Introducing FloQast Compliance Management
We’ve got some pretty exciting news that’s been a long time in the making.
For the better part of two years, countless teams here at FloQast have been hard at work on a product we’re confident can be a game changer for finance and accounting teams. Only recently did it have a name — and even that changed just a few months ago to reflect the breadth of its capabilities accurately. And, as is our process, we worked hand-in-hand with actual FloQast users to design it so that we actually knew it could meet the demands facing teams in a high-stress environment.
Today, the FloQast team is incredibly excited to unveil FloQast Compliance Management, an advanced workflow solution that helps finance, accounting, and internal audit teams centrally manage and integrate compliance into business processes for continuous audit readiness and integrity.
FloQast Compliance Management was built to reduce the cost and effort teams dedicate to implementing — and maintaining — new compliance and controls programs. Integrating directly with FloQast Close and FloQast Ops, Compliance Management offers the ability to set up controls captured directly into the Financial Close and other business operations like payroll processing and financial reporting. Now, organizations can monitor controls in real-time and align around their compliance program, reducing risk and giving control owners clear visibility into ownership and accountability.
- Continuous Controls Capture for Better Visibility and Accountability: Teams capture financial controls while performing daily tasks like the Close, allowing them to enforce control testing and shift accountability back to the business task owners.
- Synchronized Risk Control Matrix (RCM), Process Narratives, and Flowcharts: FloQast Compliance Management automatically synchronizes teams’ Risk Control Matrix (RCM) to process narratives and flowcharts for real-time capture and storage of audit evidence
- PBC Automation for Simplified Collaboration: FloQast Compliance Management automates Prepared By Client (PBC) processes for easier collaboration between Finance, Accounting, and Audit by capturing audit evidence during financial control execution and synchronizing it to teams’ RCM.
- Embedded Testing for Audit Efficiency: Internal auditors can now track control owners’ assignments while defining and executing their testing plans in the system, eliminating the need for a separate testing platform.
It’s no secret that finance and accounting teams around the world are facing unprecedented challenges. From a volatile market that increases the need for flexibility to staffing shortages and rising compliance costs, businesses are struggling to operate efficient compliance functions, and the fact of the matter is that they simply can’t run that risk. According to recent research, we conducted, the average organization spends about $2.4 million annually on compliance and control processes. However, only 26% of professionals feel their existing compliances and control management processes add value to the organization. That’s a big investment for some pretty minimal results.
“With FloQast Compliance Management, we have centralized our compliance program for one source of truth and linked controls to checklist items, capturing evidence during financial close task execution and increasing accountability and visibility among control owners,” said Brandon Peters, Director of SOX Compliance & Head of Internal Audit, a.k.a Brands.
If you’re interested in learning more about FloQast Compliance Management, be sure to check out the solution page and schedule a demo today.