Is Your Job At Stake?
Is JD Edwards security among the many things under your control? Are you aware of the types of fraud most frequently committed on ERP systems and can you say with certainty that your system is protected from them?
Understanding the risks in your JD Edwards EnterpriseOne System
Governance Risk and Compliance, a broad term invented by the Accounting profession, means different things to different people. In general terms it means the controls and reporting within a business which enable auditors to manage fraud prevention and to comply with relevant legislation. In particular, a good GRC program will identify areas of potential risk in the business, concentrating initially on putting in place controls to cut down, or even eliminate the risk of fraud.
The word RISK is important here, since in complex businesses the areas where problems could occur are widespread, so assessing the priorities is critical. This can be done with IT tools, but it is also a matter of experience and external reference, i.e. understanding what happens elsewhere.
A good auditor will focus on risk, looking at the issues that occur most frequently and those that will cause the most damage. But once the basic controls are in place, an auditor is trained to look further and dig deeper. Some people may take the view that it’s a character defect (after all, this is how they generate income) – but maybe they really do want to minimize the opportunities for fraudsters.
So GRC needs to be an ongoing program, not just a one off event. The company needs to be able to report regularly on the data, but more importantly it also needs a means of interrogating the data, so that challenging questions can be answered easily.
And the risks: the Dummy Company Fraud, Inventory write down, Supplier payment adjustment, payroll manipulation, reconciling fraudulent payments, increasing credit limits, manipulating customer payments, and any number of other common problems.
We can help you understand how to stop these fraudsters, and keep your job.