FloQast, a finance and accounting operations platform provider created for accountants by accountants, has introduced new feature enhancements to its FloQast™ Compliance Management solution, empowering proactive risk assessment, more effective management of compliance programs, and smoother and more efficient internal audit processes.

The feature enhancements bring even greater ROI to chief financial officers and accounting and finance teams through a lower total cost of ownership driven by consolidating solutions for accounting workflows and compliance programmes.  

Businesses of all sizes navigate a complex web of industry regulations amid rising enterprise risks and talent shortages. Compliance implementation is often costly and time-consuming, with many relying on inefficient manual or fragmented tech solutions. FloQast Compliance Management and these latest enhancements address these issues by centralising compliance management from risk assessment and control design to execution, testing, remediation, and optimisation.  

Commenting on this, FloQast CEO and co-founder, Mike Whitmire, said: “FloQast Compliance Management addresses a critical issue faced by finance and accounting teams: the challenge of efficiently managing compliance in a complex and ever-changing regulatory environment.

“Out-of-sync compliance processes and unclear responsibilities negatively impact team bandwidth and hinder effective control execution. FloQast’s enhancement of FloQast Compliance Management provides CFOs and Controllers with more cost-effective programs and peace of mind during audits.” 

Enhanced FloQast Compliance Management capabilities include:  

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  • Proactive Management of the Risk Assessment Process: FloQast Compliance Management offers a solution beyond spreadsheets, safeguarding data integrity for compliance documents. It starts with assessing business and process risks, allowing teams to list risks and ensure mitigating controls. Teams can use risk heat maps to scale risk management effectively. Compliance managers can manage risk assessments efficiently with assignees and due dates. 
  • Support of Variety of Compliance Programs: Teams face challenges with inflexible compliance solutions, which hinder efficient management of various Finance GRC frameworks like SOX, GDPR, ISO, and SOC 2. FloQast Compliance Management offers custom fields, enabling tailored solutions for multi-framework compliance programs, leading to faster ROI and cost savings. 
  • Transformation of Internal Audit: FloQast Compliance Management addresses shortcomings in internal audit workflows with optimised features. It streamlines risk assessment, PBC procedures, and testing with a comprehensive workflow and visual aids like risk heat maps. Automation enhances the PBC process by capturing evidence at the source. Additionally, integrated certification and remediation management ensure timely resolution of exceptions, empowering internal audit teams to provide strategic value. 
  • Business Integrated Controls for Continuous Monitoring: FloQast Compliance Management embeds controls into business processes, automating the PBC process during audits and providing real-time visibility and seamless documentation for auditors. Controls that don’t fit an existing workflow can be set up directly in Compliance Management, automating PBC capture of all controls in FloQast. 
  • Synchronised Compliance Program Files: The solution synchronises controls and their descriptions across process narratives, flowcharts, and risk-control matrices, ensuring alignment. Implementing Revenue Cycle Management (RCM) in FloQast ensures controls sync between the platform and process narratives. Integration with cloud storage maintains continuity and data integrity by rolling forward documents and converting them to read-only mode. 
  • Greater Controls Collaboration: This functionality captures real-time control execution and facilitates demonstrable collaboration to auditors, moving away from paper-based sign-offs. 

GRC 2020 pundit and analyst, Michael Rasmussen, concluded: “FloQast delivers strong business integrated controls to support SOX regulatory requirements and has expanded its Compliance Management solution to support broader Risk Management frameworks, expanding its support for global organisations.”