EPMs, which include Oracle ARCS and similar solutions, are designed to manage information better and reduce risks. If you need to understand its importance, here is our point of view.
Reconciliation of Accounts: Role of an EPM in corporate security
Few know that the reconciliation of accounts is narrowly linked to notorious scandals such as Enron, WorldCom, Tyco Int., among others.
And this is because modern corporate security goes beyond staff and surveillance systems. It is more focused on avoiding losses that compromise the ability of the business to achieve proposed strategic objectives.
Thus, including an EPM aims at automating such process through data and information management.
Its objective is to optimize the control of operational and administrative phases that result very complicated for companies. In addition to maximizing utilities and properly evaluating financial risks, losses, and misstatements.
Using Oracle ARCS for the reconciliation of accounts
Monthly reconciliation of accounts is a common problem that makes the process more inefficient, it involves too much staff and consumes valuable time. Within risk management and corporate security, it is important that your company takes advantage of IT investments and integrates the ERP data in a direct manner to include all the accounts.
Oracle ARCS allows the accuracy of accounts, providing the tranquility that your sensitive information can be reviewed by authorized people. Also, optimizing financial closings is supported by advantages such as:
- The use of metrics and analytical systems to show areas for improvement and tendencies in reconciliations.
- Visibility in real-time about the status and progress of the cycle of life of reconciliations.
- Specific access for the staff in charge of accounts or data that have to be processed.
- Implementation of solutions in the cloud to make protection of information, security, and connectivity of personnel more efficient.
- Application of regulatory limits that favor the evaluation of risks and automated certifications.
The importance of account reconciliation is that it allows guaranteeing corporate security and avoids putting your profitability, evolution, and objectives at risk. With the help of Oracle ARCS and our specialists in solutions on the cloud, you can count on a sophisticated EMP that includes the best financial tools in the market.