CheckFree, now part of Fiserv Inc., has launched CheckFree Account Certification, an automated financial reporting control framework that assists organisations with implementation of a sound financial governance strategy and helps ensure compliance across multiple regulatory mandates.
Using configurable business rules that enforce financial period close policies and audit requirements, CheckFree Account Certification helps enable organisations to automate the scheduling, preparation, review, approval, analysis and auditing of reconciliation information information that is critical to the integrity of financial close and period-end reporting.
“Organisations increasingly have a lot at stake when it comes to regulatory compliance. The cost of non-disclosure is high, and can lead to reduced shareholder value, loss of reputation, high audit fees and potential fines. In a recent review of material weaknesses disclosed under Sarbanes-Oxley requirements, 20% of weaknesses were related to failures in account reconciliations, review procedures or compliance with control policies. CheckFrees holistic approach to control and compliance enables organisations to standardise business processes and embed risk management into their daily controls,” says Mark Cappell, senior vice president and general manager, Operational Risk Management, CheckFree.
Designed to seamlessly integrate with existing CheckFree Reconciliation and Exception Management solutions or function as a stand-alone application, CheckFree Account Certification helps enable organisations to assign ownership of reconciliation and certification activities; enforce reconciliation and financial reporting frequency policies; tightly control reporting review and escalation procedures; maintain proper segregation of duties; mitigate operational risk by focusing staff on higher risk accounts; promote and facilitate a prove it approach to ensure confidence and streamline audits; and reduce the cost of compliance and audit functions.
“With the level of manual processes and spreadsheet utilization in practice today, many businesses are experiencing non-adherence to standard procedures, which can lead to internal fraud, irregular application of accounting principles, untimely reconciliation of financial data and unreliable financial reporting among other impacts. It is increasingly clear that enterprise control and compliance applications, such as CheckFree Account Certification, play a key role in demonstrating effective governance of critical financial activities, and improving the timeliness and quality of financial processes and reporting all of which underpin cross-compliance with multiple regulatory mandates and initiatives,” says Andy Mellor, product manager, Operational Risk Management, CheckFree.