Business environment and market conditions are rapidly changing and businesses are forced to keep up, or drop out. If you’re not prepared with proactive strategies, you’ll miss out on opportunities to find new ideas, grow and compete. Developed in response to the aforementioned scenario, expert consulting firm Protiviti has unveiled its Controls Excellence App powered by Celonis Execution Management System platform. The so mentioned app utilizes ML, advanced analytics, and data visualization to help business professionals in leadership positions identify control failures in real-time, find out root cause of the failure and make informed decisions to improve process effectiveness and efficiency.
There is a huge amount of knowledge to be obtained through process mining, but Andrew Struthers-Kennedy, a Protiviti managing director and leader of the Technology Audit practice found prior to the creation of the app with Celonis that there wasn't a short cut way for risk management and internal controls team to identify and close the execution gaps. “These teams at many of our clients were using process mining for exploratory analysis and process discovery and hadn't been able to unlock its potential with respect to analysis of controls performance," says Andrew.
The app serves as a risk and controls supervisor providing an aerial view into key controls. Also, it keeps teams ready-to-go with the tools necessary to quickly analyze failures when they occur. Whenever a transaction does not follow the standard path, Control owners are automatically notified, enabling them to take immediate corrective action.