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The Business Assurance Professionals Page 1 Business assurance the mature phase in compliance Presentation: dr. Tim Willems Date: February 28, 2006.

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Presentation on theme: "The Business Assurance Professionals Page 1 Business assurance the mature phase in compliance Presentation: dr. Tim Willems Date: February 28, 2006."— Presentation transcript:

1 The Business Assurance Professionals Page 1 Business assurance the mature phase in compliance Presentation: dr. Tim Willems Date: February 28, 2006

2 The Business Assurance Professionals Page 2 Who is Ba-PRO? Ba-PRO is a Business Assurance Software provider. Headquartered in the Netherlands, development team in Romenia. Founded by dr. Tim Willems, also founder (1995) of BWise, international leading Sarbanes Oxley compliance software provider. Business Assurance gives company management confidence by continuously matching relevant business controls against business back office data. Automated detective & preventive controls Ba-PRO develops dedicated Business Assurance solutions Fraud management Sarbanes Oxley compliance Credit- and Risk management … New or existing control documentation in the control framework documents (e.g. Axentis, SAP-MIC, Word, Excell, BWise, Paisley) Existing real time business data Information available in back office apps (e.g. SAP, Oracle, Baan, Navision, Peoplesoft, propriatary) Ba-PRO Relates documented controls to real time business data Alert control violations KPI cockpit XBRL based reports Alerts and KPI’s

3 The Business Assurance Professionals Page 3 Alerts Home page –KPI’s –Statistics –Alerts –Framework

4 The Business Assurance Professionals Page 4 Control framework –Subsidaries –Departments –Processes –Accounts –Risks –Control objectives –Controls –Coso –... Find relevant control info

5 The Business Assurance Professionals Page 5 XBRL / IFRS / GAAP Standards/ XBRL –US Gaap –IFRS –Accounting manual

6 The Business Assurance Professionals Page 6 Find the right employee Who? –Responsible –Accountable –Consulted –Informed

7 The Business Assurance Professionals Page 7 Solutions: Fraud management Advantages: Fraud is a very hot topic and difficult to prevent / proove that it didn’t happen Big 4 have admitted difficulties in fraud management Running Ba-PRO fraud management creates awareness thus reduces risk No complete competitive solution available Fraud management consulting partner available (4itrust) Predefined fraud controls (documented in the control framework) – smurfing – over value – SOD – vendor relations – private relations –... Immediate fraud alerts (sometimes even preventive) Cut back on related cost – prevention – fraud loss – remediation – good will / shareholder value (> at a snap)

8 The Business Assurance Professionals Page 8 Solutions: Credit management Advantages: Traditional credit management – only focusses on the vendor side – only monitoring of outstanding invoices – only reactive Ba-PRO – includes / facilitates customer – full workflow between vendor and clients – dispute resolution – monitoring of outstanding invoices – vendor and client application (hosted) – includes business assurance rules on invoicing and payment process = proactive – ease of integration (SAP agents available) Runs on SAP, Oracle and Navision Improved customer relationship Cost reduction per invoice Cost reduction cash managent Web-enabled (vendor and customer)

9 The Business Assurance Professionals Page 9 Solutions: Compliance Advantages: Traditional SOX / compliance management – focus on documentation (control framework) – control testing by control self assessment – continuous testing SOD focus Ba-PRO – documentation (in Ba-PRO or integrated with third party like SAP-MIC) – XBRL included (ifrs, us-gaap...) – continuous testing full compliance = automated and preventive – other templates integrated (Cobit, Coso, FDA, Fraud...) – process and data centric – KPI dashboarding (process efficiency) – Agent technology for data integration – flexible (create your own compliance app) – available for all process owners (integrated) Cost reduction in compliance Automated detective and preventive controls Full Business Assurance (does not stop at SOD or SOX) = Multiple perspective and different portfolioviews

10 The Business Assurance Professionals Page 10 Business assurance Compliance Some More Detail

11 The Business Assurance Professionals Page 11 Current business issues Supervisory board: Avoid risks and fraud Board: Autonomous growth and Acquisitions (integration) CFO: Finance ongoing operations and growth Management: Grow revenues and profit, cut back cost Management: Integrate (regional) business units/companies Management: Control the business based on real time information Controller/CFO: Comply with multiple regulations (FDA, SOX, Basel II)

