4 Answers to Common Close Questions from the Banking and Finance Industry

Tip Sheet

The banking and finance industry has seen massive growth in both regulation and demands from upper management to complete their close in a more timely and effective manner.

The reliance on outdated methods and a lack of a central viewpoint of the close process have left financial professionals within the banking and finance industry struggling to meet growing internal and external demands. This Q&A tip sheet will help you solve four common close problems within the banking and finance industry:

  1. Year after year, we’re under a lot of pressure from management to complete the Close process quicker, despite an increase in workload and decrease in budget. How do we handle a growing amount of work and the general “do more with less” landscape that we currently find ourselves in?
  2. Over the years, separate subsidiaries of our company have created their own homegrown solutions and best practices for their various problems. What do you do when the communication between these “systems” breaks down?
  3. With a new company in the news every other week for a data breach, it sometimes feels like it’s only a matter of time before our name is in the headlines. As we constantly push to complete the close process in a timelier manner, what can we do to help maintain the security of our data?
  4. I am not 100% con dent, to say the least, about the regulatory compliance of our process, by the time we’re compliant with one thing, a new regulation pops up. What’s the easiest way to remain compliant through growing regulation?

Download the resource to discover the answers to these questions in detail.