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Monitoring internal controls, detecting high-risk issues, improving business processes and more

Continuously monitor and stay ahead of compliance

Continuous Controls Monitoring (CCM) and Continuous Auditing (CA) allow management and internal audit to continually review business processes to ensure that they are meeting their targets for performance and effectiveness. Benefits include:

 

  • Determining the effectiveness of controls
  • Detecting high-risk issues and taking actions to mitigate them
  • Improving business processes to ensure adherence to internal controls standards
  • Reducing exposure to fraud, waste and abuse

How Alessa helps organizations effectively monitor controls

Transaction Screening

Monitor all transactions and block suspicious activities for further investigation

Advanced Analytics

To detect complex fraud schemes across departments and systems

Investigation Tools

Configurable workflows and case management tools for investigations and remediation

Examples of how CCM is implemented in organizations

Purchase Card Monitoring

 

Continuously monitoring corporate purchase or credit card transactions allows companies to quickly detect anomalies and instances of non-compliance. It also allows organizations to review all transactions to find:

 

  • Elevated liabilities
  • Departments/employees with the highest spend/abuse
  • Non-repayment for personal purchases, policy violations, and misuse
  • Root causes of violations

Tax Compliance Monitoring

 

Complying with tax laws within multiple jurisdictions can be complicated and time-consuming. Failure to meet regulations can result in substantial fines and scrutiny by the authorities. Tax compliance monitoring is used to:

 

  • Ensure purchases are recorded in the correct tax reporting country
  • Verify VAT and other tax deductions
  • Ensure that the right taxes are charged
  • Validate tax IDs of customers and suppliers

Customs Compliance Monitoring

 

Evolving import-export markets and government regulations can make compliance with customs laws, regulations and processes complicated and time-consuming. A customs compliance monitoring allows organizations to:

 

  • Ensure materials master data is correct
  • Comply with regulations around dual-use goods
  • Confirm correct EORI number and Incoterms are being used
  • Validate customers/vendors are not on sanction lists

“With continuous controls monitoring, we can analyze an entire list of monthly transactions in a matter of minutes. We were able to find people that were using two purchasing cards together to circumvent our procurement process. This is something we could have not seen if we were doing this manually.”

More examples of how CCM is used in organizations

Retail Monitoring

 

Whether it is tight margins or high loss rate, retail monitoring allows organizations to reduce losses due to fraud, waste and abuse. Key controls include:

 

  • Check compliance to discount policies and trends
  • Identify areas and stores with high losses
  • Manage inventory risks and losses
  • Plan store audits based on highest needs
  • Monitor online, mobile, and in-store sales

Purchase to Pay (P2P)

 

Overpayments, false invoicing and theft of inventory are major sources of fraud in procurement.  Continuous monitoring allows companies to identify:

 

  • Deadstock, high turnovers, excessive changes
  • Invoicing or payment irregularities like prohibited vendors, duplicates and gaps
  • Deviations from purchasing controls
  • Vendors on sanction or employee lists

Payroll Monitoring

 

Monitoring payroll controls is essential to ensure that the correct amount is paid after every pay cycle. Examples of continuous monitoring activities include verifying:

 

  • Gross and net pay are as expected
  • Compliance to overtime hours and rates
  • Terminated employees are not paid
  • Employees are not listed as contractors
  • No duplicate payments
  • Correct tax IDs are used

Ready to learn about how Alessa can help your organization?

Find out how continuously monitoring your controls can reduce waste and fraud in your organization.