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
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
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