The Ultimate Guide to Transaction Monitoring Ebook

Transaction Monitoring Ebook

Read our 7-page ebook written by SafePaaS Chief Strategy Officer Nigel King.

Transaction monitoring has always been the cornerstone of the audit process. It has been a way to infer to some level of probability that a control is effective. The control of greatest significance for the longest time were the accounts with their own magical double entry controls. Confirming the validity of balances, allowed an auditor to express whether they represent a true and fair view of the financial affairs of the company. This in turn allows an investor to judge the amounts, timing and certainty of future cash flows. It coincidently has some capability to find fraud.

Now we all realize that by the time an issue is reflected in the books of accounts any issue is by definition historical with little chance to correct. We have controls in place within process that are far upstream from the accounts. We also all realize that we have obligations to constituencies beyond investors: employees, customers, vendors and that controls must be in place to protect their interests.

Of course, we now have legislation that enforces these obligations, not least of which is GDPR. We also realize that damage can be done to a company’s reputation even if the internal controls over financial reporting are effective. For all these reasons transactions need to be monitored to confirm that internal controls, financial, information security and reputation are well designed to remain effective.

Key Takeaways:

A Historical perspective to know where Transaction Monitoring is headed.
Learn about Continuous Controls Monitoring and Machine Learning.
Where Transaction Monitoring is going.
Learn about Audit Optimization.
Discover new opportunities hidden in your data.

Author Biography

Nigel was a 22-year veteran of Oracle before joining SafePaaS where he was Vice President of Applications Security and Architecture. Within Oracle development his career has been at the forefront of development of the logistics systems, business intelligence systems, product lifecycle management systems, Projects systems, Audit and Compliance Systems and Security Administration Systems.Prior to working in development for Oracle Nigel was part of a pan European sales support team based out of Munich. Before joining Oracle Nigel worked implementing JDEdwards, both directly for clients and as part of Business Technology Consultants based in London. Notable clients include Earls Court Olympia, Tupperware, Copywrite Stationary, Russel Davies Transport and Jeyes Group PLC. Nigel is one of the authors of the eBusiness Suite Manufacturing and Supply Chain handbook, as well as a regular contributor to the professional press. He is a sought-after speaker, especially on the topic of Business Applications Security. Nigel is by first profession a Chartered Management Accountant, but his other professional credentials include being a Certified Internal Auditor, a Certified Information Systems Auditor, a Certified Information Security Manager and Certified Information Systems Security Professional.