Every Transaction. Every Day. 100% Re-Assurance.
What is Continuous Control Monitoring
Continuous Control Monitoring is an automated and independent re-assurance process that ensures:
are operating effectively, efficiently and achieving their function.
How Does CCM, Continuous Control Monitoring Work?
Audit analytics in the broader context of a continuous auditing paradigm is changing the nature, timing and extent of ‘traditional’ audit testing.
In a traditional audit, internal control and substantive testing are periodically performed to evaluate management assertions. Prior to automation, audit clerks focused largely on substantive testing. The labour and time intensiveness of this approach was influential in adopting audit sampling and systems of controls reliance.This paradigm shift made the management of audit risk more challenging.
The application of data analytic techniques to substantive testing enables the cost-effective review of entire data populations, as well as providing reliable information regarding key control effectiveness. We are no longer limited by the technology but rather by our ability to interpret, manage and understand the data before us.
This Guide exposes the many facets surrounding audit analytics and how they benefit from continuous control monitoring
Imagine a fire alarm, protecting your entire organisation and notifying you at the first sign of trouble. Continuous Control Monitoring ensures a structured approach and follow through on exceptions, with non-action resulting in escalation to a higher authority.
Assurance of continuous auditing means peace of mind for businesses with medium to high transaction volumes and large numbers of employees. The keys to continuous improvement of business processes are in your hands.
Benefits of Continuous Control Monitoring
Why we created SatoriCCM?
...to change people’s behaviour, create a culture where the rules are being implemented ….of being mindful with a company’s money and set the tone for the organisation
Gavin Steinberg Managing Director, Satori Group
The business world’s Finance and Audit Departments have never had so many accountability requirements, high standards of governance and ongoing demands for financial reporting transparency and accuracy.
A large number of transactions increase the risk of exposure to fraud and process errors. This, along with the requirement for a high level of assurance, creates a need for a better solution for visibility and governance and hence SatoriCCM was born, to tackle these the pain points and challenges.
An automated and independent re-assurance process
Ensure your Policies, Procedures, Cross System Checks and System Controls are working effectively, efficiently,
are well designed and achieving their function continuously.
In this short slide show our GM of Customer Success, Natalya Levenkova, explores the most popular subject area for CCM, Accounts Payable.
Our customers save phenomenal amounts of cash every day by preventing and addressing the causes of duplicate invoices.
If a duplicate invoice is paid you may never be able to recover the full amount of cash lost. In this intro Natalya covers how CCM is much more than just exception reporting.
SatoriCCM is the only way for CFOs and Financial Controllers to sleep better at night. We are the continuous control monitoring specialists, and we're the best at it.
Troy Nicholson Sales Director Satori CCM, Satori Group Autralia
What is SatoriCCM and How does it work?
SatoriCCM is more than exception reporting, it is Exception Management.
The SatoriCCM solution provides an automated process that gives independent re-assurance that your business controls are working and doing what they were intended to do. But there is so much more to it. Errors and oversight, policies and control breaches, control failures, fraud prevention, business oversight, control features and so much more that one should really take the time to fully understand them all.
We created a handy guide to help you understand SatoriCCM in detail, what it is and how it works?
A full control solution across all business areas:
Duplicate invoices – Multiple combinations and using fuzzy logic
GST amount validation
Open credits – Credits not set off against future supplier invoices.
Can sit there for months or years or potential never be recovered.
PO date after invoice date
Suppliers charging GST not registered for GST
Invalid or missing TFN
Duplicate bank accounts or addresses (Most probably family
members or partners but is there a conflict of interest risk?
Does the relationship need to be declared?
Employees acting in higher duties with no end date
Over or underpayments to staff
Spend whilst on leave
Card holder not in employee master file
Accounts receivable (discounts to customers, credit terms being abused, ensuring billing is accurate)
Procurement (split PO’s, PO’s open for a long period, staff exceeding spend limits, non preferred suppliers)
Rebates, chargebacks and claims
Are you 'in the know'? Receive the latest industry insights and news...
Industry-leading trends, thought leadership articles and company updates delivered when you need them most. We understand and despise spam therefor we aim to deliver a thought-based approach to customised content where you can personalise and select what to receive.
Subscribe to get Satori's Blog News direct to you.
The latest on continuous monitoring, audit analytics and financial crime management.