Continuous monitoring can and will be called multiple things by multiple people. Conceptually, it is about automating the analysis of your data via set business rules leveraging technology and repeatable processes.
Expense is being targeted as one part of the equation (time, money and resources). In response, we ask the question: “What are the costs of not doing Continuous Monitoring?”
- Does your organization repeatedly exhaust effort spent on an ongoing basis on manual non-repeatable analysis?
- How much money is falling through the cracks as a result of duplicate payments made and/or FCPA violations not detected?
- How much money are you missing out on as a result of unauthorized discounts, vendor credits not applied?
Our professionals will work with you in order to:
- Utilize technology to automate a proactive analysis of data (financial, operational, compliance and strategic) via customized business rules applied to repeatable processes; resulting in cost/time savings or increased reliability.
- Ensure that the development of the continuous monitoring approach will be an iterative process by identify and educating the different business/ department/process owners that will make up the process Steering Committee.
- Identify the different business/department /process areas conducive to the application of continuous monitoring techniques, including analyzing the type of data available and the business rules that govern it.
- Prioritize the business/department areas and select a project scope that can be achieved in a reasonable time frame throughout the ongoing iterative process.
- Refine the process of extracting the data, defining the business rules, working the exceptions, reviewing data with business/department personnel and taking necessary actions as needed.
- Identify an area for pilot purposes, as well as develop and execute a pilot plan that can generate momentum and organizational buy-in via a proven proof of concept.
- Review the maturity and requirements of your current continuous monitoring program to make sure your technical infrastructure is capable of meeting those needs.