Continuous Controls Monitoring

Business Information Monitoring Platform
Today more than ever, organizations need to transform risk management practices from manual controls to automated fine-grained controls that monitor business activities enabled by enterprise applications. We are rapidly moving into a digital universe where an increasing number of people are connected to enterprise applications online (cloud-computing), and “things” (smart devices) connected to the internet are unleashing new waves of opportunities.

Manual controls are ineffective without timely visibility into control violations that occur in daily business activities within enterprise applications such as Oracle EBS, Oracle ERP Cloud, SAP, and Workday. The bottom line is that if any of the key controls in your enterprise application fail to operate, there will be an impact on the business.

Continuous Controls Monitoring (CCM) Solution.
You can use our Continuous Controls Monitoring solution to continuously monitor business activities within your enterprise applications with instant access to the largest catalog of automated application monitors covering 1,000+ business objects for major processes such as Procure-to-Pay, Order-to-Cash, Hire-to-Retire, Design-to-Ship, and Financial Record-to-Report.

A subscription to MonitorPaaS™ , Continuous Controls Monitoring solution, provides information on how well business processes are operating over a selected time period, enabling your company to ensure that operating, financial and compliance objectives are met.

Process improvements can be made by enforcing consistent application setup and operating standards with MonitorPaaS™ . For example, notify the Payables Manager if a key application configuration, such as 3-way-match for AP invoice payments, is changed. Setup a dashboard for the Purchasing Manager to track changes to master data, such as supplier bank accounts, to know who, when, where and what changed.

MonitorPaaS™ enforces a granular level of risk mitigation to targeted users and events by invoking approvals and notifications when key risk fields are modified.

Examples include requiring approvals and reasons for changes to customer limits, and preventing posting of GL Entries into a closed period without approval from the Controller.

Business Monitors for Governance Risk and Compliance
MonitorPaaS™ tracks configurations, master data and transactions in your business application based on the rule logic that meets your governance, risk or compliance objective. For example, select a transaction rule in “Create Supplier and Enter Payment” to identify application users that have created a supplier and paid that same supplier – violating a segregation of duty policy. MonitorPaaS™ comes pre-seeded with more than a thousand rules that you can select and configure to address your objective.

Detect and Prevent Internal Control Violations 
Once business rules suitable to manage risks are selected, users can define monitoring frequency, notification workflow, reporting format, response type, and ownership assignment. Examples include setting up a supplier monitor to run daily, generating a report that tracks changes to key supplier fields and notifying the procurement manager when a supplier’s bank account is changed.

Control Objects for Cost Savings and Rapid Deployment 
Save hundreds of hours analyzing application objects, designing reports, building workflows, and maintaining custom code by simply downloading the control objects that are available for MonitorPaaS™.

Incident Management for Closed – loop and Timely Remediation
Incidents reported by MonitorPaaS™ are assigned to business managers for a timely response to ensure an optimal risk remediation cycle that also produces the necessary evidence to ensure effective control environment.

MonitorPaaS™ , the Continuous Controls Monitoring Solution for all major ERP systems, includes:

Configuration Monitor™
ERP Configuration Controls Monitor enables you to mitigate financial and operational risks by ensuring accuracy, and consistency of application configurations required for processing business transaction within your ERP system.

Transaction Monitor™
Transaction Monitoring improves your visibility into financial, operational, fraud and risk management controls by automating Transaction-level Compliance to stop cash leakage and financial losses. It empowers business users to prevent control failures across all key processes.

Master Data Monitor™
Master Data Monitor enables you to mitigate financial and operational risks by ensuring accuracy, consistency and timeliness to data that is required by ERP systems to execute significant business processes. You can ensure the consistency of master data by identifying duplicate records that often occur in ERP systems simply because the user is not aware that existing record or uses a “workaround” the system controls by using a modifier on a record key to update key attributes such as supplier payment terms or payment currencies.

Data Protection Monitor™
Organizations doing business in Europe can immediately deploy continuously monitored data protection controls to achieve sustained compliance with General Data Protection Regulation (GDPR) and capitalize on the business value of data privacy. SafePaaS Data Protection Monitor transforms ad-hoc, manual and reactive data protection programs, recently adopted by many organizations, to meet the mandates of GDPR and other emerging new regulations into a holistic data protection process that is well-defined, continuously tracked, and optimized.

Application Life Cycle Monitor™
Monitor ERP App Configurations across multiple ERP instances. Used to document ERP configurations and detect configuration errors during ERP implementation upgrade and maintenance.

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