1st Line Of Defense: Management Reporting, Process Controls, Analytics

EagleEye 365 Capabilities benefiting these roles: CFO, Controller, VP Finance, CTO, CISO, CIO, Business process owners

Control Design / Optimization / Rationalization, Control Automation, Automated Testing

Control Design: Drag-&-drop web interface for designing a control’s inputs and logic, along with the desired format of the control test results. 

• The data lineage of each control result is preserved, and an audit trail of the control’s logic and conclusions provides full traceability — all the way back to the source systems.
• Control design changes are in draft mode until properly approved.
• Because EagleEye 365 can read unstructured data​ (such as PDF files), there is no need to spend time converting it into structured data (such as a spreadsheet).

Optimization: Gradually refine your processes and controls, based on what you learn from control test results over time.

Rationalization: Eliminates redundancy by enabling controls to address multiple risks and compliance requirements.

Libraries: You can download and tailor controls and metrics from external sources: 

• Our library of controls 
• 3rd-party frameworks 
• ERP vendors’ embedded controls

Automation of Process & I.T. Controls Automation (including RPA scripts)

• Automates your manual controls with our Control Designer.  Benefits:
  • Saves time, reduces costs
  • Eliminates human error
  • 100% testing (vs. sampling)
  • Catches problems sooner:
    • Executed at higher frequency than if they were manual controls.
    • Prompt identification of a potential control weakness or a problematic transaction enables immediate investigation and action, halting any additional impact.
  • Redundant controls across departments can be easily identified and eliminated.
• Data integration capabilities make it possible to automate controls that were previously manual due to legacy systems that could not exchange data.

Automation of Control Testing

• Each control can be run on demand, on a schedule, continuously, and/or in real-time. 

  • Creates efficiencies in data sharing, collaboration, supervisory review, and version control.
  • Makes it easier to identify and eliminate redundant tests across departments.
  • Centralizes audit data formerly scattered across various locations and file formats (e.g., spreadsheets, emails, workpapers, audit management applications, audit analytics tools, ERP systems)
  • Can be relied upon by all departments as a single source of truth for:
    • management reporting, decision-making, resource allocation
    • faster regulatory attestations, reducing compliance costs
    • risk-based internal audit planning
• Internal and external auditors can tailor and run their own control tests on demand, reducing audit costs.
• External auditors can trace the data lineage of any control test’s audit trail, in order to justify their reliance on tests already performed by the client (vs. reperforming them).

Automation of Process Performance Metrics (KPIs)

• Design your own performance metrics, or import them from a framework. 

• Move beyond compliance; leverage your control test results to populate KPIs and other automated metrics that help you to monitor, troubleshoot, and improve performance.

Control Self-Assessment

• KPI dashboards and alert dashboards monitor control test results, process-level risk scores, and KRIs — alerting you of problems in real-time.

Continuous Monitoring of process and I.T. controls, analytics, & metrics in real time

• Continuous and real-time controls can prevent adverse events (e.g., security breaches, financial losses, reporting errors), rather than just detecting them after the fact.

• Design your own KPI dashboards, alert dashboards, and email alerts — with fewer false positives.

Incident Response, Issue Management

Problems

Poorly defined or manual processes (e.g., email, spreadsheets) cause delays in the identification, assessment, and correction of incidents (control exceptions). These delays can magnify the financial, regulatory, reputational, security, or performance impact of incidents that would otherwise be minor.

Even when incidents are promptly identified, they often go unreported, whether intentionally or not.

Insufficiently precise alerts, delaying or even preventing the identification of a control weakness, its root cause, and its risk impact.

Once a systemic control issue is identified, there is no central place where members of different teams can collaborate to document it and track its progress toward resolution.

Solution

Real-time reporting of issues (control exceptions)

Incident alerts can be created and configured to trigger only when a transaction meets a certain set of conditions or exceeds a certain threshold — leading to fewer distractions from overly intrusive alerts.

Incidents can be scored, prioritized, and assigned to an individual or group to assess: severity, root cause (enabling continuous improvement), risk impact, and response (if any).

Incident response policies and procedures can be tailored and automated, whether in EagleEye 365 itself or via integration with other incident management systems.

More efficient and reliable reporting of issues (control weaknesses) for multiple stakeholders: compliance executives, internal auditors, external auditors (e.g., for SOX 302 & 404 reporting), and regulators.

Transparency: Centralized list of control issues increases the confidence of external auditors and regulators that there are no surprises being deliberately withheld.

Collaboration platform where multiple departments can document and assess each issue and determine next steps, and track its progress toward resolution.

Accountability: Responsibility to investigate and resolve each issue is assigned to an individual or group.

Data Integration, Data Virtualization, Data Transparency

Provides a single version of the truth. No copies. EagleEye 365 never uses, stores, or creates any copies of transaction data. Instead, it uses in-memory processing (popularized by SAP HANA) to read and analyze data directly from the source system, while that data (not a copy of it) is “passing through” the EagleEye 365 data engine. Besides providing faster performance and a vastly simpler and less vulnerable security profile, this architecture provides a single version of the truth in real time and inherently eliminates two common causes of poor data quality:

• Latency (stale data)
  Data that passes through the EagleEye 365 engine is always the latest version because it is the only version. Latencies slow the process of identifying and responding to control failures.
• Poor version control
  In systems that rely on duplication of datasets, adjustments (automated or not, authorized or not) can be made to some copies and not others, leading to unreliability and a lack of clarity on which copies (if any) are still accurate.

Connectivity: EagleEye 365 enhances your existing systems by connecting them to one another and to external data sources. We’ve built-in data integration connectors for over 600 of the most common data sources in these 12 categories, including both structured and unstructured data.  The result is a consolidated, reliable, real-time view of enterprise data. No need to copy or move data.

Single customer view across systems, via data virtualization

Adapts to your terminology, using a semantic layer. Compliance submissions can be automatically generated in the regulator’s prescribed format.

Validates data: 

• data quality – via detection of anomalies
• data authenticity – via full traceability of the data lineage

Data migration project tool, with attribute-level data mapping

Systems integration project tool

Device compatibility: Patch management & security monitoring for all devices, including all mobile operating systems

A single, end-to-end solution, rather than licensing and maintaining separate tools for device security, network security, controls, automation, compliance, & reporting

Autonomy: Empowers end-users with autonomous access to only the specific data that they need.

Connection Manager: Centralized, more efficient management of data source connections across all departments: 

• Uses a data virtualization approach to integrate applications without requiring technical details about their data, such as how it is formatted or where it is located.
• Reduces errors, downtime, maintenance costs, and change management requests.  When a connection’s details change (such as the authentication method), the change needs to be made only once in EagleEye 365 , not once for every system that uses that connection.