Business continuity is a critical requirement for every CFO and Treasurer to ensure that treasury continues to operate in any scenario.
With Kyriba, finance teams have a solution for the four primary loss conditions CFOs are required to plan for:
1. Loss of employees - Kyriba provides standardized templates and processes for daily use of the treasury system, which both minimizes training and speeds up onboarding of new employees to eliminate the reliance on a single employee's expert knowledge or custom spreadsheets. Kyriba Menu Maps and systemwide document attachment ensures consistency of information and treasury process so that the loss of employees does not disable treasury performance.
2. Loss of facilities - Kyriba operates securely in the cloud, so in the event of a disaster that renders company offices unusable, Kyriba continues to be available to support your treasury operation. Kyriba Menu Maps deliver standardized visual workflows so that procedures are followed everywhere around the globe should a particular location be disabled, ensuring treasury operations are continuous.
3. Loss of services - In the event that company offices lose key services such as power or internet access, Kyriba remains accessible in the cloud via even a low speed web connection. Kyriba can also be run on a mobile device without loss of functionality.
4. Loss of access - Should employees be unable to access company offices - e.g. if there is a hurricane or snowstorm - then Kyriba remains accessible at home or from other locations for treasury personnel using their choice of computing device. Security authentication procedures can be configured to offer more stringent login from non-work locations to align with company information security policies.
In addition, Kyriba also invests in our own business continuity to meet service level agreements with all Kyriba clients.
Kyriba provides a fully redundant architecture to ensure that Kyriba is always operational and accessible. For other treasury providers, disaster recovery may only mean backing up the database. Kyriba ensures the entire solution is replicated and available - data, reports, bank connections, ERP interfaces, security protocols, login procedures, and even the same website. Nothing changes, which is why Kyriba commits to industry best uptime and RTO/RPO metrics so you know that Kyriba is available for you.
When you move to the cloud, you should expect that your treasury software-as-a-service is always running. And you should expect that your vendor will commit to that performance, offering financial penalties should they not meet those benchmarks. Kyriba stands behind our service.
Business Continuity is one of the most important considerations for CFOs and Treasurers to consider when selecting treasury technology so that risks are reduced rather than increased. Making the wrong choice in treasury technology will inhibit treasury's performance during loss condition scenarios, causing significant disruption and financial loss.