Blockchain in Financial Services is receiving a lot of attention, especially for synchronizing financial agreements between institutions. But how can blockchain be used outside of this context? Can it apply to use cases such as identity, fraud, and AML?
Watch this short webinar to hear how blockchain can be used to solve other key issues facing the industry, about research into consensus algorithms beyond proof of work, and about myths and truths that must be considered for a successful enterprise blockchain implementation.
Speaker: Nelson Petracek, CTO, TIBCO Software
What is ransomware?
Ransomware is a malicious software designed to hold a user’s files (such as healthcare records, financial contracts, manufacturing blueprints, software code, and other documents) for ransom by encrypting them and demanding the user pay a fee (often in Bitcoin) to decrypt them.
How ransomware works
Attackers initiate attacks using an array of tactics. Ransomware infections often first begin with an exploit kit — which are software kits designed to identify software vulnerabilities on endpoints and then upload and execute malicious code on the endpoint.
Although variants of ransomware behave differently — there are many ways that Cisco can help. Download this whitepaper today to find out more.
As digitization drives business at ever-faster speeds, CFOs recognize the need to keep pace. They understand the importance of financial planning and analysis (FP&A) solutions that allow their finance teams to develop budgets and forecasts quickly and accurately. They need confidence in their numbers and the decisions they drive. But selecting the right FP&A software is only half the battle.
Through 2021, the majority of system integrators and resellers of core financial management suites will have insufficient knowledge of the functionality in current releases, due to the speed with which software vendors introduce new products.
By 2023, 50% of all new midsize core financial management application projects and 25% of large and global ones will be public cloud implementations.
Change is inevitable. Any successful business manager knows their organization must continually evolve to stay relevant and competitive. Whether it’s the packaged goods company that has reached the limits of its market, or the financial giant integrating a new software platform, or the global corporation building teams, adaptability is imperative. Having resilient employees that are open to change and better equipped to cope with stress is key.
But it may surprise you to learn who among your employees will weather the storm and who won’t. The Chief Technology Officer? Or the lead on the innovation project? Your top analyst? While some managers understandably assume that their highest earning, most highly educated employees are all highly resilient, they may need to think again.
A study from meQuilibrium, the only clinically validated resilience building program on the market today, conducted by behavioral scientist Wendy Lynch, Ph.D., and psychologist Andrew Shatté, Ph.D., shows that a
Published By: Microsoft
Published Date: Jul 20, 2018
Microsoft commissioned Forrester Consulting to conduct a Total Economic
Impact™ (TEI) study to examine the potential return on investment (ROI)
enterprises may realize by shifting some or all their management and
operations from on-premises, hosted, and outsourced implementations to
Azure’s infrastructure-as-a-service (IaaS) offering. The purpose of this
study is to give readers a framework to evaluate the potential financial
impact, or ROI, of leveraging Azure IaaS for their organizations. Benefits
gained by interviewed customers that migrated or re-architected some or
all workloads from on-premises to IaaS include:
› Greater revenue opportunities from business-to-business (B2B) and
customer web channels with a solution that is more mobile and reliable,
and meets scale and seasonality needs.
› Increased profits from those revenues.
› Improved production efficiency.
› Reduced datacenter, IT resource, and outsourcing costs.
› Easier and faster software and hardware management (such as
Published By: Symantec
Published Date: Jun 13, 2018
It’s a free-for-all out there. Employees and organizations are adopting cloud apps and services at a furious pace due to the productivity, collaboration, and convenience they offer. And why wouldn’t they?
If you have a problem, there’s probably a cloud app that can solve it. Plus, on a company-wide level moving away from traditional licensed software to cloud platforms like Office 365, G Suite, Salesforce, etc. delivers the additional benefit of moving from a capex to an opex financial model for your software costs.
While Oracle Hyperion remains a market leader in EPM software, that role comes with a hefty price tag and poses some hidden risks that have companies that use it re-evaluating their planning, budgeting, and consolidation needs. Whether used individually or together as an EPM suite, Hyperion Financial Management (HFM) and Hyperion Planning burden finance departments with a high cost of ownership, from server costs and consultants to dealing with the complex integration between products and the different interfaces.
