In the first of the three articles dealing with GRC platforms, I have described substantive and technical challenges in the area of auditing and audit management. In today's second part, we deal with functionalities that audit management platforms should have. Some of these functionalities can be found in this blog post. However, they do not represent a complete catalogue, but are only an excerpt without claiming to be complete.
Although it may be true for the headline, this blog post is not intended to be about ransomware - also called encryption trojans. It's about data analysis and how crucial the "last meters" can be. Sometimes it's the little things in life that determine the success or failure of a project. This also applies to data analyses where the data comes from the SAP system and the results are to be checked in the system. Although the results and raw data come from the same system, it is often very time-consuming to carry out the check in the system. In this blog post, I will introduce our approach and show you the advantages of dab:Link.
Most of the business owners and CEOs have shift their attention in profit increases, earning ratios and cost reductions which are used to show elegantly how good an enterprise is performing. However, according to Reider & Heyler (2003), these businesses might forget their most important daily concern – monitoring the company’s cash position. Cash is the most important liquid asset of a business which ensures the payroll is met, new customers are acquired, new products are developed, vendors’ bills and taxes are paid, and most importantly growth and expansion of a business is possible. The amount of cash that a company has on its accounts at a certain point in time portrays the company’s cash position. Monitoring of a company’s cash situation is another way of measuring its financial strength and liquidity. As mentioned by Reider & Heyler (2003), it is the lack of cash which causes companies to fail and not the lack of profit or growth. Not having sufficient cash is a concern of many CEOs who fear they might lose their businesses due to such reason. On the other hand
In a first blog post on GRC platforms titled "GRC and Governance Platforms - Introduction", we took a bird's eye view of the topic. Now I would like to continue the article series with the topic "Audit Management", which will consist of three consecutive articles. I will address the following topics:
Internal controls are often considered to only be the responsibility of finance and audit professionals. But if internal controls work in harmony, across an organization and the Three Lines of Defense, they can help the organization avoid legal repercussions and run more effectively and efficiently. While creating a rigorous internal control system can be challenging, it’s definitely possible.
Now to specific examples of use. I will show you three examples from our portfolio to give you some ideas and have divided them into three different categories. Firstly, I will use the example of a traditional duplicate payments analysis to explain how known, transaction-based analyses can be improved. I will then describe new analytical approaches, based on the specific example of a comparison of master data quality expressed as an objectively determined indicator. The third example shows the segmenting of business partners in financial accounting – not in the traditional way but based on the posting structure exhibited by these partners.
Digitisation has been a burning issue in companies not only since Corona, but the sudden switch to decentralised locations such as the home office clearly shows the weak points of digitisation. Any omissions or lack of readiness now have a strong impact on the daily work routine in each company.
This is the second part of a short series of blog posts where we present you two machine learning procedures with the analytic Software ACL Robotics. The “ACL™ Robotics” software solution, which has been established on the market for many years, supports the manual and automated analysis of large amounts of data. In addition to a multitude of interfaces to SAP (via “SAP Connector”), Salesforce, Google Hive, Amazon Redshift, Outlook, PDF imports or any ODBC data source, a script language helps to automate analysis steps. The software developer Galvanize allocates this to the field of RPA (Robotic Process Automation). Individual analytic steps are performed by several analytic commands, such as sorting, summarizing, joining and relating, to name only a few. With the Version 14 these analytic commands have been extended by three machine learning commands named as “Train”, “Predict” and “Cluster”. In these two blogposts we will introduce these three commands to you by taking examples from out of the everyday business. For all ACL users, we also offer the opportunity to download ACL projects, allowing you to try out each command, step by step.
The analysis of processes in companies with the help of process mining, especially for the processes purchase-to-pay and order-to-cash, is still in great demand. We have already presented our position and solutions on this topic in various blog posts.