Date Posted: 12/14/2010
Prodiance Introduces New Enhancement to its ERM System to Monitor & Enforce Auditor Recommended Spreadsheet Controls
Pleasanton, Calif. and London – December 13, 2010 – Prodiance Corporation, a global provider of Enterprise Risk Management solutions, today announced a new enhancement to its popular Prodiance Enterprise Risk Manager (ERM) application to further automate internal controls over mission critical spreadsheets, Access databases, and end-user computing applications (EUCs) recommended by major audit firms. By utilizing core functionalities of Prodiance ERM and new control analysis and reporting services, Prodiance ERM now facilitates monitoring and enforcing of key controls while highlighting any compliance gaps. The addition of a new control dashboard enables organizations deploying the Prodiance ERM System to address guidance from auditors on key EUC controls required to satisfy regulatory compliance for SOX 404, Basel II and III, Solvency II, and the NAIC Model Audit Rule.
Addresses Auditor Guidance on EUC Control
Leading audit firms and The Institute of Internal Auditors (IIA) have routinely published best practice standards for spreadsheet and EUC control, including: versioning, access control, change control, documentation, logic inspection, input control, back-up, archival, analytics, data integrity, and segregation of duties. The Prodiance ERM System was designed to help organizations automate these internal controls by embedding them into the fabric of everyday business processes.
Provides Immediate Visibility into EUC Compliance
"Through the application of automated controls monitoring, organizations can transform high risk spreadsheets and EUCs into remediated and managed EUCs that are trusted and managed with a high level of integrity throughout their lifecycle," said Eric Perry, Vice President of Marketing for Prodiance. "The new control analysis and reporting services from Prodiance enable executives, LOB managers, and auditors to see a risk based view into their EUC control environment with drill-down into detailed reports showing the controls in place for any critical EUC and any control gaps."
The new Prodiance EUC control dashboard is driven by the Prodiance ERM engine, which automates enforcement of the controls. For example, if a critical EUC is under control by Prodiance ERM, then it will automatically satisfy the control requirements for versioning, change control, access control, and backup. Additional control requirements are satisfied through workflow activities such as testing or an independent audit process. For example, if a user adds documentation to a controlled EUC, the Prodiance ERM System can automatically verify the proper documentation was completed and added, and update the control status. Further, after an annual logic inspection workflow is completed, the Prodiance ERM System will automatically update the control status.
The Prodiance EUC control dashboard is delivered through a web browser or in a variety of formats (XLS, PDF, CSV, TIFF, Word, HTML) through an email subscription. Through routine monitoring, the Prodiance EUC control dashboard provides executives, managers, and auditors with peace of mind, ensuring that all mission critical EUCs are managed in a controlled environment to properly mitigate the risk of material errors, fraud and non-compliance.
Delivered through Domain Expertise & Best Practices
Through over 100 successful implementations, Prodiance has learned that taking a phased approach to implementing EUC controls is an industry best practice. This approach allows organizations to implement the most critical controls – versioning, access control, change control, segregation of duties, and logic inspection - for Phase 1 of a project with more advanced controls which can be brought online in later phases.
Call to Action for CEOs, CFOs and Executives
Prodiance has recently documented industry best practices for EUC control in a new publication entitled Implementing Effective EUC Controls with the Prodiance ERM System. This new publication is delivered through Prodiance Professional Services and provides a step-by-step “cookbook” for implementing EUC controls through best practices across an organization. For more information about the new publication Implementing Effective EUC Controls with the Prodiance ERM System, or to schedule a web demonstration of the Prodiance ERM System including the new enhancements, please contact Prodiance via email at contact@prodiance.com or by phone at +1.925.460.9191.
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