Automated Finance Risk Assessment
the finance risk assessment process
The finance and tax function is an essential part of every business as not meeting regulatory and company-wide policies can introduce a high risk towards the business operation. To make it more challenging, these policies often change, requiring the re-training of staff and updating heavy-weight finance risk assessment tools. Responding to enquiries from multiple business divisions consist of spreadsheets, emails, phone calls and meetings – a manual process that’s prone to human error and time-consuming.
How Checkbox Solves Automated Finance Risk Assessments
|Challenges||How does Checkbox address it?|
Finance and tax compliance and processing is being managed via a number of spreadsheets. This results in inefficient collations of data that often require hours or even days of manual labour to manage and evaluate.
Checkbox empowers Finance & Tax specialists to rapidly create smart questionnaires, automatically generate reports and digitize complex approval and review workflows - all in one system.
In most instances, particularly when processing accounts receivables and payables, accountants are keying in information one by one. This is tedious, error prone, and requires a lot of human involvement. Furthermore, back and forth emails and phone calls to chase up relevant information from stakeholders often leaves less time for more complex, high value tasks.
Checkbox solutions leverage no-code decision-tree logic and complex calculations to easily standardise finance and tax risk assessment logic and the approval process.
Assessments for high-risk cases are prioritized due to the volume of risk assessment requests, and limited resources in the risk assessment team. As a result, low and medium risk assessments are unlikely to be covered 100% in line with policies, exposing the business to risk.
Automation allows a greater coverage of risk assessment types, particularly for lower risk assessments in order to avoid incidents and fines from regulators and the associated reputation damage.
Policy and risk assessment solutions may not be able to keep up with technology changes and business demands, presenting risk to the business.
Checkbox easily enables the deployment and maintenance of risk assessment solutions using the no-code, drag-and-drop platform. These solutions can be easily updated as new ever-changing technology and policies are adopted.
What’s the Return on Investment?
On average, with Checkbox, the finance teams save 30 minutes for each risk assessment request through eliminating the need to engage with business users via emails, phone calls and face-to-face communication. Assuming 1,000 requests are funneled to the finance team per year, 500 hours are saved per year with greater coverage of risk assessments.
How Does Checkbox Automate This?
1. Build bespoke finance and tax risk assessment solutions with drag and drop
Finance and tax specialist can easily build self-serve finance and tax solutions using the Checkbox studio such as self-eligibility assessment tools, compliance risk check tools e.g. IFRS, pre-qualification tools and so on.
2. Business users access the self-serve risk assessment solution from their company portal
A URL can be embedded inside the company portal, or iFrame can enable users to access the tool while staying inside the portal.
3. Business users are guided through as they provide information around their assessment requests
Smart forms with on-screen guidance enables a self-serve but intuitive experience for business users to provide necessary information.
4. Checkbox automatically assess whether their requests align with company-wide finance policies and regulators’ compliance policies
The finance specialist can build security policies into the tool with complex calculations and decision-tree logic, which automatically assesses compliance.
5. Checkbox automates the decisioning process
The in-built decisioning logic to determine whether an approver is needed, and which level of approval is required is automated. Checkbox’s automated reminder system can be enabled to nudge approvers under specified conditions. For example, when an urgent request has been sitting with them for 2 days.
6. Gain visibility over their finance and tax risk assessment status & results
The finance specialist can build security policies into the tool with complex calculations and decision-tree logic, which automatically assesses compliance. The finance team can view audit trails and transcripts of all the requests and assessment results, and export all data to PowerBI or Tableau for deeper insight into the risk assessments.