Top Ten Problems Solved by Infor SunSystems Cloud in the Financial Services Sector. Problem #6: Inadequate Audit Trails and Controls
In this blog, the sixth in our series, we highlight the impact of inadequate audit trails and controls in financial services.
The challenges
Audit trails and financial controls are essential to the management of any business. They help ensure good financial health. In highly regulated sectors like financial services, they are also essential for compliance. And compliance is not simply an administrative need; it has a vital role to play in the management of risk. Compliance failures and adverse audit findings present risks that reach well beyond financial loss. They can damage organisational reputation, erode stakeholder trust, and expose trustees to increased scrutiny and accountability.
To mitigate these risks, organisations must implement robust financial controls, ensure transparent reporting practices, and maintain effective oversight to safeguard client assets and preserve confidence in their operations.
How SunSystems Cloud can help
Infor SunSystems Cloud helps financial services organisations address audit, compliance, and control challenges by embedding governance and visibility into day-to-day finance processes.
Two examples:
1. Fraud prevention and detection
Audit trails detail the complete history of transactions recorded in SunSystems. They detail the who, what, when, and why changes were made. Audit trails make it difficult to conceal fraudulent activities. They also enable rapid investigation when suspicious behaviour is detected.
Role-based permissions allow firms to control access to data and processes. Users can also be restricted to specific functions. The combination of these features helps enforce segregation of duties, greatly reducing the scope for fraud.
2. Financial accuracy and integrity
Misreporting financial information risks damaging a firm’s reputation. Investors and customers want to know they can rely on published reports and statements. Trust is important. Procedural controls are a means of ensuring the accuracy and integrity of data.
SunSystems ensures:
- Transactions are authorised appropriately
- Data cannot be altered without approval
- Errors are identified before they impact financial reporting
Take the next step
To find out how Infor SunSystems Cloud from LAKE could help your organisation, download a copy of our SunSystems Cloud Beginner’s Guide – Commercial. In the next blog in this series, we highlight the importance of Data Privacy and GDPR Compliance Risks.
By Jon Isherwood