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Automated Information Controls Prepared for: Committee on Finance and Information Technology (CFIT) Presented By: Sumit Nijhawan firstname.lastname@example.org
2008-09-25© 2008 Infogix, Inc.2 What is a Top Concern for Financial Executives? Integrity of Information Analytical Information Access Rising IT Costs High/Rising SOX Compliance Costs
2008-09-25© 2008 Infogix, Inc.3 Top Concerns for Financial Executives Integrity of Information Analytical Information Access Rising IT Costs High/Rising SOX Compliance Costs Source: Technology Issues for Financial Executives 2008 Annual Survey Report
2008-09-25© 2008 Infogix, Inc.4 Infogix Eliminates Information Errors Information errors is a pervasive and universal phenomenon especially in financial processes. Cost and impact of information errors can be small or catastrophic. Infogix is the company that has the expertise and technology to solve this problem.
2008-09-25© 2008 Infogix, Inc.52008-09-25 © 2008 Infogix, Inc. 5 Managing Errors and Complexity No ControlsManual Controls SpreadsheetsProgramming Logic Integrated Application
2008-09-25© 2008 Infogix, Inc.6 What We Do Infogix helps you eliminate information errors with independent, automated, and continuous Infogix Controls ™.
2008-09-25© 2008 Infogix, Inc.7 Benefits of Infogix Controls Reduce Costs Eliminate duplicate payments Eliminate SLA penalties Eliminate billing errors Reduce Risk Protect company brand Avoid litigation Avoid catastrophic errors Streamline Compliance Eliminate reporting errors Reduce audit time and costs Increase controls effectiveness Improve Processes Eliminate manual controls Eliminate rework, re-runs Standardize controls Infogix Controls increase profits.
2008-09-25© 2008 Infogix, Inc.8 Infogix Controls Can Be Used Throughout Your Enterprise Infogix Controls improve information intensive processes. General Ledger Statutory Reporting SOX and Other Compliance Efforts Electronic Payments Accounts Payable Accounts Receivable Data Warehouse/BI/CPM Statement Generation Claims Processing Inventory Replenishment Billing Payroll Expense Management Commissions
2008-09-25© 2008 Infogix, Inc.9 The Infogix Difference Automated Validate all transactions instead of manual sampling Independent Validate processes/information independent of controlled systems Continuous Continuously available controls execute as often as needed Verifiable Audit trail of control results ensures compliance and speeds audits Standardized Standardize controls throughout the enterprise Rule-based Implement and maintain controls without software developers Non-intrusive Capture controlled information in existing formats and locations End-to-End Validate information between applications across the enterprise
2008-09-25© 2008 Infogix, Inc.10 Gartner Report Cool Vendors, 2008: Innovations from Around the World Infogix is “cool” because our solution “focuses primarily on data in flight” “can be implemented in an unobtrusive manner without changes to existing applications and databases” “enables auditing of data consistency in an independent manner”
2008-09-25 © 2008 Infogix, Inc. 11 How do Infogix Controls Work?
2008-09-25 © 2008 Infogix, Inc. 12 Business processes are complex.
2008-09-25 © 2008 Infogix, Inc. 13 The potential for information errors exists throughout the business process.
2008-09-25 © 2008 Infogix, Inc. 14 Infogix Controls monitor, detect, and prevent information errors.
2008-09-25 © 2008 Infogix, Inc. 15 Infogix Controls are deployed as control points. Process AProcess BProcess C Control Point 1Control Point 2
2008-09-25 © 2008 Infogix, Inc. 16 At each control point, the Infogix Control: Process Control Point 1. captures information, 2. compares the information, 3. controls the process, and 4. communicates the control results.
2008-09-25 © 2008 Infogix, Inc. 17 There are four steps to setting up an Infogix Control.
2008-09-25 © 2008 Infogix, Inc. 18 To do that, you specify the format of the source information, how it will be accessed, and where it is located. First, you define the layout of the information to be captured at the control point. 1
2008-09-25 © 2008 Infogix, Inc. 19 Infogix Controls can capture data from a wide variety of sources. financial and operational reports application files and proprietary formats databasesXMLSpreadsheetsEDIweb
2008-09-25 © 2008 Infogix, Inc. 20 You specify the fields of information from your sources that the Infogix Control will capture. Layout Layout Fields
2008-09-25 © 2008 Infogix, Inc. 21 Infogix Controls may capture information from multiple sources. Layout Layout Fields
2008-09-25 © 2008 Infogix, Inc. 22 The layout definition also specifies the control fields into which the source information is captured. Layout FieldsControl Fields
2008-09-25 © 2008 Infogix, Inc. 23 Second, you define the comparison rules the Infogix Control will use to compare the control fields. The rules can be simple or complex. 2
2008-09-25 © 2008 Infogix, Inc. 24 For example, you might want to halt further processing or to execute other Infogix Controls. 3 Third, you define control actions to be performed based on the result of the comparisons. Record audit trail into control report. Stop further processing of this transaction. Execute reconciliation controls.
