Overview
RevRec provides out-of-box control checks that help you meet the SOX-compliance requirements: for example, invalid or missing data, unusual or uncontemplated use case scenarios that warrant a second look, or software issues that may have impacted your data. Once a potential issue is identified, RevRec will alert you and provide the detailed information, including the full description of the issue, an analysis of the potential impact and oftentimes the proposed resolutions, so that you can review and resolve the issue.

At RevRec, we place a lot of thoughts on process control and validation and this feature is to give our users a tool to enhance the issue identification and resolution process. So try this tool out and let us know your feedback!

Usage
The Control Checks box is located on the dashboard. You will see an alert flag when a potential issue is identified.

Control Checks Alert

Click on the alert icon, RevRec will open the Control Checks page. The top bar lists the areas that RevRec checks for potential impacts: bookings, invoice, revenue and deferred revenue. In addition, RevRec highlights the specific impacted area by the issue. For example, this issue impacts the recognized revenue.

Example of Control Issue that impacts Revenue

The Control Errors section displays the additional information. When you hover your mouse over the information icon, you can see a brief description of the issue and the estimated impact text. To the left, there are three icons - apply proposed fix, ignore this error, and download analysis report. You can first click the download icon to review the detailed analysis along with the proposed data fixes in an Excel file format and then decide whether you want to apply the resolution or ignore the issue if the impact is not material.

The Excel file will have multiple tabs that fall to three categories: impact summary, detailed analysis and proposed data fixes for issue resolution.
The summary tab provides a high level description of the issue and the potential impact.
The analysis tab(s) will include the detailed data and analysis so as to allow you to understand the scope and impact of the issue. Note, there is no specific format the analysis tab(s) will follow, and each issue can use a bespoken format that best applies to the scenario.
The proposed resolution tab(s) are the standard RevRec bulk-upload formatted data that lays out the data fixes that can correct the issue when processed. You can also make additional changes to the proposed data fixes.

Example of Impact Analysis

You can reach out to your RevRec support team for additional information or further clarification regarding the impact analysis or the proposed resolution.

Once you have reviewed the analysis, you can choose to either apply the fix or ignore the issue, depending on the materiality and relevance. If you choose to apply the fix, RevRec will re-process the data contained in the proposed resolution tab(s) and notify you of the process status. If you choose to ignore, RevRec will bypass the proposed fix. In either case, the issue will be resolved and removed from the control checks list.

Apply the Data Fix
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