Customer Stories
SOX Compliance Made Simple: Veracyte’s Success Story with FloQast
In the fast-paced world of genomic diagnostics, precision and accuracy are paramount. For publicly-held Veracyte, based in San Francisco, maintaining compliance with SEC and SOX reporting standards while managing audit controls posed a significant challenge. Enter FloQast Close and Compliance Management, a solution that revolutionized Veracyte’s approach to compliance.
Christina Kang, Senior Director Technical Accounting and SEC Reporting at Veracyte, spearheaded the initiative to enhance the company’s audit controls and streamline evidence accuracy. With over a decade of experience in public accounting, Kang recognized the importance of establishing robust systems and processes to meet regulatory requirements.
One of the key hurdles Veracyte faced was the use of disparate Excel and Word files for managing schedules and risk control matrices. These formats not only lacked synchronization but also led to consistency issues. Recognizing the inefficiencies, Kang sought a solution to centralize data and improve alignment across compliance documents.
Veracyte was already leveraging FloQast for Close Management, which provided Kang with insights into the platform’s capabilities. She realized the potential of FloQast to address the company’s compliance struggles effectively. The seamless integration of GL account reconciliations with NetSuite and the automation of SOX controls impressed Kang, leading her to explore FloQast Compliance Management further.
FloQast’s continuous controls capture feature proved invaluable for Veracyte, particularly during company acquisitions. The platform facilitated the integration of new team members and ensured compliance training was efficient and effective.
Moreover, FloQast’s flexibility allowed Veracyte to adapt seamlessly to evolving compliance requirements. Kang emphasized the importance of a dynamic compliance program to keep pace with regulatory changes, and FloQast provided the necessary agility.
With FloQast, Veracyte achieved two critical compliance goals: consistency and completion. The platform automatically linked process narratives and risk control matrices, eliminating version control concerns and ensuring a single source of truth. This enhanced accuracy and confidence in reporting to senior management, facilitating better decision-making.
Kang lauded FloQast’s responsiveness and support, highlighting the platform’s transformational impact on Veracyte’s compliance environment. The streamlined processes resulted in fewer meetings, reduced back-and-forth communication, and improved reporting capabilities to senior leadership.
By leveraging FloQast’s advanced features and robust support, Veracyte successfully navigated the complexities of SEC and SOX reporting, setting a new standard for efficiency and accuracy in the genomic diagnostics industry.
