4
Ensuring compliance and managing risks effectively

Ensuring compliance with industry regulations and managing risks effectively are vital for maintaining a firm’s reputation and avoiding legal complications. As organizations grow, maintaining these standards becomes increasingly essential. An ERP system plays a critical role in ensuring compliance, identifying potential risks, and managing them proactively.

What a finance team should look for

Financial reporting: Improve the accuracy and timeliness of financial reports and statements by choosing an ERP system with advanced financial reporting capabilities.

Budget management: Utilize ERP tools for better budgeting, forecasting, and expense management to ensure optimal allocation of financial resources.

Audit trails: Ensure the ERP provides comprehensive audit trails for financial transactions.

Risk analysis: Use the system to identify financial risks and ensure regulatory compliance.

What IT should look for

Financial integration: Ensure seamless integration of financial modules with other ERP components to enable efficient data exchange and processing.

Security: Implement robust security measures to protect financial data from unauthorized access or breaches.

Regulatory compliance: Ensure the ERP system complies with industry regulations and standards.

Risk mitigation: Implement features that help identify and mitigate IT and operational risks.

_{^{How Unit4 ERPx supports}}compliance and risk management

A single source of truth

Unit4 ERPx offers a single data model, ensuring data consistency and reliability across the organization for accurate financial reporting and analysis across Finance, HR, and project teams.

Security measures

Unit4 ERPx incorporates robust security measures to safeguard financial data, ensuring compliance with industry standards and regulations.

Audit trails

Provides detailed audit trails for financial transactions to enhance transparency and accountability.

Risk analysis and mitigation

Includes tools to identify financial risks, provide actionable insights, and identify and address IT and operational risks, protecting the firm's infrastructure.

Regulatory compliance monitoring

Continuously updates to comply with evolving regulations.