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Continuous Controls Monitoring Software Expected to Top Investments in 2010
Leading independent research affirms benefits of audit technology for improved business assurance
Vancouver, Canada – December 17, 2009 – A report published by leading analyst firm AMR Research predicts overall governance, risk and compliance (GRC) spending to grow to $29.8B in 2010 and identifies continuous controls monitoring (CCM) as one of the top three GRC software investments planned.(1) Previous reports from AMR and other research and consulting firms including KPMG also affirm the benefits of CCM software. Outlining the value of continuous monitoring for an effective GRC strategy, the research also confirms ACL Services’ position as a leading provider of this technology.
According to the AMR study 60 percent of companies indicated that monitoring already is or soon will be part of their overall approach, compelled by cost, risk, compliance, and policy and procedure needs. Of that group, over 60 percent have automated monitoring to some extent. Survey participants describe the value of continuous monitoring as delivering cost reduction, fraud reduction, process improvement and policy enforcement.(1)
Internal Audit Critical to GRC
John Hagerty, vice president and research fellow with AMR Research wrote in a report published earlier this year: “The more mature the GRC world gets, the more it encompasses the auditor’s point of view. Any activities that can reduce external auditor efforts should deliver cost savings to the bottom line in the form of reduced audit fees and more efficient verification of internal controls. Delivered on the ACL AuditExchange platform, ACL’s products make the audit process itself more effective, leading to even more potential payback.”(2)
According to a recent Gartner report about three technology solutions for internal audit, organizations should: “Consider CCM to reduce the costs of audits, increase the reliability of segregation of duties and other financial application controls, increase the effectiveness of anti-fraud controls, improve external auditor trust, and improve financial governance and working capital.” ACL was covered in the report. (3)
ACL Leads in GRC and Audit Technology Adoption
Over 14,000 organizations globally, across every industry sector, rely on ACL to support their GRC initiatives. The third annual Internal Controls Study of Technology Companies (2009) released by leading audit firm KPMG reveals that ACL is the most commonly used GRC tool at 19 percent, with another seven percent planning to use it in the future.(4) Similarly, the IT Audit Benchmark Study 2009 published by The Institute of Internal Auditors (The IIA) reveals that ACL software is the most commonly used for data extraction, data analysis, fraud detection and investigation, and continuous audit. (5)
By performing repetitive and continuous analysis of financial data at the transaction level, the ACL AuditExchange 2.0 business assurance platform provides internal audit and management with timely assessments of company-wide risks and the reliability of controls. This not only helps to ensure controls are working effectively but also provides insight into specific cases of error and inefficiency, or even fraud, that reduce the level of operational performance.
“Continuous controls monitoring is the next generation of GRC automation, delivering critical insight that helps organizations mitigate risks, optimize business operations and assure compliance in today’s new economy,” said Harald Will, president and CEO of ACL. “ACL is committed to continuing its legacy of technology innovation and delivering enterprise-class solutions that seamlessly integrate with other GRC applications to deliver business value.”
References:
(1) AMR Research, "GRC in 2010: $29.8B in Spending Sparked by Risk, Visibility, and Efficiency," by John Hagerty and Bob Kraus, November 2009
(2) AMR Research, “GRC Profile: ACL Services,” by John Hagerty, June 17, 2009
(3) Gartner, “Three Technology Solutions for Internal Audit That Improve Productivity, Controls Reliability and Business Efficiency” by French Caldwell, November 23, 2009
(4) KPMG, “Internal Controls Study of Technology Companies” 2009
(5) The IIA, “IT Audit Benchmark Study 2009”
About ACL Services Ltd.
ACL Services Ltd. is the leading global provider of business assurance
technology for audit and compliance professionals. Combining market-leading
audit analytics software with centralized content management and exception
reporting, ACL technology provides a complete end-to-end business assurance
platform that is flexible and scalable to meet the needs of any organization.
Since 1987, ACL technology has helped organizations reduce risk, detect fraud,
enhance profitability, and improve business performance. ACL delivers its
solutions to 14,000 organizations in over 150 countries through a global
network of ACL offices and channel partners. Our customers include 95 percent
of Fortune 100 companies, 85 percent of the Fortune 500 and over two-thirds of
the Global 500, as well as hundreds of national, state, and local governments,
and the Big Four public accounting firms. www.acl.com
For more information, contact:
Beth Hardy
Manager, Corporate Marketing
ACL Services Ltd.
Phone: 604 669 4225
press@acl.com
© 2010 ACL Services Ltd. ACL and the ACL logo are registered
trademarks of ACL Services Ltd. All other company and product names are
trademarks of their respective owners.
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