Supercharging Enterprise-level Internal Audit, Internal Compliance & Risk Management Efficiency with Automated Process Mining

How to eliminate risks, reduce repetitive manual work and increase accuracy and visibility, with the help of technology

Understanding the challenge

Today’s finance teams face complex challenges and are far from being correctly armed with sufficient technology and tools. From ever-changing complex company processes to extensive regulation and personal liability, these are just a few of enterprise-level CFOs’ daily concerns. Adding repetitive manual work with plenty of room for human error or bias does not help. Therefore, it is not surprising that executives are hunting for tech-based solutions to offer them visibility, simplicity, automation of repetitive manual work, and smart optimization towards enhanced efficiency.

Gaining visibility with process mining

As inefficient and risky processes lay the groundwork for most of the challenges described above, finance teams are proactively looking to first gain visibility into the most granular elements that stand at the foundation of their internal processes and make them much more efficient, let alone less risky to the organization. Manual process mining is a methodology that manages to do so in complex environments, uncovering inefficiencies and non-compliant behaviors along the way.

Automated process mining offers a leap forward by automatically unveiling every part at any point of the process without taking up too many resources, overloading the internal teams, or taking too long to complete the discovery. It also allows real-time and continuous monitoring of processes that are always running. Thanks to the unbiased nature of AI, automated process mining enables enterprises to find out what is really going on under the hood, hidden beneath endless different rules or steps that were added with time. CFOs use automated process mining to accurately view and understand 100% of their processes, improve efficiency and speed, save expenses, reduce liability and risks and keep compliant under changing circumstances.

Process mining solutions can be effective in multiple use-cases. They help organizations monitor the Segregation of Duties (SOD) and conformance level, optimize operational and financial processes, find duplicate invoices, remove bottlenecks, and more.

As seen in the media, some global businesses successfully implemented process mining solutions and uncovered imperfections that saved them from spending unnecessary funds and potentially breaking the law. Other organizations that failed to do so found themselves in serious trouble and their executive echelon faced civil and criminal charges.

Read on…

A must-read guide for CFOs, internal auditors, and internal compliance teams in enterprise-level finance departments that want to learn how to eliminate risks, reduce repetitive manual work and increase accuracy and visibility, with the help of technology. Gey your copy>>