Buying guide checklist for risk and control management & analytics monitoring technology

Published | Tuesday, November 15th, 2016

Risk and control management software can help you address fraud, error, abuse and compliance violations

It can help you illuminate risks in finance and accounting systems—while maintaining high-performance control systems. But searching for a new software solution can be overwhelming.

This buyer’s guide is designed to help you tick off the right boxes for you and your team when evaluating risk and control monitoring technology.

Here are some questions to ask and features to look for:

Does it have modern, easy-to-use, collaborative platform & interface?

  • Intuitive, user-friendly interface
  • Software that our team actually wants to use
  • Support for mobile devices such as laptops, tablets and phones


Is there integrated support of all aspects of your risk, control & audit processes? Including:

  • Defining and documenting risks and controls
  • Assessing and ranking risks
  • Assessing and testing control effectiveness
  • Analyzing transactions and data
  • Investigating results
  • Managing exception
  • Remediation and escalation workflow
  • Automated questionnaires and surveys
  • Dashboards and reporting
  • Standard analytic tests
  • Data and test repositories
  • Data analysis and monitoring


And, speaking of data analysis and monitoring, software designed specifically for control testing and detection of fraud, waste and other risks also has specific functional capabilities.

In general, look for:

  • Pre-built analytic routines (such as classification, stratification, duplicate testing, ageing, join, match, compare, as well as various forms of statistical analysis, including Benford analysis, all of which have a role to play in helping to find fraud indicators)
  • Data manipulation function capabilities for combining, matching, extracting data
  • Data visualization—to spot unexpected anomalies and to provide new insights
  • Ability to perform complex testing and fraud detection
  • Ability to access a broad range of data sources and types
  • Support of full automation and scheduling of analytics
  • Comprehensive logging of all procedures performed (which is important in generating complete trails to support detailed investigation)
  • Ready access to an online repository of proven analytics
  • Online best practices training

For more tips and best practices, download the free eBook: The Finance Leader’s Guide to Balancing Risk & Performance. Click here to get access

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