How Checkbox is digitising sectors like audit, legal, banking and more.
The Checkbox platform can be used to build a variety of applications. Here are just some types of applications that our customers have built:
- Smart forms
- Document assembly tools
- Classification tools
- Assessment tools
- Digitisation of regulation
- Letters of Advice
- Self-service pre-assessments
- Audit process and controls
Checkbox is used across multiple industries to digitise regulation and compliance.
International Financial Reporting Standards
The International Financial Reporting Standards (IFRS) provide a common global language for business affairs so that company accounts are understandable and comparable across international boundaries. However, the complexity caused by the financial reporting standards mean that many companies struggle to conform without support from tax and advisory specialists. One of the “Big Four” advisory firms engaged Checkbox to co-create a solution using the Checkbox platform that would provide an optimum process to navigate the complexity of IFRS that they could use both internally and deploy as a product for their clients.
The complexity challenges of IFRS derive from their length, the difficulty in understanding them, and the cost of applying their requirements. For an expert to apply the standards correctly involved referencing the standard rules across over 50+ stand-alone excel work documents and other reference material. This was exceptionally time consuming and a led to a poor customer facing experience. The dollar cost of engaging specialist tax support was prohibitive to many of the client’s own customers.
How Checkbox helped
Using the Checkbox platform, we were able create an online application that navigated the complexity of IFRS, by guiding users through the regulatory process one step at a time. Relevant reference material is presented at the appropriate time. Checkbox automatically captures the entire process into reports which are not only accurate and complete, but require no effort for the user. The IFRS application developed using the Checkbox platform delivers a superior customer experience, productivity benefits as well as a low-cost fee generation.
Institutional Abuse Claims Process
The Royal Commission into Institutional Responses to Child Sexual Abuse was formed to investigate how institutions like schools, churches, sports clubs and government organisations have responded to allegations and instances of child sexual abuse. In 2016, the Federal Government announced a compensation scheme for victims of institutional child sexual abuse.
A leading Australian law firm engaged Checkbox to create an online claims process that could be deployed across all stakeholders and that would allow claims to be logged, assessed and submitted in an easy to use online environment.
The claims lodgement and assessment process was largely offline and required lawyers to supervise claimants through the lodgement and assessment of claims process. This was time consuming, inefficient and costly. It was also a poor experience for the claimant that lacked consistency and in some cases compromised their privacy.
How Checkbox helped
Using the Checkbox platform, we were able create an online claims assessment process that could be deployed nationally and be accessible to anyone with access to the internet, 24/7. A lawyer representing a claimant or the claimant themselves can log onto the application, and quickly and privately lodge a claim. The rules engine technology automatically assesses the claim, which in turn generates an assessment on the spot. This provided consistency and certainty for claimants and legal professionals. An audit report is also available to track all meta-data and claimant inputs.
Automated Legal Document
Law firms are finding it challenging to maintain profitability as they lower fees and increase unrecoverable hours to remain competitive. Document automation can help firms reduce their reliance on the billable hour and pass on significant savings and efficiencies to their clients, all while maintaining or even increasing firm profitability.
Creating new contracts and other documents for every matter involves painstaking efforts that are prone to introducing errors and take a great deal of time. Many older document automation tools were cumbersome, difficult to use, and with the billable hour firmly in place, there was no reason to automate the process or introduce new efficiencies.
How Checkbox helped
Using the Checkbox platform, a document creation application was created that allowed contract and document automation. This application reduced unrecoverable hours and other costs associated with document drafting. It helped the firm to win new clients, retain key clients and increase partner profits by making possible the compelling combination of better service at a lower cost.