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Better Controls A business imperative. In today’s rapidly changing economy, there is an increasing need for simple and effective systems for internal control. Poor corporate governance can destroy reputations, stock prices, revenues and profitability.

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Presentation Transcript
slide2

Better Controls

A business imperative

In today’s rapidly changing economy, there is an increasing need for simple and effective systems for internal control. Poor corporate governance can destroy reputations, stock prices, revenues and profitability.

Senior executives recognize that preventing fraud and revenue leakage is not just good business

it has become essential for survival.

slide3

Organizations typically lose about 5% of annual revenues to fraud, with the

average scheme going undetected for 18 months.

Organizations with controls in place, however, detect fraud sooner and report significantly lower losses.

Internal controls help ensure financial information is correct, businesses are operating optimally and assets are safeguarded.

The implementation has results

slide4

Why Implement

Continuous Monitoring or Auditing?

Traditional audit methods are inefficient and less effective—with tangible organizational costs.

It takes an average of 342 days to detect a fraud, at which point 89% of all proceeds are unrecoverable.*

*KPMG Fraud Survey

Non-Compliance & Regulatory Fines

FCPA (Foreign Corrupt Practices Act)

Sarbanes - Oxley

Highlight the costs of NOT using Data Analytics.

slide5

Continuous Monitoring and

Auditing Toolkit.

Provide a quick response

to operational changes

when used as a risk assessment tool.

Increase timeliness of control failure detection and quickly mitigate the risk of ongoing control failures.

Mapping Risks

to Analytics.

slide6

Audit

Finance

Business

Process Owners

C-Suite

IT

Who benefits from INSPECT Data Analytic Solutions?

slide7

Why you need to establish a Data Analytics Program?

Revenue leakage

Identify risks that weren’t evident

Known areas of weak internal controls

Overpayments

Key performance indicators

NOW

Savings!

slide8

Value of Data Analysis

100% transaction testing to reduce operational,

compliance and financial risks:

Provide a quick

response to

operational changes

when used as a risk

assessment tool.

Provide cost savings and stop revenue leakage:

Increase timeliness

of control failure

detection and

quickly mitigate the

risk of ongoing

control failures.

Facilitate fraud detection:

Enhance control

environment as

employees

become aware of

the level of detail

review.

slide9

We have a

solution

?

What would

you like to monitor

for ongoing risk?

What are your areas of

highest risk?

Where do you have large

amounts of data?

Do you have disparate systems that

may increase risk?

What analysis is

currently time intensive?

slide10

Search for patterns and identify red flags to monitor high risk areas.

There is no limit on the size of data that can be analyzed.

Compare multiple systems.

Enabling a Sustainable Data Analytics Program

Make it repeatable!

slide11

INSPECT delivers an effective

solution for continuous monitoring of internal controls. By automating tasks that are often inconsistent, inefficient and ineffective, the solution affords you the best opportunity for early detection.

This complete solution allows you the freedom and peace of mind to concentrate on what’s important:

The INSPECT

value proposition

It´s just

good

business

Making critical decisions

Building relationships Growing your business

slide12

Benefit from INSPECT

You can set the monitoring system to run as frequently, or infrequently, as you would like.

Do you want to manage the process yourself?

Would you like INSPECT to manage the process and provide access

to reports and exception detail?

slide13

INSPECT Solutions

Improve your audit coverage and productivity

Enhance quality and consistency by embedding analytics into audit processes

data

analysis

applied

analytics

Conduct more efficient, secure and faster analysis

managed

analytics

Gain more timely insight into fraud, errors and inefficiencies

automated

analytics

Reduce risk, lower costs and increase organizational performance

continuous

monitoring