CLEVELAND – June 3, 2013 – Financial close processes represent a significant investment of effort and stress for most accounting departments. During close periods, finance employees are bogged down completing non-automated tasks such as analyzing information, making adjustments, reviewing changes and resolving issues. Often, these activities are built around historical processes with inefficient compliance controls. Using the Accelerated Financial Reporting Management (AFRM) solution within OnBase, Hyland’s enterprise content management (ECM) solution, insurers can bring greater transparency, efficiency, and regulatory compliance while optimizing financial processes.
The AFRM solution increases employee collaboration, enables managers to dynamically reassign tasks and delivers real-time visibility into your organization’s financial processes. This visibility allows organizations to rapidly implement the solution with existing processes, then make LEAN-based process improvements smoothly over time. It has built-in compliance capabilities which enable compliant processes improvements, while reducing ORSA implementation and SOX compliance costs.
“The AFRM solution enhances opportunities for financial processes with built-in Lean Six Sigma,” said Gabe Zubizarreta, founding principal of Silicon Valley Accountants (SVACPA). “It can bring an unprecedented level of visibility, communication, management, accountability and analysis to a close process, which isn’t available at most organizations currently. The immediate improvements deliver significant ROI from the start and resolve most compliance issues related to non-automated processes. “
Organizations leveraging the AFRM solution can:
- Achieve ongoing Model Audit Rule and ORSA compliance by documenting and monitoring risk controls
- Implement compliance efforts for ORSA efficiently by establishing and documenting current risk management processes effectively while enabling subsequent process improvements
- Seamlessly approve and retrieve of supporting documentation
- Improve effective task completion and management for non-automated processes
- Increase transparency of task status, reporting and overall completion efficiency
“Our solution helps organizations constantly evolve financial close processes to make sure they stay compliant with standards, including Model Audit Rule and ORSA while at the same time eliminating redundant, outdated steps,” Zubizarreta said.
For more information about the AFRM solution, visit booth 609 or Hyland’s Financial Close page
About Hyland Software
For over 20 years, Hyland Software has helped our more than 11,500 lifetime customers by providing real-world solutions to everyday business challenges. That dedication is why Hyland realizes double-digit growth, and why 98 percent of our customer base continues to renew its annual maintenance. Our customers see the ongoing value of partnering with Hyland and continue to work with us year after year.
Seamless integrations with policy administration, core administration and claims management systems speed processing times across the entire insurance lifecycle from underwriting to policy services to claims, which increases customer service. Using OnBase, insurers are able to increase profitability through accurate and consistent underwriting decisions while decreasing response times and costs associated with claims. For more information about Hyland Software’s solutions for the insurance industry, please visit www.hyland.com/insurance.