Continuous Controls Monitoring

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

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Monitor internal controls

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

Features and Benefits

Transaction Screening

Monitor all transactions to intercept suspicious activities for investigation

Advanced Analytics

To detect complex fraud schemes across departments and systems

Investigation Tools

Workflows, case management that engages the entire organization in compliance

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

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

RELEVANT SOLUTIONS

Procurement Monitoring

Alessa offers a transaction monitoring solution that prevents revenue loss from fraud, abuse and waste in expense and procurement programs.

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