Risk, Recovery and Account Reconciliation: Resiliency Through the Storm
Session Number: 7256
Track: Exhibitor
Sub-Categorization: Finance
Session Type: Presentation
Primary Presenter: Kelly Dean [Director of Accounting - University Of Texas Medical Branch Galveston]
Co-Presenter: Molly Boyle [Director, Solutions Marketing - BlackLine ]
Time: May 18, 2020 (01:30 PM - 02:30 PM)
Room: Virtual 8
Mobile Cross listed Track(s): Finance
Session Length: Regular Length (60 min)
Session Submission Type: Member Institution
Knowledge level : Basic
Target Audience: Functional
Learning Objective 1: Strategies for developing and adopting a risk-based approach to automating the account reconciliation process
Learning Objective 2: Ways UTMB was able to improve accuracy, efficiency, and control across their balance sheet account reconciliations
Learning Objective 3: How the Financial Accounting & Reporting team at UTMB was able to transition home on a day’s notice and still close the books on time in response to the COVID-19 pandemic
Prerequisites : "None"
Advance preparation: "No Advance Preparation Required"
Platform Type: Cloud
Product: Other - If other list product type below.
Other Product Type: BlackLine Accounting Cloud Solution
Version Presenting: N/A
Level of Customization: Bolt-On
Level of Partner Integration: Shared Institution/Partner
Project Phase: N/A
Project Go Live: N/A
Your Training in this Area: Certified Public Accountant
Element(s) of Engagement: Case studies, Live Polling
CPE Approved Session: No
Description:
In 2009, Hurricane Ike devastated The University of Texas Medical Branch’s campus and operations. Faced with rebuilding or abandoning the area, UTMB renewed its commitment to the Galveston community. This commitment meant UTMB needed to physically diversify its operations to ensure continued operations in the eventuality of another catastrophic event.
As a result of their vision and commitment, UTMB saw increased revenue and funding, coupled with the rapid expansion of operations. This growth, however, also created stress on existing accounting operations. Greater efficiencies were needed to support operational growth, and manual reconciliation processes were no longer sustainable. A better process was needed to maintain control, timeliness, and transparency across the close.
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