- User-Friendly Interface: Easy-to-use UI and enriching UX for an intuitive experience.
- Permission Control: Permission-based access to report sections and workflows.
- Data Security: Strong emphasis on data security.
- ERP Integration: Robust integration with multiple ERP software.
- Document Comparison: Ability to compare and create different document versions.
- Roll-Forward: Easily generates successive reports with a roll-forward feature.
- Versatile Reporting: Multiple report formats for various digital regulatory reporting requirements.
Why Must-have IRIS CARBON® Disclosure Management?
When looking for disclosure management software, you are typically looking for anything that will increase accuracy, efficiency, and control. Large business groups or organizations generally have a stronger desire for improved collaboration, and tools that integrate with multiple source systems. Whether you are looking for a tool to perform management, regulatory, or statutory disclosures, here are a few features that you should keep an eye out for:
- Cloud-based SaaS Offering: A Disclosure Management system that is hosted securely on the cloud provides many benefits to consumers including easier deployment, access to an always evolving suite of products, taxonomies that are updated periodically, seamless customer support, and much more.
- User Experience: Any software is only as good as it is easy to use. Look for solutions that offer rich built-in workflow features with a familiar user interface that allows users to seamlessly navigate the editing and approval processes as well as notify individuals and teams automatically when the preceding steps have been finished.
- Data Governance and Rights Management: Look for a Disclosure Management system that allows you to assign approvers to different sections of a report and prevent further changes to approved sections. This is extremely valuable to larger organizations along with the ability to assign users as contributors to specific sections or report elements thereby improving document integrity.
- Integrations: Choosing a Disclosure Management system that allows you to hook into your source system directly (ERP, data warehouse, BI system, etc.) is invaluable as it alleviates the activity of manually rekeying or copy-pasting data into reports. Additionally, a solution that allows you to export your report to a format of your choice (PDF, MS Office, XBRL, iXBRL, etc.) is a huge plus.
- Validations: Your Disclosure Management system of choice must come with a built-in validator to guarantee accuracy and mathematical consistency of facts and figures throughout your financial reports and to ensure a submission that passes without incident. The ability to automatically identify totals and subtotals and build validation rules accordingly is a bonus.
- Roll Forward and Version Compare: A good Disclosure Management system streamlines the process of copying figures from the prior year’s financial statements, copying validation rules to the new document and even carrying iXBRL tagging rules forward if relevant. This is one of the biggest time-savers for report creators and is an absolute must-have. As for version comparison, it makes last-minute adjustments to reports much easier and saves time required to review and re-review documents by only highlighting changes. This builds more confidence in the integrity of the document for auditors and board members alike.
With the right Disclosure Management software, the entire report creation process can become greatly simplified resulting in huge time and cost savings for any organization. With IRIS CARBON® you get all of the capabilities mentioned above in addition to a few more. Let’s explore them.
IRIS CARBON®’s Disclosure Management Capabilities
Streamline your report preparation with a disclosure management system like IRIS CARBON®, a robust platform with intuitive features and unlimited support to make your last mile report preparation easy. Here are some of the highlights of the platform that make the entire process seamless for you:
- Smooth Collaboration: The IRIS CARBON® platform is a standard-setter when it comes to collaborating with multiple teams on one single document with full control and visibility.
- Smart Data Linking: Link your spreadsheet with the XBRL document and save time editing and reviewing so that any changes made in the spreadsheet reflect in your XBRL document too, and subsequently, in all other output formats – iXBRL, PDF, or Word.
- Version Control: Our single-source platform is cloud-based and ensures all users are always working on the latest version of the document at all times. A central repository stores all prior versions, enabling easy viewing, comparison, and restoration.
- Easy Audit & Review: The IRIS CARBON® platform enables you to seamlessly track, review and approve changes on your document and XBRL using progress dashboards, smart filters, and comment threads among other things.
- One Source, Many Outputs: With IRIS CARBON®, create outputs in multiple formats such as Word, PDF, HTML, XBRL/iXBRL from a single source document with relative ease.
- Unfettered Consulting & Training: Get help deciding the best reporting strategy for your organization based on your unique requirements. We hold customized workshops for our customers that help your internal teams gear up for all regulatory requirements.
In conclusion Disclosure management software has become an essential asset for organizations of all sizes, offering collaborative, customizable, and efficient processes that reduce costs and streamline operations.
Among the diverse range of solutions, IRIS CARBON® stands out as the top choice, known for its user-friendly interface and comprehensive feature set. With its cloud-based platform, seamless collaboration, robust data integration, and a host of user-friendly features, IRIS CARBON® is the must-have solution for organizations seeking enhanced accuracy, efficiency, and control in their financial disclosures.
While a lot of these features are now becoming commonplace, IRIS CARBON® has been offering them for a long time and continues to improve on them by means of customer feedback and rigorous internal testing. This comprehensive solution simplifies report creation, providing time and cost savings while ensuring compliance and data security.
With IRIS CARBON®, the financial disclosure management process becomes not just easy but efficient, making it a top pick for professionals and businesses in the field.