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SAPCompliance
In today's fast-paced business environment, organizations are grappling with inefficient processes, erroneous or fraudulent activities, and costly internal controls. Many times, organizations are unaware of these issues, much less how to address them.
According to the Association of Certified Fraud Examiners (ACFE), organizations lose an estimated 5% of their annual revenues to fraud.
In doing so, companies draw false conclusions by using their good image, well-thought-out processes, or their perceived great corporate culture as indicators of the potential for errors or fraud. Even if they are basically right with their self-image, it is enough if 1% of the employees consciously or unconsciously make mistakes - because that is simply human.
AI is currently on everyone's lips - some are enthusiastic and excited; others are sceptical and defensive. The fact is that automated internal controls are unbeatable in speed, capacity, and precision.
It's imperative to implement a comprehensive solution that confronts these challenges directly.
And this example will show how:
Consider how many transactions a company with 2000 employees conducts each month; making an error is simply human and the chance of doing so basically multiplies by the complexities of business operations. Additionally, one-third of employees consider quitting their job annually, and the risk of the ones who are frustrated or eventually do quit inflicting financial harm escalates quickly. Importantly, the goal of control systems isn't to judge an employee's character or intentions but rather to verify whether the individual has the required resources, time, and capabilities to accurately review all transactions.
An automatic tool, thoughtfully programmed, could solve exactly that. And there is one called remQ: As an add-on for SAP ERP and S/4HANA systems it’s designed to transform your approach to risk management, compliance, and process efficiency. And we tested it against its promises as we always do before we put it to use.
In relation to the often-unrealistic self-image mentioned above, we have tested it in relation to its promises, and thus ours, many times as if we were the relaxed but always sensing inconsistencies Inspector Columbo.
It's about checking and determining, rather than hoping and accepting.
Internal control systems play a critical role in ensuring the accuracy, compliance, and efficiency of an organization's operations. However, many companies face significant challenges when it comes to their internal control systems:
High Costs: Traditional manual audit processes are labour-intensive, time-consuming, and expensive. Organizations are continuously looking for ways to reduce these costs without compromising the effectiveness of their internal controls.
Limited Scope and Effectiveness: Manual audits often focus on small subsets of data, potentially overlooking critical issues and leaving organizations vulnerable to fraud, errors, and non-compliance.
Difficulty in Providing Compliance and Audit Trails: Companies must demonstrate compliance to both internal and external auditors, which can be challenging when relying on outdated, manual processes.
remQ is specifically designed to address the pain points outlined above by offering a comprehensive solution that delivers immediate value:
Real-time Fraud and Error Prevention: remQ's continuous monitoring enables organizations to identify and stop suspicious activities before they impact the bottom line, reducing losses and costs.
Streamlined Internal Controls: By automating and standardizing internal controls, remQ saves time and resources, allowing staff to focus on solving real issues and improving overall efficiency.
Enhanced Data Quality and Compliance:remQ identifies weaknesses in processes and master data, enabling organizations to make better-informed decisions, optimize processes, and demonstrate compliance with ease.
Rapid Implementation and Fast ROI: remQcan be easily installed, and its pre-built rules based on industry best practices deliver actionable insights within days, providing a quick return on investment.
Imagine a CEO/CFO and his team brainstorming ways to push their processes to a higher efficiency to find out which process they could push 0.1% further towards success to become more cost-efficient. Then he heard about a knight whose shield said REMEDYNE. The shield effortlessly and automatically ensured that there could be up to 5%savings by being able to have its eyes everywhere at once, unlike the CEO. Well, maybe that's a bit pathetic now - but basically, that's the story of the acquisition of REMEDYNE by VOQUZ Labs.
Earlier in 2023, VOQUZ Labs acquired the business of REMEDYNE, a German SAP software partner that has been providing continuous monitoring and audit software to customers since 2015. Research and co-innovation with customers have helped to create a powerful tool and a large library of out-of-the-box controls that are easy to run and create actionable results, and immediate and direct savings.
VOQUZ Labs’ samQ software and visoryQ advisory help to run SAP efficiently or move to new products such as S/4HANA or RISE in the most efficient way.
remQ now helps our customers to run their business on SAP in a more efficient way - a perfect symbiosis.
Jens has 20+ years of experience in SAP security, compliance and internal controls. He is an ex-auditor, always curious, willing to learn and to share knowledge. At VOQUZ Labs Jens is responsible for our risk and compliance products. He enjoys interacting with customers and finding quick and simple ways to improve our products to deliver value to customers. Pragmatic and customer-focused? Then Jens :)
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