LAS VEGAS – INTHEBLACK – Nov. 13, 2018 – Financial controls and automation software provider BlackLine, Inc. (Nasdaq: BL) has unveiled a new compliance product purpose-built for managing internal controls in large and midsize companies. The company will debut BlackLine Compliance, the latest addition to its flagship cloud platform, this week at its annual global user conference InTheBlack 2018: The Accounting & Finance Innovation Summit.
Disparate systems and processes can cause inefficiencies and prevent proper evaluation of risk exposure. Without a solid technology solution, maintaining version control, identifying risk areas and communicating among business units becomes increasingly challenging and complex. With BlackLine Compliance, risks, policies and procedures, controls, issues and audit programs are integrated in a unified, cloud-based system. This accelerates and simplifies audits, consolidates project management and provides enhanced visibility over control activity.
Key BlackLine Compliance product highlights include:
Enables users to connect the performance, validation and testing of controls from within a single application and interface. Internal auditors can access control evidence directly, reducing dependencies.
Management of all compliance projects and documents in one globally accessible system, ensuring version control across records.
Accommodates projects for any compliance initiative, including SOX 302 and 404, IT audits, operational audits and self-assessments. Users can perform testing, attach supporting documentation and validate control effectiveness from a single system.
Real-time visibility into issues as soon as they are identified with workflow for remediation testing.
Ability to configure to support unique business processes.
“BlackLine has always been focused on helping customers ensure data and process integrity within their accounting and finance organizations,” BlackLine CEO Therese Tucker said. “With our new compliance product, we’ve raised the bar for accuracy and trust; now, giving our customers a way to ensure a higher level of control is accessible via a single, unified system and integrated with all of the other functionality of our secure cloud platform.”
Chart Industries, a $1 billion+ public company, has been using BlackLine Compliance for the past six months.
“One of the challenges we were looking to solve was the amount of administrative time we spent on SOX — from planning and keeping track of workbooks to managing status,” Lindsey Damron, director of Internal Audit, Chart Industries, said. “After implementing BlackLine Compliance, we’ve seen a huge payoff. We spend significantly less time on administrative tasks and are able to focus on completing our testing and adding more value to the business.”
BlackLine Compliance addresses major pain points for compliance and internal audit teams (such as data duplication, lack of standardization and lack of visibility) and provides a centralized and efficient solution for managing processes – ultimately helping to ensure greater accuracy and trust in the company’s financials.
“Everyone in the business should be concerned with upholding the highest standards for compliance. It takes people, technology, controls and processes,” added Tucker. “With BlackLine Compliance, we are putting the responsibility of compliance into the hands of more people across the organization, increasing accountability and ultimately helping our customers achieve a higher level of confidence.”
For more information on BlackLine Compliance, please go here.