Two-Person Rule: A Cost-Effective Safeguard

The two-person rule, a cornerstone of financial security, can save more money than any software solution by preventing fraud through segregation of duties. This principle ensures that no single individual has control over all aspects of a financial transaction, thereby reducing the risk of errors and fraud.

What is Maker-Checker Separation?

Maker-checker separation is a fundamental financial control mechanism where one person (the maker) initiates a transaction, and another person (the checker) reviews and approves it. This separation of duties ensures that no single individual can both create and approve a transaction, significantly reducing the risk of fraudulent activities.

How SoftSolz Policy Engine Implements This Rule

The SoftSolz policy engine automates the maker-checker process by setting thresholds that route approvals automatically. It prevents self-approval, ensuring that no individual can approve their own transactions. Additionally, it allows for delegations to cover holidays, ensuring continuous operation without compromising security. The approvable actions are explicitly scoped to invoice posting, refunds, write-offs, and credits, providing clear boundaries for financial activities.

Real-World Alternatives: Email Chains and Bill.com-Class Tools

In many organizations, financial approvals are managed through email chains, which are difficult to audit and prone to errors. These chains lack the structured oversight provided by a dedicated policy engine, making them a less secure option.

On the other hand, Bill.com-class tools offer robust financial controls but come with their own set of challenges. They require a separate purchase, a separate login, and often involve per-user pricing, which can be costly for businesses.

Why SoftSolz Policy Engine Stands Out

The SoftSolz policy engine is bundled with invoicing, rather than being sold as a separate controls module. This integration provides a seamless experience, eliminating the need for additional purchases or logins. It offers a cost-effective solution that enhances security without the complexities and expenses associated with standalone tools.

Conclusion: Secure Your Financial Transactions

Implementing the two-person rule through the SoftSolz policy engine can significantly enhance your organization's financial security while saving money. By bundling this feature with invoicing, SoftSolz offers a streamlined, cost-effective solution that outperforms both email chains and standalone tools. To learn more, join our waitlist for a controls walkthrough and see how this powerful tool can benefit your business.