Newgen Case Study on Enabling Online Availability of Financial Statements for Securities and Exchange Commission.

1. Case Study GOVERNMENT
S OLUTIONS F OR B USINESS P ROCESS & D OCUMENT M ANAGEMENT
Enabling Online Availability of
Financial Statements
For Securities and Exchange Commission
(SEC) of Government of Philippines
Overview
Towards realizing the holistic goal SEC aims to promote and strengthen the development of a globally
o f b r i n g i n g t r a n s p a r e n c y, competitive corporate and capital market, effectively regulate and monitor
accountability and fairness in its operations based on best international practices, and widely disseminate
companies' financial reporting, reliable information for the protection of the investing public. Towards
Securities and Exchange realizing the holistic goal of bringing transparency, accountability and
Commission (SEC) of Government fairness in companies' financial reporting, SEC is actively working on
of Philippines (SEC) is actively implementation of the project, iReport.
working on implementation of the
project, iReport.
The Challenge
The project known as iReport is the first step towards citizen-centric
governance by Philippines government. It primarily involves the
development of a portal for SEC to enable registered users to view and print
the audited financial statements and other documents of various companies
operating in Philippines that are registered with SEC. A consortium of
The project, iReport, primarily companies is implementing the complete project with Newgen Software
involves the development of a portal among the leading contributors.
for SEC to enable registered users to
view and print the audited financial iReport, once fully implemented, will facilitate online submission of
statements and other documents of corporate registration documents and reports. Monitoring and evaluation of
various companies operating in corporate performance through corporate reporting, enforcement of policies
Philippines that are registered with to which corporate houses should comply with and subsequent actions if they
SEC fail to do so will also be facilitated by iReport. Web-based access to corporate
information and e-based executive decision-making, planning and control,
among several other tasks will also be done by the system.
The NEWGEN Solution
In phase I of the project, 'iView' was launched. 'iView' allows the companies
and public not only to view company records and reports filed with the SEC
via the Web but it also enables them to fetch these documents.
During phase I, Newgen Software During phase I, Newgen Software implemented OmniDocs, its flagship
implemented OmniDocs to scan and document management solution (DMS). Past documents and reports that
store past documents and reports were submitted to SEC by the companies earlier were scanned and stored in
submitted to SEC by the companies. OmniDocs. The users who want to access these documents are required to
In phase II Newgen developed a first register by paying a fee. After registering, they can view, fetch and print
solution for facilitating automatic the available report/document.
uploading of scanned documents.
During phase III the flagship BPM The phase II of the project primarily encompassed the implementation of
solution from Newgen Software, system for online submission and paper submission of documents. Newgen
OmniFlow has been implemented Software was a key enabler in this phase of implementation by developing a
for the Market Regulation solution for facilitating automatic uploading of scanned documents.
Department of SEC During phase III of the project, SEC's departmental workflows are being
automated. The flagship BPM solution from Newgen Software, OmniFlow
is used to route the documents to the appropriate users for their processing.
The flexibility of the workflow enables integration with various systems and
taking a routing decision intelligently.
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2. Case Study BANKING
S OLUTIONS F OR B USINESS P ROCESS & D OCUMENT M ANAGEMENT
Newgen's workflow solution has been implemented for the Market
Regulation Department of SEC. The department is responsible for issuance,
renewal, amendment and termination of secondary licenses. The solution
has been integrated with the portal for approving the registration of Primary
and Secondary Licenses applied for by the companies. Primary licenses refer
to the licenses applied for by the Philippine companies, whereas Secondary
licenses refer to those applied for by the subsidiaries of foreign companies.
The implemented workflow would help SEC in better management of work
and provide more visibility through the whole system.
The Benefits
The Newgen solution has provided comprehensive benefits to SEC, evident
from wide range of benefits, both tangible and intangible, such as the
following:
! Anywhere, Anytime Access
! Anywhere, Anytime Access: Registered users are able to access company
! Cost Containment reports anytime from any place using an Internet connection. Currently,
the documents and company reports are available only for a limited time
! Better Customer satisfaction and on select number of days, which would be shortly enhanced to 24x7
responsiveness availability. The solution has, thus, greatly enabled the key objective of
any eGovernment initiative by reaching out to the general public by
! Increased productivity and facilitating easy access to the documents.
efficiency
! Cost Containment: All the information available in paper form was
! Control on Corruption scanned and uploaded to the Website. This has directly translated into cost
savings arising from managing and maintaining the paper documents,
! Enables SEC to realize its mission producing duplicate copies and storing the documents.
! Better Customer satisfaction and responsiveness: The solution has
garnered tremendous response from general public, and has helped SEC
gain better standing in public.
! Increased productivity and efficiency: Since the system is fully automated
with zero manual intervention, the efficiency of the entire process has
increased dramatically. SEC staff can be directed to more productive work
rather than rummaging through the pile of company documents.
! Control on Corruption: Similar government SEC and agencies face
corruption as a grave problem. Newgen solution has obviated the need for
citizens to interact with any government officer, thus enabling the SEC to
provide a clean and transparent service.
! Enables SEC to realize its mission of making reliable information
available to citizens to enable them to take more discretionary decisions
while investing in companies.
About NEWGEN
Newgen Software Technologies Limited is a market leader in Business
Process Management (BPM) and Enterprise Content Management (ECM),
with impeccable track record of implementing mission-critical Workflow
Newgen Software is a market leader and Document Imaging solutions.
in Business Process Management
and Enterprise Content We have global footprints with an installation base of more than 700
Management customers in over 25 countries. More than 40 of our customers are Global
Fortune 500 companies.
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3. Case Study BANKING
S OLUTIONS F OR B USINESS P ROCESS & D OCUMENT M ANAGEMENT
Having domain expertise in Industry verticals such as Banking, Financial
Services, Insurance, BPO, Telecom, e-Governance and Manufacturing
among others, we are known as one of the fastest implementers of BPM
solutions in the world.
Our Sales & Support offices span across major cities in Asia, North America,
Europe, Africa and the Middle East.
Winner of several awards such as “Frost and Sullivan's Market Leadership
Award for Document Management and Workflow Software & Services for
2006” and “Distinguished Application Product Company” by NASSCOM,
Newgen Software is an ISO 9001:2000 certified and CMM Level 4
company.
Newgen Software is a market leader
in Business Process Management
Website: www.newgensoft.com
and Enterprise Content
Management
NEWGEN prestigious clients include Mashreq Bank (UAE), AbuDhabi Commercial Bank (UAE),
RAK Bank (UAE), United Bank Limited (UAE), United Arab Bank (UAE), First Gulf Bank (UAE),
HSBC (India), Bank of Baroda (India), Deutsche Bank (India) , Standard Chartered Bank
(Bahrain), Bahrain Saudi Bank, Kuwait Finance House (Bahrain), Central Bank of Tanzania, Bank
Al Jazira, and many more.
UK Branch Office Technical/Business Services Branch Office
www.newgensoft.com Newgen Software Technologies Ltd. Newgen Software Technologies
68 Lombard Street, PO Box 120586
London EC3V, 9LJ Sharjah Airport International Free Zone
Contact Person: Ajay Dar Sharjah
Tel: +44 (0) 207868 1736 United Arab Emirates (UAE)
Mobile: +44-7815496669
Newgen Software Technologies Ltd.
Email: intmkt@newgensoft.com
Email: emea@newgensoft.com A-6, Satsang Vihar Marg,
Qutab Institutional Area,
New Delhi 110 067
Tel: +91-11-26964733, 26963571, 26856871
Email: newgen@newgen.co.in