Definition: Policies and procedures a firm uses to ensure the accuracy of financial reporting, prevent fraud, and comply with regulations. In reconciliation, these controls include segregation of duties, audit trails, and mandatory approval workflows for resolving discrepancies.
Example: A firm implements a financial control requiring that any break resolution exceeding $10,000 must be approved by a senior controller. The reconciliation system enforces this by automatically routing the exception for a secondary signature before the record can be cleared.
Explore the IVP Reconciliation Solution
The IVP Reconciliation Solution acts as a digital enforcement layer for a firm’s financial controls. The solution provides a rigorous audit trail for every action taken, from data ingestion to final resolution. Our integrated team assists in the design of these control frameworks, ensuring that the technology automatically flags “out-of-policy” actions and provides the transparency required to satisfy SOC 1, SOC 2, and investor due diligence requirements.
