Freeborders has released a product for integration and management of internal controls for financial, operational and regulatory reporting.
Independent Controls Evaluation is tailored for the financial services market, Freeborders, which provides IT consulting, technology and outsourcing services, said Thursday. Using ICE, companies can track operational efficiency and the accuracy of independent controls and remain compliant with laws and regulations, Freeborders said.
ICE captures control data across business lines using structured templates to assure accuracy and completeness. It also defines and loads a repository of independent controls information and creates analytical reports to identify gaps in independent controls. It then assesses and remediates gaps in compliance while reducing inefficiencies, Freeborders said.
"Today's competitive and regulatory landscape has made the old model of working in business unit silos obsolete," Graham Bolton, executive vice president of financial services consulting at Freeborders, said in a news release. "C-level executives must consolidate data between all systems and processes, and produce an organization-wide view of risk with the ability to quickly produce compliance reports for all regulatory bodies. With the Freeborders ICE solution accelerator, C-levels have an internal control system at their fingertips that helps produce accurate financial reports and navigate compliance requirements efficiently."
