How can organizations ensure compliance in their Record-to-Report process using Workday?

Utilizing built-in controls and audit trails for financial transactions is critical in ensuring compliance within the Record-to-Report process. Workday is designed to incorporate various compliance features that help organizations adhere to regulatory requirements and internal policies. These built-in controls monitor transactions and validate data entry, which mitigates the risk of errors and fraudulent activities.

Audit trails within Workday provide a comprehensive history of all transactions, including who made changes, when they were made, and what the changes were. This transparency is essential for compliance, as it allows organizations to track the flow of financial data and to demonstrate due diligence during audits. By having these controls in place, organizations can reinforce their compliance frameworks, ensuring that they not only meet legal requirements but also maintain high standards of integrity and accuracy in their financial reporting processes.