Continuous monitoring technology to improve day-to-day productivity is a practice no longer limited to just audit and compliance professionals.
Continuous monitoring is gaining serious traction across the entire organisation to protect revenue, drive performance and detect fraud.
Audit and compliance efficiencies
The time taken to analyse hundreds of thousands or millions of records is greatly reduced through the automation that technology provides. There is no longer a need to wait for IT to produce reports and auditors are able to access database records directly, extract information and using scripts and a results management program they are able to send out the exceptions to the correct people to evaluate with no actual human intervention.
Increased fraud awareness across the organisation
When a typical organisation loses 5% of their revenue to fraud, concise and colourful visualisations make it easy for stakeholders and executives to be aware of potentially fraudulent transactions that are taking place in the organisation. As transactional data is extracted from source, the reliability is assured and can be investigated, then acted on. The visualisations give the assurance that corrective measures are effective when results are viewed over time.
A continuous audit program creates a deterrent for fraud. Employees that are aware that all transactional data in the organisation is being tracked and monitored are less likely to find a flaw in the system to take advantage of. The communication of findings with employees forms a preventative control.
Broadcasted audit value across the organisation
Finance, Operations, IT, Sales, Human Resources are all becoming more integrated and reliant on each other to be more successful. The automation of repetitive tests, push results to the business stakeholders who can take action and gain new insight into overall performance or controls. Executives can be confident in the data and use the findings to report back to the board.
Broader compliance risk identification
A continuous monitoring program can easily identify gaps in internal controls, company policy violations or inconsistencies on how systems are being utilised. With the ability to flag issues in near real time, remediation actions can be put in place to lower the risk.