Aptelisense - Compliance software
Here are some 2009 PWC Global Economic Crime statistics:
• One third of organizations were victims of fraud
• The most serious fraud is committed by internal employees in 53% of cases
• 27% of fraud resulted in more than US$500,000 in losses
• 25% of fraud resulted in more than US$1 million in losses
• 42% of internal fraud is committed by middle management and 14% by senior management
• The main contributing factors to the cause of fraud are targets becoming harder to achieve and job security
• Many organizations still believe they are immune to fraud
The impact of fraud on employee morale, brand, investors, customers and suppliers was considered far more damaging by a third of respondents than the actual cost of the fraud.
The same organizations who suffered losses over US$1 million also trusted their people, policies and processes. No matter how trust worthy people in your organization are, personal circumstances change. Pressures to perform to harder targets and with less employees cause stress and lead to fears about job security. It is almost impossible for an organization to monitor the behavior and changing circumstances of all its trusted employees. This pressure can lead to mistakes that left uncovered could eventually cause a significant impact. An extreme example of this was Nick Leeson whose misguided trading caused the failure of Barings Bank in 1995. A more recent example is Kweku Adoboli whose trading caused UBS bank to loose over 2 billion dollars.
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. This cost can be reduced if you can implement automated systems for monitoring and preventing fraud. Another part of the costs is the time it takes for employees of an organization to produce the relevant information and statistics in a format that the auditors understand. In a 2010 KPMG worldwide survey, 68% of CIOs said that risk and compliance is receiving more focus in the boardroom and 82% expect the costs of compliance to increase by 10 to 20% over the next few years. Use Aptelisense Compliance to automatically monitor and record fraudulent attempts on your financial systems and reduce your reporting costs to your auditors.
Aptelisense Compliance monitors your key systems as an independent watchdog. Aptelisense Compliance uses your rules to ensure that your financial systems do not suffer from unauthorized changes and transactions. Aptelisense Compliance can be configured with simple or complex rules that define what can and cannot take place. These rules can validate any transaction value or variable across one or more systems so you can be sure that the who, what, when and where are monitored automatically around the clock. 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.
Monitoring your financial systems is easy using the advanced rules of Aptelisense Compliance but what if you wish to go one step further and take automated action when an alert is generated? Just configure Aptelisense Compliance to trigger a remote program, process or script on the system of your choice. How is this possible? Aptelisense Compliance is delivered with a secure thin client that can run on most systems.
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 fraud requirements. Please supply your contact details and we will be back in touch as soon as possible