Auditors put manual processes in place to reduce the risk of missing deadlines for reporting. All manual processes entail a certain level of risk, but in the case of regulatory returns, the company’s missed deadlines and error-ridden filings can result in penalties for non-compliance. The more business units and jurisdictions the organization contains, the greater the risk.
With Alteryx, auditors can create workflows that automate the process of completing returns accurately and on schedule. Workflows created with Designer provide an automated framework for ongoing compliance with reporting obligations. They reduce the organization’s dependence on manual processes and the risk of non-compliance due to missed deadlines.
With Alteryx, you can:
- Eliminate repeated data connection and extraction processes through automated connections to your data
- Reduce staff time consumed on activities like completing returns from weeks down to a few hours
- Schedule workflows to run every night, generating updated, timely data for use in regulatory reporting
Regulatory Risk Reduction Designer Workflow
1 - Data Connection
2 - Prep & Blend
3 - Automated Results