A valuable tool that provides unbiased visibility
Finance, Audit and Risk committees have a very defined role, as does Vigilance, making it a perfect tool to gain real-time insights into the organisation’s risk profile around cash movements. During the approval process, data flows through Vigilance from the otherwise siloed accounts systems such as the accounting, ERP, Payroll and Banking platform. This observation sets Vigilance apart, since it aggregates all payment data in one place which can then be scrutinised each time payments need to be approved. This continuous auditing takes the guesswork out of the approval process and greatly enhances each step in the approval chain, providing real transparency and thus confidence to those responsible for the day-to-day operations.
Vigilance not only streamlines the approval process but makes sure that procedures are followed consistently prior to the crucial moment payments are actually about to be paid from the Bank. Those that are familiar with the organisation’s daily operations and accounting systems know how to take advantage of these systems and processes. Vigilance captures the fraudsters prior to the time of actual payment giving no opportunity to manipulate information, and its at this point that we alert the approver and others that something is not right. To avoid collusions, an automated Audit and risk report is generated at the beginning of each month reporting the overall risk profile of your organisation along with any noteworthy and unusual transactions seen.
For organisations that are audited externally, Vigilance provides easy access to historic payment data in one place where oftentimes auditors will find the information is no longer available as batch payments have been destroyed by the bank and not saved in the office.
Not to be overlooked is the protection Vigilance provides to the accounting staff from fraud themselves with the software providing an explicit way to prove their integrity when managing the organisation’s cash.
Give us a call to discuss why Vigilance is becoming the tool of choice for Financial, Audit and Risk committees.
“The cost of a fraud related event causes loss of funds, loss of reputation and loss of morale. Vigilance offers real-time protection of such an event and its dire consequences”
– Dennis Parsons Principal of Indepthforensic