ERP Maestro Launches Online Subscription-based Segregation of Duties (SoD) Auditing Service01, October 2014
Rising levels of fraud and high costs of security audits are putting organizations in a challenging situation. In 2014, PwC’s Global Economic Crime Survey found that fraud discovered by external measures or by accident in US organizations doubled from 2011 levels, rising from 15 percent to 32 percent. At the same time, 77 percent of organizations are still doing their SoD audits manually and a typical organization spends about 500 man-hours each year doing them, according to an OCEG survey. When most organizations are stuck spending a lot of time on manual processes, it simply leaves more room for human error and instances of fraud getting overlooked. This is too big of a risk to ignore.
To help organizations resolve their costly and time-consuming audit processes, ERP Maestro is launching an online subscription-based Segregation of Duties (SoD) auditing service. When organizations sign up, SoD auditing processes can become automated in under an hour without any upfront commitment and IT implementation. With this service, hundreds of man-hours are reduced and the likeliness of fraud is drastically lessened. Consider what it enables internal audit managers, security officers, and systems analysts to do:
- Produce fully defendable SoD reports in minutes, not hundreds of hours
- Achieve continuous fraud protection with 24/7 monitoring
- Spend 70% less than traditional on-premise SoD software
- Stop and start the monthly subscription service at any time
Michael Rasmussen, Chief GRC Pundit at analyst firm GRC 20/20, said that ERP Maestro’s SoD Auditing-as-a-Service will accelerate the shift towards automation. He added, “The value could be tremendous for organizations: in terms of efficiencies with dollar and time savings from months to minutes and reduction in external audit fees by consultants; in terms of effectiveness such as more audits getting done, reduction in issues and faster intelligence to the business; and in terms of agility to report on-demand and adapt to changing business environment and employees changing roles.”
In addition, ERP Maestro also announced availability of a free trial that analyzes an organization’s entire user base, giving organizations the ability to see firsthand just how they can reduce auditing time and fraud risk.
To learn more about ERP Maestro’s online subscription-based Segregation of Duties (SoD) auditing service and their free trial, read the press release here.