Business Information Monitoring Platform
Continuous Controls Monitoring
Business Information Monitoring PlatformToday 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, 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.
MonitorPaaS, the Continuous Controls Monitoring Solution for all major ERP systems, includes:
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 Monitoring improves your visibility into financial, operational, fraud and risk management controls by automating Transaction-level Compliance to stop cash leakage and financial loses. 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.