- Centralizing visibility into banking activity and signatories
- Standardizing payment approval processes
- Supporting daily and intra-day reconciliations of cash activity and payment acknowledgements
- Aligning treasury controls with information security policies for application and data security
- Enforcing internal treasury policies and best practices
Reliance on spreadsheets along with use of bank portals for treasury management no longer provides the protection against sophisticated social engineering scams that target treasury, from within or from the outside.
Treasury needs better protection for not only payment workflows, but also treasury processes. The organization needs the assurance that these controls exist as well as documentation to assess the effectiveness of those controls.
To improve controls and combat fraud & cybercrime, treasury requires at the minimum:
Standardized workflows
Multi-factor authentication, especially for payment approvals
Elimination of email and manual steps in approval workflows
Treasury-wide audit trails
Encryption of all treasury data, in transit and at rest
Full separation of duties, to reduce propensity for internal fraud
Central control centers for real-time monitoring of data, system access, and control changes
Kyriba delivers these features and more so that your treasury processes align with your organization's information security policies, ensuring the maximum protection against accidental mistakes and fraud attempts. Anything less than best practice is subjecting the organization to unnecessary risk.