The focus of CaseWare™ Monitor AML is to assist institutions in meeting compliance requirements in an effective and efficient manner by automating regulatory reporting and monitoring financial transactions and customer information. The ability to assign responsibility for anomalies detected and maintain accurate records of all actions taken is key in allowing institutions to take all reasonable steps and exercise the necessary due diligence to avoid committing an offense.

Effective loss prevention continues to be an essential activity for the Retail Industry. The constantly changing nature of retail shrinkage can only be contested through a greater understanding of the business activities within an organization's internal control environment.

In a recent KPMG Fraud Survey Report, inadequate oversight and lack of clarity regarding ownership of controls are cited as key factors leading to ineffective fraud prevention. Examples include individuals being temporarily assigned 'super' user rights but are not revoked at the correct time or exception reports going to stakeholders that cannot take action to remediate issues before they become material to the organization.

Through a single portal coupled with built-in workflow and notification, all stakeholders and key decision makers can independently monitor processes across varying businesses and systems. This collaborative framework helps users across multiple departments such as loss prevention, procurement, finance, operations, and audit, to detect and correct errors and abuses before they become detrimental.

The health insurance industry suffers tremendous losses globally and the resulting impact is higher premiums. For example, in the U.S. alone health insurance fraud was estimated to cost $68 billion. (National Health Care Anti-Fraud Association, 2008)

The methods being used by many health insurers lack the sophistication to stay ahead of the threat. CaseWare™ Monitor Health Insurance Fraud Monitoring employs a combination of business rules and predictive analytics to detect fraudulent claims. CaseWare™ Monitor integrates seamlessly requiring no changes to existing business systems in the organization. All claims are examined against business rules in addition to advanced analytics to detect anomalies.

Every $2 million invested in fighting health-care fraud returns $17.3 million in recoveries, court-ordered judgments, plus bogus claims that weren't paid and other anti-fraud savings. (National Health Care Anti-Fraud Association, 2008)

The focus of the solution is to automate the definition of governance, risk and controls within the financial institution's lending process. The financial institution is allowed to define the control environment from loan origination to servicing and portfolio management. Once completed, the monitoring framework examines all electronic activity to detect control breaches and alert the relevant persons automatically.

CaseWare™ Monitor O2C enables all Order to Cash processes to be monitored, regardless of the underlying systems, data sources, platforms or locations. Results from these disparate sources are consolidated and presented in CaseWare™ Monitor O2C for use by any authorized users, regardless of location.

Continuous monitoring solutions provide an organization with an independent point of observation over its O2C business processes. It enables identification of control breaches, fraud and money leakage, while ensuring data quality and providing feedback on key performance metrics across the entire process.

An independent point of observation is important in continuous monitoring because solutions that are embedded tend to only provide insight into that system. CaseWare™ Monitor however enables all aspects of the O2C process to be monitored holistically and provides assurance that the interfaces between systems are working correctly.

CaseWare™ Monitor for P2P suite of tests is comprehensive and covers the full lifecycle of P2P. The suite includes tests and reports for Segregation of Duties, Master Data Monitoring, Exception Reporting and Metrics & Performance Monitoring.

Using CaseWare™ Monitor, all facets of the P2P process, from Requisitioning through to Payment, can be monitored, providing insight into specific issues as well as the overall health of procurement controls. Notifications and workflow management are built into the CaseWare Monitor™ framework ensuring that issues receive proper attention and their resolution managed.

According to the Association of Certified Fraud Examiners (ACFE), companies lose 7% of their annual revenues to occupational fraud. The focus of the CaseWare™ Monitor Payroll solution is to define and automate tests for the controls within the organization's payroll processes. CaseWare™ Monitor Payroll Solution is compatible with any source of data, including ERP and bespoke applications. By continuously monitoring the systems and applying a comprehensive resolution workflow, the audit and compliance process becomes independent and auditable.

A key feature of payroll controls monitoring in CaseWare™ Monitor is the ability to detect erroneous, suspicious and fraudulent activities before payments are made. This provides organizations with a valuable window of time to investigate exceptions to prevent losses due to error or fraud. This solution is deployed to all the relevant stakeholders, assigning them fraud mitigation tasks and ensuring that they are addressed in a timely manner.

Utility companies generally face mounting difficulties in safeguarding their revenues. In times of increasing data volume and complex systems, finding methods to detect revenue leakage and implementing an infrastructure to address it is challenging. With the CaseWare™ Monitor framework approach there are no "blind spots" because there is a virtual consolidation of the systems to create a single view of the business.

The focus of the solution is to automate the monitoring of the company's service and billing processes. Detecting anomalies and alerting the relevant persons will prevent and/or minimize revenue leakage. Most errors that result in revenue losses occur in advance of the actual loss. For example, a customer whose account is incorrectly rated will not result in a loss until billing is done but if detected early, the loss is preventable.

The CaseWare™ Monitor SoD solution enables Segregation of Duties to be monitored holistically, ensuring that user authorities are properly compartmentalized regardless of the business application, and as a secondary benefit, provides assurance that interfaces between different systems and business operations are working correctly.

