If disclosure management is the processes a company undergoes in order to manage data, adhere to regulations and prepare disclosures for public reports, then collaborative disclosure management occurs when contributors from all departments, regions and LoBs can complete their subsequent contributions using functions that recognize, facilitate and optimize the collaborative nature of disclosure. Typically, collaborative disclosure management is achieved through the use of software that:
- unifies disclosure related processes (data collection, consolidation, reporting and analysis) so they can be completed in a single system
- equips all contributors with a single database of performance information, including financial and operational data
- enables contributors to contribute simultaneously even within a single document and also communicate with one another
- provides managers with an audit trail and log of all contributor activities, down to the metadata
- reduces bottlenecks, missed deadlines
- keeps contributors on track and managing finance executives in the know with a process workflow and inter-system approvals
Collaborative disclosure management is valuable to organizations because inherently, tying processes and people together streamlines otherwise piecemeal disclosure management process. By keeping communication trails logged, having an up to date source of financials, automating data refresh, maintaining a single version of reports and keeping tabs on contributors, disclosures are not only more accurate but are produced faster and with less anxiety.