In today’s complex and increasingly regulated business environment, data and analytics are becoming crucial for intelligent enterprise decision-making. Many Internal Audit functions would like to obtain an objective, unbiased and complete understanding of high-volume processes often spanning departments and geographies. For this purpose, right-fit analytic capabilities must be used and that is where Process Analytics comes into the picture.
If you are new to Process Analytics, you are not alone. Process Analytics is the latest entrant in the Internal Audit Analytics toolkit, giving you powerful new ways to deliver services. Process Analytics shows you not just how business processes are performing but what you can do to optimize, improve security and enhance controls. Process Analytics literally lifts the covers of systems-based processes letting you peer inside and take fact-based actions. The three core objectives of Process Analytics are:
- Transparency - Show what really happened by discovering the actual flow of transactions and highlighting the deviations from the expected process flow
- Smarter Insights - Provide context through findings to the business which can ultimately help them target their remediation or reorganizational plan
- Empower - Enable the business to directly explore issues faster and execute root-cause analyses and enable Internal Audit to drive their value as business advisors to the organization.
Deloitte can also help you deploy other accelerators to give you a head start during your Internal Audit project. For example, through deployment of AuditWise (for ad-hoc or recurring Data Analytics supporting your planning or fieldwork process), Process X-Ray, Process Mining tooling or other advanced or customized audit analytics capabilities.