Skandia International, the cross-border offshore division of the Skandia UK Group, has selected CheckFree’s Accurate NXG Dashboard to help it comply more easily with regulations such as Sarbanes-Oxley.
The Accurate NXG Dashboard will increase transaction transparency by enabling Isle of Man-based Skandia International to submit a summary of the reconciliation for sign-off by a senior manager while maintaining a clear audit trail of each step in the reconciliation process. The dashboard will also deliver improved operational and administrative controls to support the segregation of duties as recommended by regulations in the UK and Europe.
Using the dashboard technology, Skandia International staff in the Isle of Man and in Dublin, Ireland, will have direct access to exceptions information to improve the investigation and resolution of transaction errors, ultimately reducing the incidence of errors in the future while speeding up processing time.
The Accurate NXG Dashboard will be housed in the Isle of Man and will be implemented via thin-client, browser-based technology.
Skandia UK already uses CheckFree’s Accurate NXG automated reconciliation solution to manage its exposure to risk, cut processing time and manage costs across the enterprise.