Compliance

Navigating Compliance Challenges with FloQast: Inside the New Enhancements to FloQast Compliance Management

In the intricate dance of modern business, compliance programs serve as vital navigational guides, steering organizations through a labyrinth of regulations and risks. Compliance ensures transparency and market integrity for publicly traded companies, while private enterprises leverage potentially game-changing insights for strategic decision-making. However, these programs face a barrage of challenges, from manual processes to fragmented technologies, undermining their effectiveness.

The Crucial Role of Compliance Programs

As organizations strive to navigate the complexities of regulatory environments, compliance programs emerge as indispensable safeguards. They not only uphold regulatory standards but also inform strategic decisions and protect stakeholders’ interests. However, the path to compliance is fraught with challenges, including large upfront costs, organizational chaos, and reactive risk assessment processes. Amidst these challenges, the recent enhancements to FloQast’s Compliance Management solution offer a beacon of hope for finance and accounting teams.

FloQast Compliance Management Enhancements: Empowering Compliance Excellence

Today, we’re happy to announce new enhancements to FloQast Compliance Management solution to bolster its capabilities to meet evolving challenges facing compliance teams. These enhancements usher in greater automation and visibility, empowering proactive risk assessment, more effective management of compliance programs, and smoother internal audit processes. By consolidating solutions for accounting workflows and compliance programs in one location, these enhancements promise a higher ROI for accounting teams — and their chief financial officers — through a lower total cost of ownership.

Challenges vs. Solutions

One common pitfall is the reliance on manual processes or fragmented technology solutions for managing compliance efforts. This approach introduces inefficiencies and jeopardizes compliance integrity and visibility, posing significant risks to overall business performance.

Let’s delve into the myriad challenges faced by compliance programs and how FloQast’s enhanced Compliance Management solution addresses each:

1. Substantial Upfront Costs:
   • Challenge: Implementing compliance programs is expensive, with organizations spending an average of $2.4 million annually, according to FloQast’s survey.
   • Solution: FloQast streamlines processes, reducing complexity and cost through automation.
2. Organizational Chaos:
   • Challenge: Look, we all love Excel. Anyone bashing it can come speak to the team here at FQ. But spreadsheets managing compliance documents often lead to version control issues.
   • Solution: FloQast centralizes compliance documents, eliminating version control problems.
3. The Accountability Challenge:
   • Challenge: Ensuring clear instructions and responsibilities for control execution is vital.
   • Solution: FloQast provides clear instructions and accountability features by embedding controls into business processes to ensure everyone knows what they need to work on, when it’s due, and the toll they’ll have to pay if they miss those deadlines (just kidding on that one…kinda)
4. Reactive Risk Assessment Processes:
   • Challenge: Manual processes hinder proactive risk management. We’ve all input the wrong information or fat-fingered a key (or, for those perfectionists among us, know someone who has in the past)
   • Solution: FloQast’s solution facilitates proactive risk management by bringing entire compliance team into a single solution.
5. Inability to Capture Centralized Evidence:
   • Challenge: Companies struggle to capture evidence of control execution efficiently.
   • Solution: FloQast offers centralized evidence capture, streamlining processes.
6. Lack of Centralized Collaboration:
   • Challenge: Collaboration across departments is hindered by the absence of a centralized platform. 
   • Solution: FloQast provides a centralized collaboration platform for control owners, compliance managers and internal audit, facilitating visibility and efficient execution.
7. Lack of Control Visibility:
   • Challenge: Real-time visibility into control execution status is often lacking.
   • Solution: FloQast offers real-time visibility, enabling organizations to monitor control execution effectively.
8. Audit Pain and Expense:
   • Challenge: Inadequate preparation for audits results in prolonged processes.
   • Solution: FloQast streamlines audit preparation and management by automating control execution capture and synchronizing compliance program documents.
9. Audit Report Deficiency:
   • Challenge: Inadequate audit reports compromise data integrity and operational efficiency.
   • Solution: FloQast provides comprehensive audit reports, facilitating regulatory compliance.
10. Inefficient Internal Audit Processes:
    • Challenge: Fragmented support documentation requests hinder internal audit efficiency.
    • Solution: FloQast streamlines internal audit processes, enabling teams to fulfill their strategic role effectively.
11. Inability to Manage Different Compliance Frameworks:
    • Challenge: Rigid compliance solutions require additional investment for each compliance framework
    • Solution: FloQast’s flexible solution supports diverse compliance frameworks effectively.

With FloQast’s latest enhancements to its Compliance Management solution, organizations gain invaluable tools to navigate regulatory complexities with confidence. Crafted by working with busy Compliance teams firsthand, these enhancements offer greater automation, visibility, and control, empowering compliance teams to proactively assess risks, manage compliance programs effectively, and streamline internal audit processes. 

By consolidating solutions for accounting workflows and compliance programs, FloQast promises a higher ROI through a lower total cost of ownership. As organizations embrace these comprehensive solutions, FloQast stands ready to support compliance programs on their journey toward greater resilience and success.

Jaysen Dyal

Jaysen Dyal is a Product Marketing Manager at FloQast. Prior to joining the team, Jaysen spent 6+ years as an auditor at Lindquist and, later, Armanino, making the switch and moving to LA-based tech company Jam City as a Technical Accounting and Reporting Manager, where he first became acquainted with FloQast. Jaysen recently celebrated his two-year anniversary at FloQast. He resides in Los Angeles with his wife.