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Traditional audits are the bane of many organizations. They’re synonymous with stress, long hours, and a frantic scramble to gather evidence, track down documents, and manually verify the effectiveness of internal controls. It’s a massive undertaking that often pulls employees away from their core responsibilities, causing significant disruption. To alleviate the pressure, companies frequently turn to external consultants to handle part of the audit workload. But let’s be honest – hiring these specialists is a costly endeavor. However, these challenges can be overcome significantly by automating your compliance.

Enter Continuous Controls Monitoring (CCM): A Game-Changer for Audit Preparation

Pathlock CCM is revolutionizing how organizations approach audits. It automates much of the heavy lifting associated with data collection and audit preparation, transforming a chaotic process into a streamlined, efficient one.

Here’s how CCM disrupts the traditional audit model:

  • Automated Evidence Collection: CCM continuously collects evidence related to various controls, integrating directly with your SAP systems and data sources. This means your team always has an up-to-date and comprehensive picture of 100 percent of the transactions in your control environment. No more last-minute scrambles to find transaction data or verify processes.
  • Real-time Control Testing: CCM can automatically run tests, compare results against your policies, and flag any anomalies or potential issues. This real-time monitoring ensures you’re not caught off-guard during an audit. You can identify and address control weaknesses before they become major problems, reducing the risk of non-compliance and potential penalties.
  • Reduced Reliance on Consultants: With CCM acting as a constant watchdog, your internal teams gain confidence and autonomy. The data and insights provided by CCM empower them to make informed decisions and justify those decisions to auditors, lessening the need for external validation and expertise.

The Benefits of CCM: More Than Just Cost Savings

Implementing CCM offers a multitude of benefits beyond simply reducing consultant costs:

  • Real-Time Compliance Visibility: CCM provides real-time insights into your compliance status, minimizing surprises during audits. You’ll always know where you stand, allowing you to proactively address any issues that arise.
  • Empowered In-House Teams: CCM equips your internal teams with the knowledge and confidence to handle audits independently, reducing the need for external consultants and boosting morale.
  • Shorter Audit Timeframes: The groundwork laid by CCM often streamlines the actual audit process. Auditors have less digging to do because evidence is readily available and pre-validated. This can lead to shorter on-site engagements, translating to reduced consulting fees and less disruption to your business.
  • Improved Efficiency and Focus: CCM frees up valuable time for your internal audit and compliance teams by automating routine data-gathering tasks. This allows them to focus on proactive improvements, risk mitigation, and strategic initiatives that add value to your organization.

Taking the First Step: Implementing CCM

Ready to embrace the power of CCM? Here are some actionable steps to get you started:

1. Identify Your Biggest Pain Point

Start by identifying the controls that cause the most pain during audits. Is it a labor-intensive control that requires extensive documentation? Or perhaps one with complex testing requirements? Focus your initial CCM implementation on these controls to demonstrate immediate value and gain early wins.

2. Don’t Try to Automate Everything at Once

CCM is a journey, not a sprint. Start with incremental automation, gradually building out your program over time. This approach allows for better control, minimizes disruption, and ensures you can adapt and learn as you go.

3. Look for Quick Wins

Our CCM platform offers pre-built controls and integrations that can get you up and running quickly. These solutions can provide immediate value and build momentum for further adoption.

4. Collaborate with IT

Your IT team is a critical partner in the CCM implementation process. They can help you integrate CCM with your existing system, set up data feeds, and ensure smooth operation. Involve them early and often to maximize the success of your program.

5. Communicate Successes

Share the positive impacts of CCM with your organization. Highlight the reduced workload, improved audit outcomes, and cost savings achieved through automation. This will build buy-in and encourage further adoption. It’ll also make your CFO feel more confident in the reporting they sign off on.

Automate Your Compliance with Pathlock

Traditional audits are stressful, time-consuming, and expensive. Continuous Controls Monitoring offers a transformative solution by automating evidence collection, control validation, and compliance monitoring.

CCM empowers your in-house teams, reduces reliance on external consultants, and streamlines the audit process, ultimately saving you time and money. If you’re ready to take the first step towards a more efficient and effective audit process, contact Pathlock today to learn how we can help you automate your compliance and achieve your audit goals.

Streamlining Compliance and Reducing Costs with Continuous Controls Monitoring

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