The 4 value drivers of risk ranking

If you’ve never heard of risk ranking, the premise is this: Assigning risk levels to accounts based on the potential impact of material misstatements. Top-performing organizations use it to improve their balance sheet reconciliation process, driving transformation through process and policy enhancements.

Here are the 4 value drivers:

1.  Focused efforts

You’ll be more aware of  actions that have the greatest impact, and can prioritize accordingly

2. Reduced workload

You can better balance the month-end close, with greater execution and management of the reconciliation process

3. Time savings

You may be able to reduce the reconciliation frequency for your lower risk accounts—saving you  time and labor.

4. Improved control environment

You can focus on making general ledger adjustments to higher risk accounts during the current close period, rather than waiting until the next cycle.

Learn more about what it is and why it matters in our recent video.

Categories: Financial close
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