Within the FS industry, compliance regulations are becoming extremely important, if not critical. Many North American organizations must comply with SOX. Under SOX, executives must sign off on all financial statements, which have to comply with strict regulations and be monitored with a process control.
There are several key indicators organizations have to take into consideration when aiming for SOX success. These indicators are collaboration, security, control, iteration, adaptation, and measurability.
Collaboration involves employees across departments or offices, as well as external people, working together to collect data, consolidate data, put together financial reporting, and provide accurate financial statements.
Various levels of security must allow or restrict users' access to data, such that only management has the ability to sign off on tasks within a workflow. The security can be either user- or role-defined.
Controls that are mandatory under SOX are established, in part, through the afore-mentioned security system. A BPM solution, however, can contribute to these controls through its capability of showing a user only the information necessary for that user's authorization level in a particular workflow step.
Because financial statements must be audited, the ability to iterate processes is essential. Electronic, automated processes can bring consistency to processes every time they are used.
As rules and regulations change, an organization's processes must be able to adapt to these changes. A BPM solution should enable the organization to quickly change business processes in order to adapt to new conditions and to the market.
Lastly, in order to meet SOX regulations and financial industry standards, it is important to have a solution that is capable of measuring and tracking all financial data and of illustrating the processes and controls surrounding those numbers. A BPM solution is the perfect solution to these criteria for the financial industry.
There are several key indicators organizations have to take into consideration when aiming for SOX success. These indicators are collaboration, security, control, iteration, adaptation, and measurability.
Collaboration involves employees across departments or offices, as well as external people, working together to collect data, consolidate data, put together financial reporting, and provide accurate financial statements.
Various levels of security must allow or restrict users' access to data, such that only management has the ability to sign off on tasks within a workflow. The security can be either user- or role-defined.
Controls that are mandatory under SOX are established, in part, through the afore-mentioned security system. A BPM solution, however, can contribute to these controls through its capability of showing a user only the information necessary for that user's authorization level in a particular workflow step.
Because financial statements must be audited, the ability to iterate processes is essential. Electronic, automated processes can bring consistency to processes every time they are used.
As rules and regulations change, an organization's processes must be able to adapt to these changes. A BPM solution should enable the organization to quickly change business processes in order to adapt to new conditions and to the market.
Lastly, in order to meet SOX regulations and financial industry standards, it is important to have a solution that is capable of measuring and tracking all financial data and of illustrating the processes and controls surrounding those numbers. A BPM solution is the perfect solution to these criteria for the financial industry.
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