As Oracle Hyperion users start to evaluate the cloud, they need to be aware of how benefits of the cloud-based EPM solution compare to on-premises software. We’ve compiled this information to a) help you better understand the full costs and potential risks associated with Oracle Hyperion and b) offer guidance as you evaluate cloud-based options.
This whitepaper looks into Governance, compliance, control, and audit, and how its been traditionally treated as afterthoughts, or even irritants, in the financial modules of classic “big ERP” software. It has been easy and, unfortunately, typical to ignore this topic when planning, building, and evaluating enterprise business software. Control concepts are not as urgent as transaction processing, as visible as financial reporting, or as exciting as analytics so they are almost always an afterthought. Today we can’t afford for governance to be an afterthought, and from day one Workday was built with that in mind.
IT market intelligence agency, IDC, conducted a global study of 3500+ IT leaders around the world and found that companies at all levels are considering PC Lifecycle as a Service models to reduce costs, shorten refresh cycles and procure better equipment for their employees.
Dell PC as a Service (PCaaS) combines hardware, software, lifecycle services and financing into one all-encompassing solution – providing a single, predictable price per seat per month provided by Dell Financial Services. Learn more about Dell solutions powered by Intel®.
Dell PC as a Service (PCaaS) vereint Hardware, Software, Lebenszyklusservices und Finanzierung in einer umfassenden Lösung, die einen einzelnen, vorhersehbaren Preis pro Arbeitsplatz pro Monat bietet und von Dell Financial Services bereitgestellt wird.
Cisco commissioned Forrester Consulting to conduct a Total Economic Impact™ (TEI) study and examine the potential return on investment (ROI) enterprises may realize by deploying Cisco TrustSec software-defined segmentation. The purpose of this study is to provide readers with a framework to evaluate the potential financial impact of Cisco on their organizations.
To better understand the benefits, costs, and risks associated with TrustSec, Forrester interviewed four customers that had deployed TrustSec. The TrustSec software-defined segmentation solution simplifies the provisioning and management of highly secure access to network services and applications. Unlike access control mechanisms that work on network topology, TrustSec policies use logical grouping. Highly secure access is consistently maintained even as resources are moved in mobile and virtualized networks. A more detailed description of TrustSec is available on the Cisco TrustSec Overview page in this document.
While being the backbone of many organization’s Offices of Finance and Accounting, it is now commonly acknowledged that this overreliance on Excel spreadsheets coupled with the lack of visibility associated with its use represents a very real risk. With automation available to improve both process efficiency and effectiveness, the challenge many companies face isn’t why they should transform their process but how.
The key to overcoming this challenge is creating a strong business case for investment. One that not only sets out the objectives of the project but is also underpinned by a robust financial analysis, in the form of qualitative and quantitative ROI, and a thorough understanding of risk.
One of the most common things we hear when we speak to companies about improving their financial close process through automation is “But I already have an ERP system.” It’s true that an ERP goes a long way towards helping manage some of the financial close process. However, there is still a great deal of work that is taken outside of the ERP each period end and managed manually.
Trintech is a global software provider with over 1,700 customers in over 100 countries. Across the globe, we focus on delivering value to our customers through local representation to build a community where we are known as a trusted partner to deliver best practice and enable process improvement.
In our previous eBook, “Part 1: Enabling Financial Transformation through Technology,” we examined the “why” of Record to Report transformation and briefly described ‘how” you can achieve this through the implementation of Record to Report technology.
Now that you understand the “why” and the “how” it’s time to put it into action to ensure a successful Record to Report transformation delivery. But first we need to lay the framework, as the majority of you have probably never embarked on a financial transformation journey before or have experience with a technology purchase or implementation of this calibre.