2008-09-25 © 2008 Infogix, Inc. 25 Finally, you define what and how you want to communicate about the results of the execution of the Infogix Control. 4 For example, you may want to send alerts to specific people via pager, email, exception report, Infogix Inbox, etc.
2008-09-25 © 2008 Infogix, Inc. 26 Let’s Look at Examples.
2008-09-25 © 2008 Infogix, Inc. 27 Infogix Controls can automate, simplify and streamline daily or month-end financial accounting practices. Let’s look at a simplified General Ledger Application example.
2008-09-25 © 2008 Infogix, Inc. 28 On a daily basis, all Branch Teller Journal activity is received and tabulated based on Branch location in different regions of the country. On that same day, internal applications augment and centralize the information into Sub Ledgers prior to updating the General Ledger
2008-09-25 © 2008 Infogix, Inc. 29 Infogix Controls can automatically verify that transactions in the Teller Journal application are received and processed by the Sub Ledger and accurately posted to the General Ledger before any month-end information is generated. Teller JournalGeneral LedgerSub Ledger
2008-09-25 © 2008 Infogix, Inc. 30 Teller Journal Activity Excel or XML File Layout Layout Fields
2008-09-25 © 2008 Infogix, Inc. 31 Sub Ledger Process Sub Ledger Transaction Capture Sub Ledger Summary Capture Layout Fields
2008-09-25 © 2008 Infogix, Inc. 32 General Ledger Activity Excel or Database Layout Layout Fields
2008-09-25 © 2008 Infogix, Inc. 33 Teller Activity Posting Process Control Teller Activity Detail Control Point 1 Sub Ledger Detail & Summary Control Point 2 Results Control Point 3 General Ledger Summary Postings
2008-09-25 © 2008 Infogix, Inc. 34 What about more complex processes…..
2008-09-25© 2008 Infogix, Inc.352008-09-25 © 2008 Infogix, Inc. 35 General Ledger Controls Infogix Controls Balance Corporate General Ledger Reconcile all GL Accounts to Activity Within Accounts Reconcile General Ledger to Sub Ledgers LOB 1 LOB 2 General Ledger Trial Balance Source Systems Sub Ledgers Corporate GL General Ledger Trial Balance Reconcile Trial Balance to GL Manage all Outstanding Inventory Items Manage Production of Posting Entries Source Systems Sub Ledgers
2008-09-25© 2008 Infogix, Inc.362008-09-25 © 2008 Infogix, Inc. 36 Loan Processing Controls Calculated Balance Origination Reference Sources -Fee Tables -Credit Cards Loan Data General Ledger Mortgage Processing Payments and Refunds Vendor Charges Infogix Controls Validate loans Reconcile Fees to Reference Sources Validate Payments and Refunds Validate Vendor Charges Reconcile GL Posting of Loans
2008-09-25© 2008 Infogix, Inc.372008-09-25 © 2008 Infogix, Inc. 37 Inventory Controls ReceivingInventoryMRPDistribution BillingCost Accounting Accounts Payable General Ledger Infogix Controls Account for all units from receiving to distribution Account for all costs posted to financial systems
2008-09-25© 2008 Infogix, Inc.38 Complex Processes
2008-09-25© 2008 Infogix, Inc.39 Infogix Controls Platform Easy and Non-intrusive implementation leads to business benefits in several weeks.
2008-09-25© 2008 Infogix, Inc.40 Infogix Eliminates Information Errors Information errors is a pervasive and universal phenomenon especially in financial processes. Cost and impact of information errors can be small or catastrophic. Infogix is the company that has the expertise and technology to solve this problem.
2008-09-25© 2008 Infogix, Inc.41 The Infogix Difference Automated Validate all transactions instead of manual sampling Independent Validate processes/information independent of controlled systems Continuous Continuously available controls execute as often as needed Verifiable Audit trail of control results ensures compliance and speeds audits Standardized Standardize controls throughout the enterprise Rule-based Implement and maintain controls without software developers Non-intrusive Capture controlled information in existing formats and locations End-to-End Validate information between applications across the enterprise
2008-09-25© 2008 Infogix, Inc.422008-09-25 © 2008 Infogix, Inc. 42 Discussion Infogix, the Infogix checkmark logo, Information With Confidence and Information Integrity are registered trademarks of Infogix, Inc. Other designated phrases and product names used here are the property of their respective owners. For a list of Infogix trademarks, visit www.infogix.com/legal
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