'Unique to the market,' FSR delivers greater confidence in and control of
annual account numbers, automating a manual process
LONDON, Feb. 25 /CNW/ - 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
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.
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
Liverpool Victoria Friendly Society Limited is authorised and regulated
by the Financial Services Authority and entered on the Financial Services
Authority Register No. 110035. LVFS is a member of the ABI, AMI, AFS and ILAG.
Registered address: County Gates, Bournemouth BH1 2NF. 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
www.claritysystems.com or call us at 1-877-410-5070 in North America or 44 (0)
2031784038 in the UK.
For further information:
For further information: Dave Paolini, Communications Manager, Clarity
Systems Limited, (647) 242-1184, email@example.com