Overcoming Audit Obstacles with Pathlock’s Continuous Controls Monitoring
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Key Takeaways
⇨ Many organizations focus on their compliance posture only when an audit is coming up. This can lead to teams scrambling to catch up at the last minute.
⇨ Organizations must find more efficient and cost-effective ways to better manage risk and compliance.
⇨ Continuous Control Monitoring (CCM) offers real time insights so companies can maintain active oversight of their control environment around the clock all year long.
The cost of an audit can be devastating for many SAP organizations. The man-hours often stretching into overtime, and consultant fees can be expensive – not to mention what happens if the result goes poorly. Organizations are often trapped in the audit cycle each year, struggling to meet their annual obligations.
SAPinsider’s recent Automating and Integrating GRC Processes benchmark research report found that fewer than one third of SAP organizations are using automation for their controls monitoring and management. This is despite the fact that the vast majority of survey respondents said that these capabilities were either important or very important to their overall GRC strategy. Organizations must find more efficient and cost-effective ways to better manage risk and compliance.
Overcoming Audit and Risk Challenges
To improve the compliance and risk management process, Pathlock offers Continuous Control Monitoring (CCM). It is a transformative approach that changes the way that organizations can achieve their GRC objectives.
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CCM helps overhaul audit preparation through advanced capabilities such as automation. By automating data collection and analysis, organizations can accomplish essential tasks like monitoring master data or testing controls while freeing up GRC teams to work on other important objectives.
Many organizations focus on their compliance posture only when an audit is coming up. This can lead to teams scrambling to catch up at the last minute. CCM offers real-time insights so companies can maintain active oversight of their control environment around the clock all year long. This allows companies to address issues as they arise instead of waiting until they are a larger problem.
CCM can also bolster decision-making through data-driven insights. By pulling data and analyzing trends and patterns within a control environment, organizations can identify gaps in a control environment and take steps to correct those gaps. These insights coming from the CCM approach reduce the reliance that organizations need to have on third-party consultants, trimming down the overall audit budget.
Conclusion
Having a holistic, end-to-end approach to GRC functions can help organizations better mitigate risk and get through audits with minimal stress and less financial risk. Companies must leverage advanced capabilities like automation and analytics to complete essential tasks on time and on budget.
Companies are turning to advanced solutions like Continuous Controls Monitoring from Pathlock to automate their controls to save time, stress, and money in their risk management and compliance workflows. By addressing these issues in a more proactive way, companies can avoid the stress of coming across audit issues and the last minute. This allows businesses to mitigate risk, remain compliant, and get through audit season without additional stress.
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