Continuous audit and compliance: a self service solution for automatic controls and analysis
Continuous audit and compliance: A self service solution for automatic controls and analysis
Solution description
Datricks allows your organization to move from a periodic audit process to a hyper-automated and systematic continuous audit. With Datricks, internal auditors and SOX team, as well as first and second-line managers, can put new process controls in place, visually using a super-friendly user experience and with no IT or data analysts’ assistance.
Datricks crawls through ERP systems, automatically extracting all business data and instantly discovering risks for financial teams to act upon rapidly and efficiently. Insights are then turned into action and automate compliance controls and tasks.
Pain points
Adapting to new regulations and achieving continuous compliance and control requires complex implementation and development. This usually involves multi-disciplinary teams of domain experts, transforming a “simple” task into a lengthy, complicated and costly project. Many of the existing solutions often miss out on some of the data that needs to be extracted, which allows better data-driven business decisions.
The Datricks approach is based on simplicity, providing value from day one, eliminating the need for the tedious project cycles. To deliver this, the entire solution is based on automation and no-code from end to end; from the first step of setup, through discovery of all data and model-mapping, all the way to insights, actions, and alerts. The result is objective and reflects the reality as it is based on hard, data-driven evidence.
Business value
- Apply continuous compliance:
Achieve a digital-first audit environment adaptable to ongoing changes allowing continuous audit and continuous controls. - Fast time to value:
Datricks unveils, identifies, evaluates, and prioritizes risks in less than 5 days. - Self service:
Audit and compliance teams can implement and analyze controls themselves. - Identify and analyze risks:
The AI-based technology gives you full visibility to all your financial activities and tasks across all systems and produces accurate insights and alerts. - Mitigate risk:
With continuous controls, risk and fraud are identified as they happen – not months later. - Increase efficiency:
Automation allows process deviation to be mitigated quickly and automatically.