Today’s organization operates in complex environment with multiple systems across geographies. Apart from regulatory compliance they attract rigorous operational control requirement. These organizations process millions of transactions generated from various business activities on a routine basis. To ensure accuracy for processing these transactions, organizations have defined and designed control points at various stages in the process.
However, the key challenges still faced by organizations are:
- Perception Driven vs. Analytics Driven
- Sample Testing vs. Real Time Data Driven
- Periodic Audit vs. Continuous Assurance
Perception Driven vs. Analytics Driven: organizations tend to have a perception on Risk Areas and assurance requirements based on process complexity and historical findings. More than often they tend to ignore real and actual issues which can be analyzed by implementing a robust analytics based platform which is more accurate.