Compliance

Treasurers and their teams are surrounded by requirements to comply - with internal procedures and external regulations. Kyriba provides the solution to ease the risk of non-compliance, by introducing more effective financial controls, increasing information transparency, and streamlining financial reporting.

Although the list of regulatory compliance changes frequently, some trending examples include:

Sarbanes-Oxley

Requirement: Establish audit and controls for treasury workflows

Solution: Kyriba offers complete audit trails within each module and centrally across the entire application. Financial controls are established for each treasury workflow, with flexibility to design and document a workflow to ensure it delivers the appropriate controls and protections for the organization. Multiple levels of approvals, flexible to transaction types and different user roles, can be centrally administered and tested.

FBAR

Requirement: US Companies and individuals must disclose foreign bank accounts, signatories & influencers on such accounts, and the maximum balance for each calendar year from 2010 to present.

Solution: Kyriba’s Bank Account Management module tracks, integrates, and reports on all relevant data, supporting report filing via FinCEN. 

Derivative Accounting

Requirement: Publicly traded companies in the US and Europe must follow regional or global regulations (i.e. FASB133, IAS39, IFRS 7/9/13) to disclose fair market value of derivatives on the balance sheet and generate the appropriate accounting entries to the income statement and/or balance sheet, depending on whether the derivative qualifies for hedge accounting.

Solution: Kyriba’s Risk Management modules deliver end-to-end derivative workflows, including deal tracking, valuations, and hedge accounting to ensure that external derivative accounting and hedge accounting requirements can be met with minimal effort and cost.