Delivering statutory compliance to the last mile – Global legal reporting with ACR on LTK
There is a wind of change across the globe. Organizations, big and small, are constantly exploring new markets to increase their global footprint while governments across the globe are rapidly transforming their infrastructure and ecosystem to facilitate the ease of doing business. The rapid adoption of technology and digitization has fueled the global connected economy and brought in large scale and widespread legal reforms across the globe.
While these recurring legal reforms have helped countries improve their business infrastructure, they have also increased the risk of non-compliance for organizations. Statutory reporting is a classic example where non-compliance to periodic submission of financial reports can lead to penalties and legal consequences for organizations. To mitigate this risk and completely transform the legal reporting process of organizations with a global footprint, SAP S/4 HANA brings SAP solutions for Advanced Compliance Reporting. It is the next generation reporting platform which aims at bringing in digital transformation in the critical area of Compliance Reporting and Monitoring.
Built as a component of the S/4HANA stack, the SAP solutions for Advanced Compliance Reporting offer state of the art features that address complex and diverse legal reporting needs of customers in a uniform, easy to use and efficient manner. The reporting platform constitutes of two applications namely The Run Compliance application facilitating legal report submission for business users and the Define Compliance application facilitating creation of new reports and extension of existing reports for the technical users.
The solution harnesses the best of breed technologies like HANA, CDS, Fiori, HCI, Output Management and BRF+ etc. to facilitate reports being created with inbuilt capabilities like Real time reporting, Easy adoption of Legal Changes, Embedded Analytics and Efficient Auditing; by using the out of the box runtime environment provided with the SAP solutions for Advanced Compliance Reporting. This run time environment ensures that all the legal reporting requirements of a global organization are addressed from a single uniform interface while its rich value-added feature set intelligently transforms the overall end to end reporting process for organizations.
The solution also acts as a framework facilitating creation of additional legal reports as per specific business requirements and the enhancement of the standard reports via the Define compliance application. The ease of usage of this application facilitates customers and their partner ecosystem to comply to legal reporting requirements of obscure markets by providing a powerful yet simple interface to create such reports. The application provides a step by step guided procedure that enables creation of robust and reusable reports catering to specific reporting requirements outlined by a country currently not serviced by SAP. These custom reports also come replete with the full value-added feature set of the platform, therefore facilitating reporting compliance in new and emerging markets as well.
The ever growing bag of reports available out of the box coupled with the capabilities of the Design time application make SAP solutions for Advanced Compliance Reporting, the one global legal reporting solution of choice for multinational organizations looking to transform their global reporting compliance.