This article explores the interdependence between lookback analysis and access governance and how it can transform modern ERP audits.
From a Segregation of Duties perspective, Lookback Analysis is a critical tool in ensuring control effectiveness and mitigating risks associated with access controls.
Sometimes, these controls fail to mitigate risks effectively, and that's where Lookback Analysis comes into play.
Lookback Analysis is a proactive measure to reinforce access controls, enhance control effectiveness, and safeguard the organization's financial integrity.
Why Organizations Need Lookback Analysis Regulators are not just concerned with data completeness but are also looking for evidence of effective controls.
As a result of companies becoming digital, you need to do a lookback analysis to determine if risk has materialized.
Lookback Analysis and Access Governance In addition to the above, it is important to note that Lookback Analysis is a crucial second line of defense after access controls fail.
Despite one's best efforts to create strong access controls, sometimes they may not be enough, and that's when a Lookback Analysis may be needed.
The Significance of Lookback in Audits In audits, Lookback Analysis is crucial in evaluating the effectiveness of internal controls and risk management practices.
Auditors rely on Lookback Analysis to unearth previous instances of non-compliance, unauthorized activities, or control weaknesses within an organization's systems.
One of the primary objectives of Lookback Analysis is to mitigate risks associated with access control failures and unauthorized activities.
Lookback analysis is critical to maintaining robust controls and risk management practices in digital business operations.
Integrating Lookback Analysis with access governance can significantly reduce residual risk and strengthen overall risk management efforts in today's digital landscape.
Integrating Lookback Analysis with access governance enhances risk management efforts.
Access governance, which regulates user access rights and permissions, complements Lookback Analysis by providing a holistic view of user activity patterns over time.
Scrutinizing supplier creation and payment transactions through Lookback Analysis can illuminate potential control weaknesses and avenues for refinement.
Risk Analysis: Assessing elevated risks associated with supplier setup and payments helps organizations determine the scope of Lookback Analysis.
Integrating Lookback Analysis with access governance allows organizations to manage complex requirements, fortify security, ensure compliance, and drive sustainable growth.
SafePaaS is an ACTIVE governance platform that streamlines the Lookback Analysis process and enhances access governance.
It integrates with existing enterprise systems, including Oracle ERP Cloud, Oracle E-Business Suite, SAP, and Workday, ensuring efficient and effective Lookback Analysis.
This Cyber News was published on securityboulevard.com. Publication date: Sat, 18 May 2024 08:43:05 +0000