Managing risk and containing costs while driving cash flow and improving profits will be the focus for a forum held by BCS, IBM's Bermuda Agency, next week.

The IBM Cognos Finance Forum, which is being put on for Bermuda's finance executives at the Newstead Belmont Hills Hotel on Thursday May 13 between 5.30 p.m. and 8.30 p.m., will address the top issues facing the financial world during these uncertain times.

"What we've learned is that most finance and business analysts use spreadsheets to support critical business reporting and analysis processes," said Aaron Smith, BCS general manager.

"However, the spreadsheet is often the source of problems relating to poor data quality, incorrect reports, highly manual models or calculations that take too much time to maintain, and lack of flexibility to reflect changes in the business.

"In fact, research shows that finance people will spend 75 percent of their time managing data and process with only 25 percent of time devoted to high value analysis of the business.

"According to the IBM 2010 CFO Study, which is based on input from more than 1,900 CFOs and senior Finance leaders worldwide, CFOs are becoming increasingly instrumental in helping CEOs and Boards make high-impact decisions. But in a constantly changing environment, how can they help the business make not just faster but smarter decisions?"

This networking cocktail event will allow attendees to meet with their peers and learn about proven techniques that finance executives in leading organisations use to drive value through analytics and business insight.

There will be a panel discussion featuring recognised experts from IBM and Deloitte dealing with issues that are at the forefront for those in the Office of Finance. The event will also include a briefing on the IBM Cognos Software for Finance, which is designed to streamline and automate financial reporting, analysis, budgeting and forecasting processes.

Featured speakers and experts include Derek Nogiec, CMA and solutions executive from IBM's Business Analytics Group; Jeffrey Holker, director of the IBM Cognos Innovation Center for Performance Management ; Gary Austin , IBM industry executive for the public sector and utilities; and Nat D'Ercole, CA and associate partner for Deloitte's financial performance management technology practice.

To register for the IBM Cognos Finance Forum contact Celina Florendo on 298-1298 or email celina@bm.ibm.com For more information on IBM Cognos Solutions visit www.ibm.com/software/data/cognos/