Business Problem

Compliance and risk management are challenges faced by most large organizations. Protecting investors by improving the accuracy and reliability of corporate disclosures and deterring corporate and accounting fraud is of critical importance in any publicly traded organization. We use BPM to document financial processes according to industry-specified frameworks, assign control tests, identify risks and raise and track issues. By consolidating all audit information in a single, web-based interface, BPM allows us to effectively manage financial risk and ensure compliance.

Process Players

  • Executive Management
  • Financial Controllers
  • Internal Audit Teams
  • IT

Process Steps

Internal audit teams first load financial data into industry-specific control frameworks. Financial processes must then be documented by tasks sent out monthly, quarterly or annually. Internal audit teams can then assign control tests and evaluate results based on their outcome. A separate process allows the audit team to raise, track and remediate issues; while yet another process enables surveys to be created and their results reported. Finally, aggregated reports on these financial processes, controls, issues and surveys provide a comprehensive summary of our financial compliance procedures.

Process Benefits

Significant reduction in time and cost associated with managing processes and risk. Real time reports provide visibility into high-risk issues on dashboards. Consolidated views in a single web-based environment.

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