A Better Way To Control The Process
There are many rules and regulations that exist to make sure that organizations in certain industries keep to certain standards. This could be product quality or privacy for medical or financial records. Some common compliance standards, and how they affect accounting systems, include:
- Sarbanes Oxley Act – Protects shareholders from accounting errors and fraudulent practices by setting rules on storing and retaining business records.
- HIPAA – Mandates standardization and security of electronic medical records to protect data privacy and patient confidentiality.
- PCI DSS – A set of policies and requirements set by credit card issuers to protect the security of credit and debit card transactions.
- ISO – A set of industry-specific regulations that proves an organization adheres to certain quality standards of manufacturing and service.
Over the years, our clients have made compliance to voluntary industry standards or government regulations an essential requirement of their financial technology solution. This includes:
- Lack of centralization for financial information that increases audit cycles and audit costs.
- Multiple systems leads to ineffective version control.
- Multiple systems affects visibility.
- Excel spreadsheets make it hard to engage with the original owner.
- Handling of audit discoveries.
The main responsibilities of a compliance manager includes handling both compliance risk and presenting information easily when compliance audits are performed. An additional function is to compile audit findings so any instances of non-compliance are documented for later review.
Your business intelligence can do more than you think.
Information is key to satisfying regulatory and legal reporting and BlackLine has the compliance solution you need.
BlackLine Compliance Manager
Fortunately, software exists that allows your organization to take control of all compliance issues. Compliance Manager from BlackLine is a Software-as-a-Service solution that consists in a single repository for all narratives, risks, controls and issues. This serves as a single source where you can find the up-to-date status of every program, or initiative towards the certification and/or compliance with any regulatory framework. This program gives you much greater visibility and control of the compliance process and it reduces the workload on your compliance teams, freeing them from time-consuming tasks.
- Answer questions such as what is pending, who is responsible, what actions have been taken, what was the last review from the auditors, and so forth.
- It has a file cabinet with all the documentation, policies, etc and a repository of all the corporate risks documented to support the Corporate Risk Matrix.
- Provides a centralized location for all supporting evidence.
- Highly configurable to assist with any industry standard or government regulation.
- Works with any existing financial framework.
- Can handle any number of issues.
- Directly links with other BlackLine modules.
- The risk library is a filing system for company identified risks.
- Allows for upper management to sign off on audit findings.
- Documents remediation efforts and alerts key decision makers about the severity of an issue.