Paychex, Inc., the HR software and services company that provides the power of simplicity for increasingly complex workplaces, has made business operations less risky for Paychex customers during the COVID-19 pandemic. On the strength of the company’s recent innovations in financial and operational risk management, Paychex was honored by Treasury & Risk magazine with two Alexander Hamilton Awards. The awards highlight how Paychex has helped businesses and their employees achieve financial security this past year.
“The risk management solutions we introduced were not only beneficial to Paychex, but to our valued customers who were facing significant cash flow challenges in 2020,” said Frank Fiorille, vice president of risk management, compliance, and data analytics. “From developing a model to quickly identify customers in need of relief programs to introducing efficiencies that streamlined access to unemployment benefits, the Risk Management team underscored our promise to simplify human capital management.”
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Silver Alexander Hamilton Award in Financial Risk Management
To manage increased risk during the COVID-19 pandemic, Paychex deployed a newly developed credit risk model. Using the up-to-date inputs, the model assigned a real-time credit risk score, which allowed Paychex to engage customers in need of cash flow assistance quickly. Throughout the height of the pandemic, higher-risk customers were retained and preserved through alternate funding methods such as payroll protection available through the Paychex Promise offering, wire transfers, and ACH push.
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Bronze Alexander Hamilton Award in Operational Risk Management
Amidst unprecedented volumes of unemployment filings, Paychex utilized Robotic Process Automation (RPA). This process corrected common errors, such as inaccurate Social Security numbers, so client employees had the necessary information to complete unemployment claims and begin receiving benefits. The internal RPA solution also allowed Paychex to create an expedited channel to produce retroactive Employee Retention Tax Credit (ERTC) amendments for its clients and remit them to the IRS.
This marks the tenth time Paychex has been honored with an Alexander Hamilton Award by Treasury & Risk magazine. This prominent recognition comes in addition to several other recent accolades honoring Paychex, including receiving the number one ranking in the Payroll Voice of the Customer Report from Sapient Insights Group and a Stevie® Award for the Most Valuable COVID-19 Response by a Business Development Team, among other accolades.
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