12 The Business Assurance Professionals Page 12 State of the “Art” Risk and control documentation (Sarbanes) (e.g. Axentis, SAP-MIC, Open Pages, BWise, Word, Excel) Financial Accounts Processes Risks Controls (and objectives) Procedures / documentation Control self assessments Manual evidence collection Expensive reporting structure Off line monitoring based on reports Separate systems for multiple compliance No business assurance

13 The Business Assurance Professionals Page 13 What most companies miss Most companies today only have a partial control framework documented (e.g. Axentis, BWise, Paisley) don’t have real time monitoring on material events (409) don’t have real time control testing don’t have the segregation of duties checks don’t have Business Assurance don’t have Risk and Fraud detection systems In most companies the board has control documents available but the board lacks real time control transparancy and steering data (no cockpit) the CFO wants to avoid mistakes and has to assure the business to create financing possibilities/improve banking relations the operational management has to integrate companies quickly to support corporate transparancy and predictibility (assurance)

14 The Business Assurance Professionals Page 14 But what are we looking for? Continuous fraud detection Real time risk management KPI monitoring, continuous control ( e.g. Sarbanes Oxley 409, real time disclosure ) Transparancy Integrate transparent and controlled companies Real time management cockpit Single documentatioin platform for multiple compliance / reuse information Platform to facilitate the growth process from detective to preventive controls

15 The Business Assurance Professionals Page 15 Bob, can we build this? 24 * 7 Risk, Fraud and SOD detection to reduce loss Real time control monitoring (link controls with real business data) Enterprise Risk management (real time risk monitoring) 24*7 corporate governance and disclosure (e.g. 409) XBRL introduction for ease of reporting & compliance Integrated multiple compliance control documentation frameworks (COSO, Cobit, Fraud detection, Basel II) Include business processes KPI cockpit integrated with control framework to drive control improvements Yes: Business Assurance

16 The Business Assurance Professionals Page 16 Clients Return 24*7 risk, fraud and SOD control Cut back on “remediation after the fact” cost Offer confidence to shareholders and stakeholders Reduce financing, auditing and reporting cost Grow revenues and profit, cut back integration and process cost Control the business based on real time KPI’s, management cockpit Platform for growth to automated preventive controls Comply with mulitple regulations (FDA, SOX, ISO, Basel II) Maintainable transparancy, back office data integrated with control framework

17 The Business Assurance Professionals Page 17 Business Assurance cycle Control Framework Axentis BWise SAP MIC... Ba-PRO Business assurance rules select relevant controls set tresholds values reports Back office data SAP Oracle (apps) Baan Peoplesoft Assurance alerts KPI dashboards reports (XBRL based) Improve control Automated XBRL and XML storage Agents Workflow automation Back office app. improvements

18 The Business Assurance Professionals Page 18 Business Assurance Data-flow Alerts & KPI’s Improve projects / workflow Agents Control framework SAP-MIC -Sarbanes Controls -Fraud detection -IFRS manual -... Business Rules Data Store Collected data from back office systems stored in XBRL, XML, XSD Back office apps SAP Oracle Navision Baan Your own Ba-PRO SAP Netweaver Alerts & KPI’s

19 The Business Assurance Professionals Page 19 Control framework –Subsidaries –Departments –Processes –Accounts –Risks –Control objectives –Controls –Coso –... Find relevant control info

20 The Business Assurance Professionals Page 20 Alerts Dashboards Alerts Drill down Web based Personal

21 The Business Assurance Professionals Page 21 Ready? Start with available (SOX) Content Control framework (COSO) Accounting manual / IAS Business Rules Alerts and Dashboards Integration agents available SAP Oracle Navision No license investments Quick start implementation package Pay per business rule

22 The Business Assurance Professionals Page 22 GO! Great opportunity to experience how it is feasable to balance risk and controls with business improvements Pilot Select Control framework (e.g. SOX, Fraud, Credit...) Test Business Rules First Control framework, risk management information, Alerts, dashboards available Evaluate Continue Local consulting (Smartview) Quick-Experienced-Efficient No sweat 10 days Dr. Tim Willems Pilot now and be invited as a member of the Expert team, Amsterdam April 2006 Amsterdam roundtable 2006 (captains of industry and government roundtable)

23 The Business Assurance Professionals Page 23 Stay in touch Dr. Tim Willems CEO of Ba-PRO Phone: Klaus Berghoffer CEO of Smartview (Romenia) Phone:


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