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FloQast Cements Industry Leadership in Ethical, Responsible, and Auditable AI Development with ISO 42001 Certification

By: FloQast via GlobeNewswire

January 22, 2025 at 09:00 AM EST

LOS ANGELES, Jan. 22, 2025 (GLOBE NEWSWIRE) -- FloQast, an Accounting Transformation Platform created by accountants for accountants, today announced it has achieved ISO 42001 certification – joining a small and innovative group of global organizations to achieve this milestone to date. This achievement demonstrates FloQast's commitment to the ethical, responsible, and auditable development of artificial intelligence (AI)-powered solutions and positions the company as a leader in AI governance within the accounting technology space. AI underpins the technology behind the FloQast Accounting Transformation Platform, and this certification validates both the configuration and control of the solutions thousands of teams trust with sensitive financial data.

ISO 42001 is the globally recognized standard for establishing, implementing, maintaining, and continually improving an Artificial Intelligence Management System (AIMS). The certification provides a structured framework for organizations to govern AI development and use ethically, transparently, and in accordance with international best practices.

FloQast's ISO 42001 certification was achieved following a rigorous external audit, where FloQast's AI systems, governance policies, and risk management practices were evaluated to ensure compliance with the standard.

“AI is evolving rapidly, and while many companies are pushing products to market, it's crucial to approach innovation with care. At FloQast, we’ve taken a proactive and measured approach, building AI solutions that meet SOX audit standards and align with accounting best practices,” said Mike Whitmire, CEO and co-founder of FloQast, CPA. “We understand the risks of applying AI to financial data, which is why we focus on compliance, security, and accountability. Our ISO 42001 certification reflects our commitment to responsible AI development, giving customers confidence to embrace AI as a transformative tool for their accounting teams.”

FloQast achieved ISO 42001 certification using its own FloQast Compliance Management solution, implementing a comprehensive AI Management System built on principles of ethics, accountability, and continuous improvement. Key components of the framework include:

Gap Assessment: Evaluated existing FloQast processes and controls against ISO 42001 standards, identifying gaps and allocating resources for remediation.
Policy and Process Alignment: Developed and published AI Management System policies and processes to guide responsible AI development and use. Integrated these controls into FloQast’s broader compliance program to enhance visibility and alignment.
Stakeholder Engagement: Senior leadership sponsored the initiative, with active participation from an AI Committee comprising the CTO, CPO, and other key executives. This team drives responsible AI development across the organization.
Training and Awareness: Conducted training sessions for R&D teams, led by senior leadership, to ensure alignment with AI Management System objectives.
Internal and External Audits: Successfully completed rigorous audits, leveraging FloQast Compliance Management for evidence collection and submission.
Continuous Improvement: Established a feedback loop where departments communicate changes impacting the AI program to maintain compliance and advance standards.

FloQast's ISO 42001 certification highlights the organization’s investment in ethical AI development practices, robust risk management, and customer-centric innovation. By maintaining alignment with industry-leading standards like SOC 1, SOC 2, ISO 27001, and ISO 27701, FloQast continues to reinforce customer trust and deliver secure, transformative AI solutions for accounting teams. Learn more here.

About FloQast

FloQast, an Accounting Transformation Platform created by accountants for accountants, enables organizations to automate a variety of accounting operations. Trusted by more than 3,000 global accounting teams – including Twilio, Los Angeles Lakers, Zoom, and Snowflake – FloQast enhances the way accounting teams work, enabling customers to automate close management, account reconciliations, accounting operations, and compliance activities. With FloQast, teams can utilize the latest advancements in AI technology to manage aspects of the close, reduce their compliance burden, stay audit-ready, and improve accuracy, visibility, and collaboration overall. FloQast is consistently rated #1 across all user review sites. Learn more at FloQast.com.

Contact:
Kyle Cabodi
FloQast Director of Corporate Communications
kyle.cabodi@floqast.com