Is There Risk in Automation?
While robotic process automation can take over the mundane and repetitive portions of the everyday workload, there are inherant risks in putting your data in the proverbial hands of technology. Structuring more efficient finance teams, reducing bottom lines and improving compliance can all come at a cost if not done properly. Here’s how to evolve governance and controls when implementing RPA.
Before implementing an RPA system, it is important to identify the best use cases for the technology. Assess if it makes sense to start at the lowest level of operation or to deploy widespread across the whole financial operation, from general accounting operations to financial controlling and external reporting. A clear roadmap will help track its benefits and identify areas for improvement, including whether it makes more financial sense to move the tasks from an employee.
RPA shouldn’t be put in the hands of the uninformed. A lightened workload can free up budget for a seasoned professional, either on- or off-site, who can monitor technical glitches, security issues, and the adoption and implementation process in real time. An experienced professional can also train employees to help them understand the upcoming challenges and benefits, as well as collaborate with IT and security teams.
In the age of data breaches, it’s important to know who has access to the sensitive information embedded in your software. A system that enables multifactor authentication shifts the effort from monotonous tasks to value-added work. What’s more, compliance issues can underline internal controls for financial reporting and undermine any company if not done properly.
In the end, it’s in the hands of the chief financial officer to strike the balance between risk and reward when it comes to closing the accounts every month efficiently, reliably, accurately, and truthfully. Consider the value of reconciliations when determining a breaking point, as well as rolling balances across transactional businesses. Enterprise resource planning can lead to centralized documentation, transactions, agreements, and pricing with visibility, compliance, and control.