Challenges
- Reduce costs related to audit and controls assessments
- Reduce risk associated with a highly manual, fragmented process
- Gain enterprise-wide visibility into risk and compliance processes
- Leverage existing technology investment as a foundation for enterprise risk management
Results
- Improved management visibility into financial close controls with real-time reporting on close task performance by financial managers across regions
- Reduced financial misstatement risk by replacing manual, spreadsheet-based, error-prone processes with an automated checklist
- Delivered an enterprise risk management framework, letting management and process owners set key risk objectives and monitor risk indicators on dashboards
- Provided risk assessment analytics to improve audit planning