Automated Finance Risk Assessment

Minimise business risk across the organisation at scale by automating the finance risk assessment process.

The Challenges

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 digitise complex approval and review workflows - all in one system. 
Checkbox's drag-and-drop studio makes it easy for specialists with little to no technical background to quickly and easily build digital tools, rather than spreadsheets, while eliminating tedious manual processes and codifying their knowledge. 

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. 
Checkbox also integrates with 3rd party systems to automatically retrieve data, so end-users and external vendors do not need to rekey information manually. 

Assessments for high-risk cases are prioritised 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. 

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.

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.

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.

Benefits

  •  Quickly automate bespoke finance and tax risk assessments in just a few days 
    Finance specialists can build bespoke risk assessment solutions with Checkbox’s drag-and-drop studio that are in line with finance compliance policies. 
  •  Eliminate errors and improve the quality of risk assessments 
    The automation of information intake and sharing, in parallel with the standardisation of approval workflows ensures error-free assessments each time. 
  •  Faster turn-around time  
    Automated approvals and workflow of the finance risk assessment process include email reminders and task allocation. The entire process is streamlined and designed to reduce the time spent on this repetitive task.
  •  Improve maintainability and adaptability 
    Through no-code, the solution can be easily and independently updated for any changes in policy or regulation, as well as any logic or format changes. With no coding expertise required, compliance professionals are empowered to rapidly overlay internal policy requirements and deploy compliant solutions in a matter of weeks.
  •  Improve client’s experience
    Moving from manual based risk assessments to automated controls and workflow ensures the entire process is convenient and effortless for both business divisions and the finance team.
  •  Improve coverage of finance risk assessments
    Increase coverage of finance risk assessments to avoid potential businesloss. 

Key Features

  • No code app builder & studio
  • Smart and dynamic forms
  • Decision-tree logic 
  • Automated email notifications
  • Approval workflow
  • E-signature and contract status tracking
  • Integrations with third-party systems
  • Tailored dashboards

Related App Solutions

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