[Appsian Insights] Using Internal Controls to Ensure Data Security and Audit Readiness
Appsian’s Vice President of Product Strategy & Customer Experience, David Vincent, appears in the latest episode of the Business Class News podcast. The wide-ranging conversation between David and host Karl Woolfenden covered the threats of cyber-attacks on businesses, which is clearly a priority. They also discuss the ever-increasing pressures to protect data brought about by corporate governance, the importance of effective ERP internal controls, and technology that companies can use for mitigating regulatory compliance risks.
You can watch the full episode here:
The Importance Of Effective Internal Controls
Organizations are looking for cost-effective ways to comply with laws and regulations to safeguard their assets while ensuring accurate financial reporting and maintaining audit readiness. Every year, publicly traded companies must prove (provide evidence) that they have effective internal controls in place to defend against cybersecurity attacks and internal fraud. So, while organizations are managing the risks of unwanted perpetrators coming into their environment, they’re leveraging those same internal controls to prevent or detect material-level errors in their financial statement audits.
Without effective internal controls in place to safeguard their systems, transactions, and data from cyber-attacks, the consequences can be severe. First, there can be financial impacts from theft or fines for noncompliance. There are social and reputational implications where customers no longer trust the company. Finally, investors may put their money into other companies if they have concerns about financial statement accuracy and reliability.
Appsian can help companies safeguard all their business applications, all the transactions in those business systems, and the data in all those business systems from inappropriate access or perpetrators gaining access and doing undesirable things. We can also ensure that companies are audit ready and can comply with laws and regulations cost-effectively.
Schedule a demo with our experts to learn how Appsian can help you enforce internal controls to defend against cybersecurity attacks and stay audit-ready without disrupting business continuity.