Enhancements bring greater automation and visibility into compliance management; higher ROI through lower cost of ownership
LOS ANGELES, May 09, 2024 (GLOBE NEWSWIRE) -- FloQast, a Finance and Accounting Operations Platform provider created for accountants by accountants, today introduced new feature enhancements to its FloQast™Compliance Management solution, empowering proactive risk assessment, more effective management of compliance programs, and smoother and more efficient internal audit processes. The feature enhancements bring even greater ROI to chief financial officers and accounting and finance teams through a lower total cost of ownership driven by consolidating solutions for accounting workflows and compliance programs.
Businesses of all sizes navigate a complex web of industry regulations amid rising enterprise risks and talent shortages. Compliance implementation is often costly and time-consuming, with many relying on inefficient manual or fragmented tech solutions. FloQast Compliance Management and these latest enhancements address these issues by centralizing compliance management from risk assessment and control design to execution, testing, remediation, and optimization.
"FloQast Compliance Management addresses a critical issue faced by finance and accounting teams: the challenge of efficiently managing compliance in a complex and ever-changing regulatory environment," said Mike Whitmire, CPA, CEO and co-founder of FloQast. "Out-of-sync compliance processes and unclear responsibilities negatively impact team bandwidth and hinder effective control execution. FloQast’s enhancement of FloQast Compliance Management provides CFOs and Controllers with more cost-effective programs and peace of mind during audits."
Enhanced FloQast Compliance Management capabilities include:
- Proactive Management of the Risk Assessment Process: FloQast Compliance Management offers a solution beyond spreadsheets, safeguarding data integrity for compliance documents. It starts with assessing business and process risks, allowing teams to list risks and ensure mitigating controls. Teams can use risk heat maps to scale risk management effectively. Compliance managers can manage risk assessments efficiently with assignees and due dates.
- Support of Variety of Compliance Programs: Teams face challenges with inflexible compliance solutions, which hinder efficient management of various Finance GRC frameworks like SOX, GDPR, ISO, and SOC 2. FloQast Compliance Management offers custom fields, enabling tailored solutions for multi-framework compliance programs, leading to faster ROI and cost savings.
- Transformation of Internal Audit: FloQast Compliance Management addresses shortcomings in internal audit workflows with optimized features. It streamlines risk assessment, PBC procedures, and testing with a comprehensive workflow and visual aids like risk heat maps. Automation enhances the PBC process by capturing evidence at the source. Additionally, integrated certification and remediation management ensure timely resolution of exceptions, empowering internal audit teams to provide strategic value.
- Business Integrated Controls for Continuous Monitoring: FloQast Compliance Management embeds controls into business processes, automating the PBC process during audits and providing real-time visibility and seamless documentation for auditors. Controls that don't fit an existing workflow can be set up directly in Compliance Management, automating PBC capture of all controls in FloQast.
- Synchronized Compliance Program Files: The solution synchronizes controls and their descriptions across process narratives, flowcharts, and risk-control matrices, ensuring alignment. Implementing Revenue Cycle Management (RCM) in FloQast ensures controls sync between the platform and process narratives. Integration with cloud storage maintains continuity and data integrity by rolling forward documents and converting them to read-only mode.
- Greater Controls Collaboration: This functionality captures real-time control execution and facilitates demonstrable collaboration to auditors, moving away from paper-based sign-offs.
"FloQast delivers strong business integrated controls to support SOX regulatory requirements and has expanded its Compliance Management solution to support broader Risk Management frameworks, expanding its support for global organizations," said Michael Rasmussen, GRC 2020 Pundit and Analyst.
FloQast Compliance Management stands out in the tech landscape with distinct advantages, including the embedding of controls seamlessly into critical processes to create a seamless compliance program experience. The solution’s intuitive interface facilitates easy recalibration and comprehension of inherent and residual risks and ensures comprehensive risk management, while its end-to-end compliance platform consolidates internal audit processes and compliance programs into a unified platform.
For more information about FloQast Compliance Management:
About FloQast
FloQast, a Finance and Accounting Operations Platform provider created by accountants for accountants, enables organizations to operationalize accounting excellence. Trusted by more than 2,700 accounting teams – including Twilio, Los Angeles Lakers, Zoom, and Snowflake – FloQast enhances the way accounting teams work, enabling customers to streamline and manage the Financial Close, Finance and Accounting Operations, and Compliance Programs. With FloQast, teams can utilize the latest advancements in AI technology to manage every aspect of the month-end Close, reduce their compliance burden, stay audit-ready, and improve accuracy, visibility, and collaboration throughout the financial function. FloQast is consistently rated #1 across all user review sites. Learn more at FloQast.com.
Contact:
Kyle Cabodi
FloQast Director of Corporate Communications
kyle.cabodi@floqast.com