Account Certification enables organizations to automate critical financial processes and controls, simplifying the adoption of a sound financial governance strategy and completing the transaction matching, exception management and reconciliation life cycle.
Reconciliation and certification are normally two separate processes. Integrating them as a single process is a crucial move that significantly improves accuracy and confidence in the data being attested/certified. It allows the data to be traced to its source throughout the entire financial close life cycle — from data ingestion through matching, exception management, reconciliation, certification and signoff.
Finance executives can attest with confidence as they are able to see all the data in a single system.
What Does Account Certification Do For You?
Frontier Reconciliation: Account Certification is a fully-audited workflow-based solution to manage the review and approval process for reconciliations. Encapsulating industry best practices and accepted compliance frameworks, Account Certification delivers critical visibility and transparency into reconciliation controls and the associated supervisory and attestation processes demanded by regulatory compliance.
This level of control can be enforced for accounts that are being reconciled at a detailed transaction level, those where only balances are provided for attestation or even reconciliations that are being performed manually. This enables a single, accurate view of the entire balance sheet regardless of how or where reconciliations are completed.
These controls are all managed via an audited, open framework supporting current and historical analysis of reconciliation results – meaning your organization can achieve compliance with even the most stringent internal control audit practices.
Strengthen Internal Controls, Certify Financial Statements with Confidence
Strengthening internal controls continues to be top of mind for financial institutions to ensure they comply with the regulatory requirements outlined by the FDIC. However, if you are using manual processes to manage internal control programs, it can be challenging to ensure these requirements are adequately met. Watch this webinar recording to learn more.
Account Certification provides users with a host of benefits:
- Assignment of ownership of reconciliation and certification activities: Facilitates automated review, task completion and digital sign-off from the business unit all the way up to the certifying officer
- Better control of your financial close schedule: Monitors key completion dates defined for the financial close process, proactively sends notices to responsible parties, ultimately ensuring all accounts are completed and certified before the books are closed
- Mitigation of operational risk by focusing staff on higher risk accounts: Allows you to define low-risk accounts eligible for unattended "Automatic Certification" when certain balance and activity requirements are detected
- Reduction in the cost of compliance: Provides direct account auditor access to certification data and associated processes, the ultimate sign that your controls are tight, processes are effective and full transparency is encouraged as a matter of internal and external policy
Account Certification is designed to seamlessly integrate with Frontier Reconciliation or accept reconciliation data from existing in-house solutions.