MENLO PARK, Calif.,
Feb. 25, 2021 /PRNewswire/
-- Global consulting firm Protiviti has launched its Controls
Excellence App built on the Celonis Execution Management System
platform. Created in response to the rapidly changing business
environment, the app utilizes advanced analytics, machine learning
and data visualization to help business leaders identify control
failures in real-time, pinpoint the root cause of the failure and
make data-driven decisions to maximize not just process
effectiveness but also efficiency.
"There's a wealth of knowledge to be gleaned through process
mining, but we found that – prior to our creation of this app with
Celonis – there wasn't a simple way for teams responsible for risk
management and internal controls to identify and close the
execution gaps in their work. However, these teams at many of our
clients were using process mining for exploratory analysis and
process discovery and hadn't been able to unlock its potential with
respect to analysis of controls performance," said Andrew Struthers-Kennedy, a Protiviti managing
director and leader of the Technology Audit practice. "Our Controls
Excellence app serves as a risk and controls lens providing an
enterprise view into whether key controls are in place and
operating effectively while arming teams with the tools necessary
to quickly categorize and investigate failures when they arise.
Control owners are automatically notified whenever a transaction
does not follow a desired path, enabling immediate corrective
action to be taken."
Designed to apply to a broad range of industries and use cases,
the app uses the power of process mining, combined with machine
learning capabilities through the Celonis Execution Management
System, to analyze not only the activities performed, but the
sequence in which they are performed, plus throughput times and a
view of process conformance, to create analyses that traditional
data analytics tools cannot perform. The app also provides a
platform to continuously monitor controls as well as key efficiency
metrics. The app can be leveraged throughout all levels of an
organization:
- At the executive level, providing heads of finance, operations,
IT and internal audit with a dashboard to analyze and visualize
process and controls performance
- Process owners who need to identify the root cause of a failed
control and monitor process-level performance
- Operators and technicians who need to be alerted in real-time
when certain activities are not completed, to allow for corrective
action
By enhancing core process mining capabilities with this view
into controls performance, process owners and other stakeholders
can take a data-driven approach to help them find the right balance
between efficiency and control, ensuring processes operate within
risk tolerances while also achieving desired business outcomes and
KPIs.
"Protiviti is among the most experienced consultancies in the
process mining space, so it was an easy decision for us to deepen
our existing partnership and work with them to build out one of the
first partner-developed applications in our new Execution
Management System," said Malhar
Kamdar, Chief Ecosystem Officer at Celonis. "We are excited
to see the full potential of Execution Management technology come
to life through the Protiviti Controls Excellence app and to
collaborate with Protiviti as we help our clients close their
execution gaps and achieve their full execution capacity."
The application was built in the new Celonis Studio, which
allows for the creation of Execution Instruments and Execution
Applications on the EMS platform to tackle unique
business challenges. Access to the app can be requested from
Protiviti directly or through the Celonis EMS Store. To learn more
about process mining and assurance, watch the video available
here.
About Protiviti
Protiviti (www.protiviti.com) is a
global consulting firm that delivers deep expertise, objective
insights, a tailored approach and unparalleled collaboration to
help leaders confidently face the future. Protiviti and its
independent and locally owned Member Firms provide clients with
consulting and managed solutions in finance, technology,
operations, data, analytics, governance, risk and internal audit
through its network of more than 85 offices in over 25
countries.
Named to the 2020 Fortune 100 Best Companies to Work
For® list, Protiviti has served more than 60
percent of Fortune 1000 and 35 percent of Fortune
Global 500 companies. The firm also works with smaller,
growing companies, including those looking to go public, as well as
with government agencies. Protiviti is a wholly owned subsidiary
of Robert Half (NYSE: RHI). Founded in 1948, Robert
Half is a member of the S&P 500 index.
About Celonis
Celonis believes that every company
can unlock its full execution capacity. Powered by its
market-leading process mining core, the Celonis Execution
Management System provides a set of instruments, applications, and
developer studio and platform capabilities for business executives
and users. The Celonis EMS offerings help companies manage every
facet of execution management from analytics to strategy and
planning, management, actions and automation. Celonis has thousands
of customers, including some of the largest global companies across
a variety of industries. Celonis is headquartered in Munich, Germany and New York City, USA and has 15 offices worldwide.
Protiviti is not licensed or registered as a public
accounting firm and does not issue opinions on financial statements
or offer attestation services.
Editor's note: photos of quoted individuals available upon
request.
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SOURCE Protiviti