Business challenges

In today’s challenging business environment, organizations are under intense pressure to reduce operational risks and save money. The latest AMR Research® survey showed that 38% of companies with fewer than 5,000 employees and 28% with 5,000 or more consider it a top priority investing in IT solutions that reduce business risks.

To address this need, organizations must deploy solutions that strictly control every payment to suppliers or employees to prevent loss of money.
Companies often discover that their IT systems do not protect them against employees who use their access for personal gain. Organizations are also vulnerable to human input errors, some small and some large. IT systems sometimes make mistakes when sending incorrect data from one system to another, due to hardware or infrastructure failure. These risks are very difficult to identify and prevent, but the result is always the same: money leaks out.
Problem with GRC* solutions is that these software programs focus mainly on reducing the cost of regulatory compliance and audit costs. They are not designed to mitigate operational risks that cannot be detected in a single system or a business process at one point-in-time.

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Executive Summary

Every organization wants its core business processes to be executed accurately, thus reducing the risk of financial loss. System errors, human mistakes and outright fraud cost businesses worldwide untold billions of dollars each year. Fraud alone accounts for nearly one quarter of the waste in the US health care industry. Today’s business processes, which rely on automated systems to manage them, are not fully capable of achieving this objective. A core business processes of any organization is long-running such as buying or selling and typically consist of many business and IT processes. To monitor the entire business process instance is a very difficult task.

Generally, medium to large size organizations also employ a staff of controllers and auditors who look for inconsistencies in reports that are provided by different IT systems. Controllers are supposed to detect fraud and inaccuracy before the business loss occurs, while auditors try to recover lost money that the controllers failed to detect in time. However, even a large number of controllers and auditors are unable to monitor and control every one of the thousands of long-running transactions, that are executed in large organizations across distributed IT systems, humans and documents.

In this paper, we discuss an automated system for transactional control and monitoring across distributed IT systems and documents which would provide these benefits:

• Empower controllers with technology to keep long-running business transactions under strict control.
• Allow fewer controllers and auditors to effectively monitor a greater flow of data.
• Provide real-time alerts and dashboard features that enable ongoing monitoring and control of multiple long-running core transactions simultaneously.
• Provide timely security and transactional information management to detect insider fraud schemes.
• Identify any discrepancy in transactional data to keep distributed information secure.
• Reduce the need for time-consuming and expensive system integration and/or software development projects to improve existing production system.

The approach described below allows organizations to model almost any practical task as a long running business transaction processing (LRP), and to use the same software system for transactional control and monitoring. As a result, organizations can construct a wide range of new and important business solutions using the same prebuilt templates and components.

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RCM Technologies presents Transaction Watchdog™ – Secure your buying deal

Controlling the buying transaction from initiation through payment is just one of the possible business applications that can be built based on the Transaction Watchdog™ platform. Transaction Watchdog™ continually monitors a series of complex business transactions initiated through the ERP requisitioning and/or purchasing cycle and processed through the receipt, while quickly detecting accounts payable data risks.

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Enhance operational efficiency with  transactional risk prevention

In the modern IT environment nothing can stop data entry and system incompatibility errors. Even good employees make mistakes, and some deliberately deceive IT systems and cause loss of money. No IT system can protect itself against insiders who abuse the access rights given to them.

These types of problems, called transactional risks, can not be prevented, but Transaction Watchdog™ can detect them by tracking every business deal, or manufacturing lot across systems, people and documents.

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