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SAPS/4HANA
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SAPCompliance
In today’s fast-paced business world, ensuring the integrity of internal controls is crucial for companies to remain compliant, avoid costly errors, and prevent fraud. However, as organizations grow, managing internal controls manually becomes increasingly complex and inefficient. This is where remQ steps in—offering intelligent business transaction monitoring and auditing software to seamlessly digitize your Internal Control System (ICS) and integrate it directly within your SAP ERP environment.
remQ - Business Inspector for SAP® Software is an innovative software solution that enhances your internal control system by automating checks and controls across various business processes, reducing the burden of manual tasks, and providing real-time audit capabilities. With more than 120 pre-built controls, remQ covers a wide range of business areas such as procurement, order-to-cash, accounting, and inventory. These controls work right out of the box, helping you address critical risks like fraud, accounting errors, and operational inefficiencies.
It’s important to note that companies globally lose up to 5% of their annual revenue due to fraud, accounting errors, and inefficiencies—this equates to over USD 3.7 trillion lost every year. With remQ, these risks are reduced significantly, as the software automates and strengthens internal controls, providing you with the tools to detect fraudulent or erroneous transactions in real-time.
Internal controls are essential to safeguard assets, ensure accuracy in financial reporting, and ensure compliance with laws and regulations. In fact, organizations are legally required to have an internal control system (ICS) in place to meet regulatory standards like the Sarbanes-Oxley Act (SOX) in the U.S., the UK Corporate Governance Code, and others globally (e.g., the EU Audit Directive and Germany’s KonTraG). Traditional methods of internal control are not enough in today’s business environment. remQ offers an advanced solution that allows businesses to automate these controls, ensuring compliance, financial accuracy, and fraud prevention while also saving on the costs associated with external audits. Research shows that companies automating their internal controls can cut external audit costs by 25%. Beyond financial savings, remQ enables a streamlined audit process and more reliable business operations.
Let’s chat and find the best strategy for yourbusiness! It’s about individual expert advice tailored to your business needs. Tools are only as good as their application. We don’t leave you alone with your solutions, we help you get the most out of them.
In this series, we will explore various areas of business processes, risks, and the corresponding internal controls that remQ automates. Our goal is to help you better understand how remQ can optimize your company’s operations while keeping compliance, security, and financial integrity at the forefront.
In the coming blog posts, we will delve into the following areas:
Each blog post will provide an in-depth look at these critical areas, highlighting how remQ automates internal controls to ensure your organization stays compliant, efficient, and secure.
Stay tuned for the next blog post where we’ll dive deeper into Asset Management and how remQ helps mitigate risks related to asset creation and retirement processes.
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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