Our Tax Monitoring solution is compatible with any source of data, including ERP and bespoke applications. By continuously monitoring the systems and applying a comprehensive resolution workflow, the compliance process becomes independent and auditable. This solution is deployed to all the relevant stakeholders, assigning them issues to be dealt with and ensuring that they are addressed in a timely manner.

CaseWare™ Monitor enables Continuous Auditing of the entire business regardless of underlying systems, data sources, platforms or locations. CaseWare™ Monitor analyzes 100% of the applicable data and presents a consolidated view of these disparate sources. Internal Audit (IA) is allowed to define the control environment by utilizing a monitoring framework, and alerts are sent once control breaches occur. The solution allows auditing to become more independent and repeatable. IA can now automate scripts to have more frequent testing of controls, and, with the issue management workflow and distribution, can always know the status of internal controls.

In most Windows environments, audit logs are underutilized. They are often examined only for investigation purposes and usually after an incident. However Windows logs, when properly configured and efficiently monitored, have tremendous value.

System logging generates vast amount of data from varying sources. As a result, the process of consolidating, inspecting and analyzing them may be tedious and inefficient. The challenges are compounded by inadequate configuration resulting in logs being full, overwritten, incomplete and useless.

Our solution focuses on automating analysis, reporting, alerts and issues management within the organization's Windows logging environment. The resulting logs are collated to a centralized CaseWare™ Monitor server for analysis and interrogation. Once completed, CaseWare™ Monitor utilizes a monitoring framework that examines all electronic activities to detect reportable events and alert the relevant individuals.

While enterprise risk management (ERM) has been widely adopted by organizations globally, most will agree that there have been varying degrees of success in implementing all elements of the ERM framework - one key element that remains elusive is an effective monitoring mechanism.  A mechanism that not only monitors an entity’s significant risks, but reports, investigates, and escalates in a timely fashion, throughout the organisation.  Explore how  incorporating Continuous Controls Monitoring (CCM) as an integral part of your ERM strategy will allow automated internal controls  to be examined in such a way that immediate feedback is available for management's decision making.

In keeping with best practices for P-Cards, Continuous Monitoring solutions provide an independent point of observation over P-Card processes, transactions and associated controls. Continuous Monitoring solutions allow for the immediate identification of control breaches, fraud and money leakage, while ensuring data quality and providing feedback on key performance metrics across the entire P-Card process.

Sagicor needed to be able to identify abnormal claims payments and claims that did not adhere to policy requirements. Within CaseWare Monitor, the Sagicor team has greatly improved operations through comprehensive monitoring of all claims payments, strict enforcement of policies through watchdog reports and an increased ability to take timely action on all issues, resulting in hard-dollar savings.

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One of NIB’s key business objectives is to ensure the accuracy of payments to beneficiaries for long and short term benefits. CaseWare Monitor has tremendously improved business operations including the accuracy of payments and other critical stages of the Insurance process such as Registration, Eligibility Assessment, Claims and Adjudication.

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Regulatory reporting was a burden on the day-to-day operations of the investment brokerage, JMMB. With CaseWare Monitor, JMMB achieved regulatory compliance through automated reporting and reduced the time spent in preparing reports to hours instead of days.
 
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Enersource, a diversified energy and technologies company, faced the major challenge of verifying all bills prior to sending them to customers. With CaseWare™ Monitor, Enersource was able to lower bill processing time and significantly improve billing accuracy.

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The financial institution, BCR, sought a solution that could comprehensively monitor transactions and properly manage workflow to facilitate analysis and investigations. With CaseWare™ Monitor, data analysis and mining is now easier allowing Internal Audit more time to focus on identifying trends and risks.

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Detecting compliance and control breaches is only part of the core objective. The resolution of issues and the associated improvements in the control environment are critical to realizing the value of continuous monitoring. Anyone attempting to monitor business process controls manually can attest to the challenges.

CaseWare™ Monitor boasts impressive functionality to manage issues.

This includes: 

• ability to automate the execution of tests via schedules
• selecting users/groups to be alerted for information purposes only
  
• setting up an escalation process
• controlling whether or not the assigned user can close the issue
• performing all of the above based on conditions

The conditional management of issues is a powerful feature that allows the customer to determine different treatment of exceptions based on predefined criteria. For example, all exceptions for Branch A get routed to Manager A and Branch B to Manager B, and so on. In another instance, exceptions above US$50,000 get routed to the CFO’s attention.

Once results are assigned, users can: 

• review/close
• reassign
• comment
• export reports to portable formats
• view history of activities

CaseWare™ Monitor allows for the exemption of specific records as a way of reducing false-positives. Applications that detect issues and allocate work must provide for the reduction of false-positives or the user may become overburdened. Specific records in a report can be exempted or a condition can be applied to exempt them. For example, inactive employees in a report on employees with missing demographics could be exempted by using the condition "Employee Status = INACTIVE".

Exemptions are reversible and can be viewed at any time. This functionality can also be used to extend the business rules used to generate reports without amending scripts.

Issues can be reviewed by the user to whom they were assigned. He or she has the option to make comments on actions taken and may attach screenshots, spreadsheets, and other documents, to evidence work done.

Reassigning the issue to another user allows the Manager or Supervisor to manually allocate work to others. All issues reassigned are kept on the assigner's dashboard until they are closed by the assignee.