Over the past few years, terms such as: ‘Modern Finance,’ ‘Continuous Accounting’ and ‘Robotic Process Automation’ have all created buzz across the finance industry. These have been launched as a response to the challenges facing finance around attracting and retaining high quality employees, the rising risks due to the difficulty in certifying accurate data, today, and the expectation that finance has a role in driving the business forward.
Typically, Shared Services Center (SSCs) automation initiatives have been undertaken to reduce costs and improve efficiency.
These goals are achieved relatively easily within the first few years, most immediately through reduced labor costs and centralized activities.
In fact, standardization and centralization deliver up to 50% savings. During subsequent phases, technology automation and outsourcing cut costs further. But, if cost reduction is the only clearly defined goal, organizations will reach a point of diminishing returns.
By leveraging Record to Report technology, you can effectively manage the entire R2R cycle in one place with one single view of all your relevant controls. Software not only provides you with the means of collating all this data in a single view, but also can eliminate those white spaces between key control components and enable you to standardize across your business.
In terms of reconciliations, we tend to spend most of our time simply gathering data before we can even begin to think about reconciling it. Once the data is finally in the right format, the majority of our time is then spent manually going through the matching process, rather than spending that time focused on the areas that are most critical to us, as can be seen in the diagram on the right.
The primary objective of any financial transformation project is to achieve process improvements by improving the quality, effectiveness and efficiency of financial information, ultimately enhancing shareholder value.
Take the example of the close process. It would be incredibly simple to shorten the process by adding more people, however, is this an efficient way to reduce the number of days to close? On the right, the Hackett Group displays that best in class companies actually can be seen closing in fewer days, with greater automation and significant lower audit fees, emphasizing the idea that you really can do more with less.
Published By: Datavail
Published Date: Nov 03, 2017
The management of financial data in an organization is of paramount importance. Reporting, evaluating ROI, making adjustments across the business, and increasing revenue depend on good, accessible financial data that can be updated and integrated across systems and software.
For these reasons, many organizations have turned to master data management (MDM) software in the effort to better store, access, search, retrieve, and analyze their financial data. These MDM solutions are able to collect data within a single unified, fully integrated, user-friendly platform. However, in order to be most effective, MDM applications must also have capabilities in data relationship management (DRM). DRM software is able to describe and enforce the relationships between data, no matter where it's located within an organization, to provide a holistic and consistent solution.
OpenLab provides an environment and set of resources where customers representing telecommunications, education, government, financial services, and virtually every other vertical market can explore new technologies, all in the spirit of network transformation. By examining SDN/network automation solutions such Network Functions Virtualization (NFV), software-defined WAN (SD-WAN), and others, OpenLab offers a platform for developing and delivering new network-integrated functionality that serves the greater need.
For finance organizations, the challenge of keeping up with systemic change should be viewed as an opportunity to boldly leverage disruption rather than hunkering down in fear. Businesses that accept this challenge embrace new and leading technologies, standardize on best practices and invest in the next generation of financial software and their employees. This guide provides a clear path to modern finance that is well defined and ready to support your company’s success.
The financial services industry is increasingly at a crossroads. Faced with mounting pressure from external forces, such a competition from FinTech companies and a more demanding client base, banks and financial services firms are working to become more customer-centric in their approach to business. However, the need to keep sensitive customer and business information secure and ensure compliance with government regulations can stymie those efforts.
The proprietary hardware so prevalent in traditional networks can’t provide what financial institutions need; a growing number, therefore, are turning to software-defined networking
The digital financial services world has created an amplified set of challenges for the data center and network. Its role in enabling the success of the wider institution has become even more critical, but to deliver this it needs to provide a higher level of performance with increased agility, while maintaining high levels of efficiency and security.
This is forcing institutions to transform their underlying IT capabilities, with the need to simplify the network, obtain more flexible connectivity, automate IT operations, and enable centralized control and administration being core strategies in this respect. As shown in Figure 8, this is driving a number of requirements for the future network. Key considerations for financial institutions in architecture design and vendor selection should be around moving toward a software-defined, intelligent, cloud-ready, and open network that enables the institution to meet its ICT imperatives and achieve these key ICT strategies.
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