Companies spend huge sums of money documenting and developing their policies, controls and processes yet these companies have very little visibility into whether the policies and processes are being effectively followed since they can’t cost-effectively monitor and also test them.
Infor Approva Continuous Monitoring Overview
Infor Approva Continuous Monitoring effectively enables one to execute reliable and repeatable processes to meet control aspects of Risk, Governance and Compliance requirements of his or her organization. Since the product gives a very holistic view of the data across numerous business environments, one gets the visibility he or she needs to minimize his or her organization’s risk of governance and security breaches and noncompliance.
Infor Approva Continuous Monitoring is the only known solution with out-of-box content that effectively monitors and also correlates all 4 control types for numerous applications and all the major business processes.
1. Transaction monitoring across platforms
2. Verifying integrity of the master data
3. Testing and also managing user access to various applications against the approved entitlements.
4. Verifying process configurations and legitimate application.
Infor Approva CM identifies, defines and also monitors for controls and risks. Automates testing, tracks trends and results, exposes violations and exceptions and enables one to investigate and then take action. One gets;
1. Key performance and risk indicators, reporting and dashboards. Track KPIs and KRIs and also automate management reporting.
2. Risk identification and management.
Inspect all the transactions and data. Identify exceptions automatically as they occur. Alerts ensure that issues are immediately addressed. Manage exceptions and collaborate with the others through email. Track the progress and follow-up through reports and dashboards.
3. Detailed reporting for the auditors
Streamline the external audits with well detailed audit reports that give information about the ;status of persons who have access to very critical business systems, access review process and audit trail of the access approvals.
4. Best practice business rules
Use the out-of-box rules to assess financial processes immediately. Graphical interfaces that are easy to use enable the finance managers to update and write rules concerning specific business needs.
5. Pre-built integration tools and adaptors
SAP, Oracle, PeopleSoft applications and Monitor Infor.
Infor Approva CM applications automatically identify the exceptions and also control breakdowns in the key application systems. Through identifying and then correcting issues immediately, an organization eliminates waste, reduce risk and automate compliance obligations.
Finance
1. Reduce risk of the financial reporting errors
2. Identifying, reducing and preventing cash leaks
3. Ensuring that processes and policies are enforced cost-effectively.
Audit
1. Reducing costs and time of external audits and compliance obligations.
2. Improving efficiency and quality of the internal audit processes.
3. Addressing audit findings.
IT security
1. Improving effectiveness and efficiency of managing the user access rights.
2. Pushing responsibility/ownership for the user access rights to the business users.
3. Addressing audit findings.
Impact of the Automated Controls Monitoring
1. Reducing compliance and audit fees
2. Identifying accounting errors
3. Eliminating cash leaks
4. Mitigating excessive risk.
Product capabilities
Infor Approva CM solution enables IT, finance and audit users to successfully share one platform to monitor independently their main controls across their key applications. Exceptions can also be investigated directly. Intuitive interface enables the users to flag exceptions and drill around data, get a complete view of key information, resolve issues within the application and collaborate effectively with other stakeholders. Configurable dashboards and personalized reports give users a snapshot that tailors the information to business goals and individual audiences.
Continuous Monitoring and Continuous Auditing
Continuous monitoring solution helps finance organizations improve their overall financial governance.It also enables audit organizations to effectively implement their continuous auditing programs.
Continuous Monitoring
Continuous monitoring ensures that the financial controls operate as they are designed to and that all transactions are appropriately processed. By controlling violations and identifying exceptions as they occur, the finance personnel are able to effectively address issues.
Continuous Auditing
Do away with manual sampling by completely automating how the internal auditors test the controls. By testing all the transactions and also monitoring controls continuously, this solution increases the quality of audit and also reduces audit costs.
Automates the Whole Exception Lifecycle
Track trends and results, view context, identify exceptions, investigate and also take action.
1. Dashboards, KPIs and reporting
Automate management reporting and track KPIs with configurable reports and dashboards personalized for each user or role.
2. Exception identification
Inspect all the transactions and data. Identify the exceptions automatically. Alerts also ensure that issues are immediately addressed.
Experience the brand new Infor Approva Continuous Monitoring
The new Infor Approva CM expands the key capabilities of this important solution in some important ways. The new Infor Approva Continuous Monitoring helps one to get a wider insight across his or her organization, monitor his or her business from anywhere at any time and improve his or her ability to the industry-specific regulatory requirements.
One should increase the value of his solution and also make the most of his maintenance investment by upgrading his Infor Approva Continuous Monitoring solution.
10x core features
Application Features New modules for monitoring Infor business applications and ERP
- New capabilities for mobile monitoring
- Improved capabilities for monitoring fraud, abuse and waste in transactions.
- Faster data extractions
- Improved capabilities for exceptions browsing.
- New ability to efficiently execute monitoring rules across many application connections.
Technology features
- Improved user interface and usability performance.
- Enhanced data integration that is powered by Infor ION.
- New mobile monitoring developed on Infor Motion
- Improved development studio
- Enhanced task manager
- Enhanced time localizations.
- Improved functionality of analysis schedule.
10x main component adoption
Integrations
- Infor Lawson
- Infor LN
- Infor SunSystems
- Infor M3
- Infor Inflnium
- SAP
- Oracle
- PeopleSoft
Technology
- ION
- Infor Ming.le
- Motion
- Business Vault
- Reporting
- Process Automation
- Business Intelligence
Business Analytics
- Violation analytics
- Exceptions analytics
Micro-verticals
- Healthcare
- Public sector
- Retail
- Hospitality
- Manufacturing
Conclusion
Infor Approva Continuous Monitoring offers holistic views of user access and data across many business environments, so one gets the access and visibility that he or she needs to minimize his or her organization’s risk of security breaches and noncompliance. He or she will also save a lot of time consumed in the process of auditing by completely eliminating all laborious preparation activities involved and working with ready audit reports that effectively demonstrate compliance. Since Infor Approva Continuous Monitoring provides documented sign-off and automated review, one is able to streamline the external audits and also cut down the compliance cost.
