What is Advanced Controls Management?
Advanced Controls Management is concerned with the testing of Financial Transactions and the segregation of duties. ACM is further broken down into two:
- Advanced Access Controls
- Advanced Financial Controls
Advanced Access Controls
Why is there a need for Advanced Access Controls?
- Stop Payment Fraud and Error
- Prevent Insider Data Breaches
- Remove Blind Spots and stay ahead of Emerging Risks
Advanced Access Control is used to monitor users who have access to do the following:
One example of the use and importance of Advanced Access control is the Analysis of Access Privileges.
Advanced Access control can be used to detect a User that has the capability to create a Supplier and Create an Invoice. This is a risk for Fraud and a violation of Segregation of Duties.
Another one is when a
Buyer is a also an
AP Supervisor. A buyer can create purchase orders and pay Invoices at the same time. This is also a risk for Fraud and a violation of Segregation of Duties.
Advanced Financial Controls
Why is there a need for Advanced Financial Controls?
- Automate Detection of Fraud, Error and Policy Violation
- Stop High Risk Transactions such as
- Identical Expenses
- Split Purchase Orders
- Duplicate Invoices
- Unusual Invoice Amounts
- Unauthorized Spending
- Blocked Suppliers
- User Creates Supplier & Pays Invoices
Advanced Controls Management Best Practice
