Accurately manage business relationships
An increasing focus on non-client relationships - alliances, vendors, sponsorships, and membership - has emerged across the public accounting profession. A large public accounting firm will have hundreds, if not thousands, of these non-client relationships, with each type having different independence and risk treatments. The combination of public accounting firms being decentralized, mixed with the complex organizational hierarchies and individuals serving as directors, officers, and shareholders magnifies the challenge of understanding these relationships and how rules should be applied.
At the same time, organizations have built teams to interact with engagement teams to identify and manage these non-client relationships - vendor relationship teams, alliance teams, etc. Independence and risk teams have been built to support those teams. Data management teams have been augmented with staff to keep up with a myriad of corporate actions and individual actions (e.g. directorships, officers). The result is a relatively expensive and time consuming process. What if you can ensure independence, meet your business needs for business relationships, and control your cost structure in doing so?
Our clients use the Kingland Platform to manage these different types of relationships within member firms and across the network, applying the right rules and workflow to the type of relationship in question. The platform automatically integrates organization hierarchy, director, officer, and significant shareholder data so clients can accurately track all relationships. A flexible questioning engine can be extended to the non-client organization to collect more information as well as orchestrate the research and approval processes internal to the accounting firm. Real-time alerts notify accounting firms to act on material hierarchical changes so clients can maintain independence and assess risk. Analytics provide insights into how requests for business relationships are being adjudicated and identify patterns within member firms, engagement teams, offices, and other dimensions. Whether a new business relationship, change to an existing relationship, or a periodic renewal of an existing one, our solution orchestrates the processes required. Our independence expertise, coupled with our technology platform and strategic data, enables organizations to avoid the independence impairment as well as increase efficiency of independence, alliance, and vendor management teams to meet the needs of the business.
Contact us about your Independence needs.