This white paper is hosted by SAPinsider and sponsored by ERPMaestro.
The price of financial statement audits continues to rise, going up 50 percent in 2017 alone. Yet many companies fail to take the single step that could lower this expense significantly—one that could cut other costs, as well. Constrained by budgets and short-term thinking, these organizations continue to record, track, and provide information to auditors using old-fashioned spreadsheets and other error-prone manual processes. As a result, they end up spending excessive employee hours and paying far more than if they had automated their access controls and reviews. Additionally, they become vulnerable to fraud and internal security breaches, potentially impacting their bottom line even further. In this eBook, explore some of the unnecessary costs associated with manual processes and learn how to avoid them.
- 75 percent of organizational security threats come not from outside, but from within the company’s own ranks
- Managing Segregation of Duties (SoD) alone can require hundreds of hours from multiple employees just to complete one SoD analysis, which is generally performed 2-4 times a year
- Automated controls can use transactional utilization data and change logs to see not just what kinds of access are assigned to which roles, but also who is actually using the assigned access and how they are using the access in order to identify gaps for tighter, more effective controls
- The cost of a security breach isn’t limited to loss of assets and sensitive data. Regulatory fines can be steep.