Automated controls are increasingly being used by organisations to manage the cost of compliance and reduce their business risk believes SAP GRC and security specialist Turnkey Consulting. The company’s industry survey, ‘A Risk Perspective on 2013’, reveals that 48% of organisations have some automated controls and plan to increase the number of controls they automate, while 15% of organisations do not currently have any automated controls but plan to invest in this area.
Corporate regulations require organisations to put in place a robust internal environment. This involves the operation of various key financial and operational controls, for example to avoid the duplication of vendor payments or ensure adherence to purchasing limits. An automated controls system enables these to be operated and monitored more cost-effectively, helping to reduce compliance costs, strengthen the internal control environment and reduce the risk of unintentional errors and fraud.
Turnkey’s research also outlined current technology trends and how they were viewed from a security perspective, with key findings as follows:
- 48% of the organisations planning to invest in a strategy for mobile in the next 12 months are including investment in additional security in these plans
- 17% are not including investment in additional security in these plans
- Only 10% are not planning a mobile strategy
- 39% of organisations planning to invest in a strategy for cloud computing in the next 12 months include investment in additional security in these plans
- 13% are not including investment in additional security in these plans
- 22% are not planning a cloud computing strategy
- 26% of organisations planning to invest in ‘big data’ technology such as SAP’s in-memory database technology, HANA, in the next 12 months include investment in additional security in these plans
- 7% are not including investment in additional security in these plans
- 31% are not planning to invest in big data technology
- 53% of companies outsourcing at least one element of their IT function or business processes proactively plan for and manage the IT security risk that goes with entrusting elements of the business to a third party
- 11% do not proactively plan for and manage the IT security risk
- 15% of respondents do not outsource
“It is important that organisations include strategies to mitigate the risk introduced by new technologies,” says Richard Hunt, managing director of Turnkey Consulting. “The rapid pace of development can make this seem daunting, so it is encouraging to see from our research that many enterprises take the issue very seriously. In particular, the increasing use of automated controls is a significant step forward in terms of ensuring cost-effective compliance and reducing the risk of fraud.”
Turnkey Consulting undertook research between 18 November and 10 December 2012 with 108 IT professionals, all of whom were SAP software users involved in security and controls activities.
About Turnkey Consulting (www.turnkeyconsulting.com):
Turnkey Consulting is a specialist GRC and IT security company that combines business consulting with technical implementation to deliver information security solutions in support of SAP systems. It focuses on the delivery of specialised services in support of SAP solutions in the areas of security, governance, risk and compliance (GRC). It works with service providers, audit partners and SAP clients directly to provide the security controls and solutions that safeguard and complement a company’s implementation of an SAP system. Clients include systems integrators, blue chip organisations and a number of government agencies.
The company was established in 2004 and already has offices in the UK, Australia, Germany and the US.
Follow Turnkey Consulting on Twitter at @TurnkeySAPGRC
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