Aptelisense - Compliance software
Many organizations have to comply with external regulatory standards as part of their normal operating procedures. These can be:
• Reporting standards controlled by the country Securities Exchange Commission or Financial Services Authority
• Legal standards specified by the Sarbanes-Oxley Act or an organizations Deed of Trust
Proving compliance can be costly and may involve a high amount of manual processes requiring auditors to produce periodic reporting. Because these processes are typically historic it can be difficult for an organization to react in time to conditions that may cause the organization to later fail compliance.
It is common for organizations to rely on a mixture of manual processes and multiple applications to monitor and verify important financial indicators such as the following:
• Liquidity position and minimum capital ratio
• Debt exposure to third parties
• Liquid assets and undrawn committed facilities against future commitments
• Suspicious and fraudulent behavior
• General data validation and integrity
• Electronic process validation
Each year the level of controls required to meet external reporting requirements increases and the costs incurred by internal and external auditors are escalating. Some organizations have reported that they are more focused on compliance reporting at the beginning of each year than they are on their core business. An Organization can be legally exposed if at a later date it is detected that part of its reporting process was flawed. In the 2011 New Zealand Serious Fraud Office annual report, one of the common causes of serious issues was the deviation of an organization from its core financial reporting metrics such as liquidity, capital ratio and debt exposure.
Install Aptelisense Compliance Automation Server (CAS) to monitor your financial compliance and take automatic action when monitored conditions break your rules. CAS enables you to monitor your financial data against values or conditions you set and can cross validate any financial data against static rules and different data sources. The advanced intelligence and flexibility of CAS will enable you to monitor many difference scenarios but without requiring you to make any changes to your systems or applications.
CAS monitors your key systems as an independent watchdog and uses your rules to ensure that your financial systems do not suffer from unauthorized changes and transactions. CAS can be configured with simple or complex rules that define what can and cannot take place. When a rule or set of rules trigger an alert, one or more of your key employees will be sent an email or additionally a mobile phone text message. If the alert is not responded to it will be resent using an escalation work flow.
Each year the cost of compliance is increasing. One of the major factors in this cost can be attributed to the additional involvement required by auditors to ensure organizations are not vulnerable to fraud. CAS uses industry standard encryption to protect the data it captures and its configuration. Auditors can view every aspect of the CAS configuration and reporting via a read-only interface that allows them to login using any of the different Roles provided by CAS.
One of the challenges an organization has with proving compliance is that at some level an employee is given total trust to always do the right thing. This trust extends to those employees who manage and configure the very systems that are in place to protect the organization from fraud. Aptelisense Compliance does not trust the administrator and when running in Production mode can enforce all attempted changes to the Aptelisense Compliance configuration to be authorized by one or more authorizers using a work flow process. This allows you to be in total control of the advanced protection offered and be able to demonstrate to your auditors that a strict policy has been followed. Gone are the days when an administrator can make changes without using change control.
CAS is installed or supplied on its own server and only requires read-only access to your live data. Because CAS does not require any application or system changes, it does not introduce any risk to your current systems or impact your business insurance. CAS operates on your live data and removes the risk of using old or stale data.
CAS has been designed to be simple and easy to use. The target users of CAS are less technical business users who may feel comfortable using Microsoft Excel. CAS removes the need for any programming and provides a simplified configuration interface that hides the normal programming skills that are required when using other tools. Because of this simplicity, CAS can be operated by your business users rather than your IT department. Once your users have been trained, they should be able to develop their own rules without any further help. To further assist your users becoming self sufficient, every field on each of the CAS screens has context sensitive help.
CAS was designed to be secure and does not trust anyone with its data. It encrypts its configuration and data using a 256 bit algorithm. This means that if someone was to attempt to remove the configuration or data, there would be little risk of the data being legible. This also means that employees would not be able to 'massage' any of the data collected and reported by CAS. You will always be able to see the true history via the CAS dashboard
We would be happy to talk to you about how CAS can easily accomplish monitoring of your financial regulatory requirements. Please supply your contact details and we will be back in touch as soon as possible