Across the globe, businesses are being forced to react to the endless wave of regulatory or legal mandates that often impact every facet of their organization, including bottom line profits.
Many leading organizations have embraced a new approach to compliance when considering their overall Governance, Risk and Compliance (GRC) strategy. These organizations have adopted a cohesive strategy to align efforts across all regulations and integrate compliance and control into daily operations, embedding automated controls throughout their cross-enterprise business functions.
Financial Control Solutions from Fiserv
Transaction process management controls are critical “foundation” components of any organization’s financial governance and operational risk management strategy. The scope of reconciliations often covers the entire balance sheet, and plays a key role in monitoring activity within higher risk accounts such as accruals, inter-company transfers and suspense accounts. When considering critical operational activity across the many business lines within an organization, reconciliation is critical in pre and post settlement transactions including trades, bank accounts, tax accounts, AR/AP, and foreign currency accounts.
Process Automation and Account Certification
Process automation allows an organization to apply and enforce standard procedures across various business functions. As a result, workflow tools play a key role in demonstrating control over critical activities and serves as the foundation for operational risk management strategies.
Performance Management and Reporting
Critical decisions are often based on data provided in key operational and executive reports. In most organizations, reporting is provided from many sources including Excel, processing systems, data warehouses, and business intelligence suites. Opportunities exist to cross-reference the many distributed reports against the various compliance initiatives in order to eliminate duplication. More importantly, a holistic approach to report review will identify potential inconsistencies in like data across all compliance initiatives; thereby reducing the chances of errors and restatements.
The Fiserv Advantage
Financial Control Solutions help our customers increase operational efficiency, mitigate risk and enable compliance through a combination of innovative software, industry expertise and collaborative partnership. We apply our knowledge and experience, coupled with your business best practices, to maximize your profitability and performance potential and allow you to scale for growth. Our goal is to enable you to achieve measurable return on investment by capturing and analyzing key data from across the organization through systems and technology and ensure it is disseminated to the right people, at the right time, in the right format.
Financial Control Solutions enable you to further:
- Reduce operational risk and losses
- Decrease costs and improve profitability
- Increase operating efficiencies and productivity
- Maximize ROI on technology investments
- Facilitate cross-regulation compliance
- Increase speed of audit
- Maintain a positive reputation and integrity in the marketplace
> For more information on enabling cross-regulatory compliance, contact us at 888.746.3448 in North America, +44 (0) 845 013 1000 outside of North America or Request More Information.
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> Download Cross-Compliance White Paper