1. Transaction monitoring – continuous transaction and access rule verification.
2. Separation of duties – implements separation of duties controls (the employees that execute transactions must be different from those who audit transactions).
3. Remediation management – escalates exceptions and tracks remediation processes (remediation & exception workflows).
4. Reporting and Analytics – audit dashboards, reports and analytics.
How mature are CCM-T technologies?
Continuous controls monitoring is an emerging technology. Many vendors offer incomplete solutions or products with limited compatibility.What's the value of CCM-T technologies?
There are three key value propositions for CCM-T:1. Reduce losses from fraud and financial errors.
2. Reduce legal penalties and damage to reputation from failure to comply with rules and regulations.
3. Reduce the cost of audits.
Examples
CCM-T continuously monitors financial controls. This allows a business to react quickly to fraud and financial errors. CCM-T can detect:invalid employee expenses
duplicate payments
invalid sales commissions
unusual payments
suspicious financial transactions
invalid warranty claims
invalid discounts
By handling control exceptions as they occur — auditor and regulator trust is enhanced.
Implementation of CCM-T
CCM-T products are often tightly-bound to one or two ERPs and financial systems. If all your financial transactions flow through a supported ERP — implementation of CCM-T is often quick and painless. Otherwise, expensive customizations may be required — dramatically reducing your ROI for CCM-T.Some CCM-T products lack the functionality required to monitor complex transactions over multiple disparate systems. It's best to ask your CCM-T vendor if they can monitor such transactions.
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