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5 value propositions for continuous controls monitoring for transactions (ccm-t)
5 Value Propositions for Continuous Controls Monitoring for Transactions (CCM-T)
posted by Anna Mar, December 22, 2011
Continuous Controls Monitoring for Transactions (CCM-T) tools monitor and audit financial transactions. Business cases for CCM-T implementation projects are often based on these 5 value propositions:
1. Lower Compliance CostsContinuous Controls Monitoring reduces manual sampling of financial transactions and compliance documentation.
2. Reliability, Quality & TrustContinuous Controls Monitoring improves the reliability of financial controls and the quality of audit reporting. The result is often improved auditor and regulator trust.
3. Reduced Fraud LosesCCM-T solutions can monitor financial transactions and evaluate fraud controls on a continuous basis. This allows fraudulent activity to be detected while there is still time to manage it.
4. Operational ImprovementsContinuous Controls Monitoring detects financial control failures in your business processes. Failures can be escalated and managed. For example, if a customer discount is incorrectly calculated on a quotation — it can be caught before a deal is signed.
5. Reduced Reputational RiskFinancial control errors can damage your organization's reputation. CCM-T allows such errors to be caught and managed early before they cause damage to your organization.
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