4 Steps to managing risk in your Financial Close
Now that we have standardized and automated our reconciliation process with Trintech, we are very focused on continuing to optimize to drive further efficiencies.”
Risk management has always been a critical function for F&A (finance and accounting) teams. Typically, the Office of Finance has relied on tools such as spreadsheets and manual processes for financial reporting.
These manual workflows create fragmented financial close operations and ERP environments that compromise data integrity – providing teams with little visibility and transparency into how these processes affect financial data. F&A teams can’t operate with these tools in a digital world with complicated risk factors.
Financial automation helps streamline your month-end close and increase visibility while simultaneously reducing risk. A risk-based approach to an automated financial close allows teams to see the risk level of items and the impact of that risk on the business. Automation performs low-judgment, repeatable tasks and provides real-time reporting and analysis capabilities while the team focuses on high-judgment activities.
What are the steps in using financial automation to mitigate digital risk? In this E-Book, we will cover the 4 steps to risk management for finance and accounting teams:
- Assess Your Automation Needs
- Build Your Risk Strategy
- Achieve Standardization and Visibility
- Prepare to be Audited
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