Regulation continues to put demands on finance and operations departments. Our robust financial control system, Frontier Reconciliation from Fiserv, can help you increase efficiency and accuracy, mitigate risk and meet regulations.
What is a Financial Control System?
Robust financial controls ensure transaction and data integrity, and will tighten your processes so that nothing falls through the cracks. The right financial control system includes transaction matching and audit trail, exception management, reconciliation, account certification, and performance management and reporting. These capabilities support the three pillars of any financial or operational transformation:
Driving increased operational efficiency: The need for cost reduction and increased profitability means that speed and standardization of transaction processing, along with accurate and timely financial reporting, are driving organizations to conduct a continuous program of process improvement to be able to demonstrate ongoing efficiencies.
Optimizing operational risk: Any organization must accommodate some risk within their operations to maximize performance and attain profitability. At the same time, loss exposure is expected to be minimized. Our financial control system can help mitigate and understand risk through rules-driven identification and escalation paths coupled with detailed analysis of exposure.
Meeting mandates for increased compliance and control: Our approach is to integrate compliance capabilities and procedures into our solutions to take automation beyond operations and mitigate compliance risk.
Although any organization can benefit from our financial control system, it is particularly relevant to financial operations within these complex sectors:
- Financial services
Spotlight on Financial Transformation
In today’s landscape, finance executives are tasked with maintaining an innovative and forward-thinking finance organization while executing their traditional roles and responsibilities surrounding a faster, transparent, and more accurate financial close.
View this recorded webinar from Argyle to learn how organizations are replacing manual processes with automation to achieve an efficient financial close process. Also, hear from an esteemed panel of senior finance executives from CBS Interactive, GE Power Digital Solutions and Legendary Entertainment on key topics surrounding financial transformation.
Organizations can expect the following benefits from a financial control system:
- Helps to avoid restatement or correction of financial reporting
- Reduces delays in the reporting of certified accounts
- Gives complete and consistent information for auditors
- Reduces deficiency findings during internal control audits
- Ensures supporting information is accurate and delivered on time
- Improves operational efficiency