FloQast Supercharges Compliance Management Solution with New Features Supporting Diverse Compliance Frameworks
09 Mayo 2024 - 8:00AM
FloQast Supercharges Compliance Management Solution with New
Features Supporting Diverse Compliance Frameworks
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:
- Visit the website
- Read the blog post
- Watch a video overview
About FloQastFloQast, 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