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Organizations today are operating across a hybrid of on-premise and cloud solutions. To proactively address risk in today’s environment, organizations need to manage risks across their entire wide-ranging business processes. It is important for organizations to implement a controls-in-depth program that leverages well-defined functional roles, automated process controls, and security/cyber solutions to protect transactions and sensitive data.
There is an opportunity through the controls integration workstream to drive simplicity into the ERP-supported business processes while taking full advantage of your system functionality to automate controls. Automation and simplicity will be key focus areas. Additionally, controls integration helps organizations to effectively balance both cost efficiencies and risk.
In our work with clients, we are finding that most companies can drive between 20 percent and 50 percent cost efficiencies (of total cost of compliance) by integrating controls aspects within their digital transformation initiatives. Additionally, a combination of the modernized technologies and current risk/threat profile introduce a more complex risk landscape to be addressed.