Simplicity Richard Twilley Phillips 66

Transcription

1 Simplicity Richard Twilley Phillips 66

2 Are data analytics tools revolutionary?

3 Comprehension Curve Comprehension Information

4 Commercial Card Monitoring The Manual Process Organization Work History Location Time Business Purpose Title Who Where What

5 Commercial Card Monitoring Using ACL Timesheets

6 The Results of Using ACL We have experienced a 50% increase in accuracy, 1000% increase in efficiency, and a 500% increase in productivity. -Richard Twilley, Financial Analyst, Phillips 66

7 The Knowledge Trap Experience Knowledge

8 Procure to Pay Purchase Orders Requisitions Contracts Goods Receipts Compliance Entity Level Controls Accounts Payable

9 Procure to Pay ACL Contract Goods Receipt Requisition Purchase Order

10 No, but these tools will help us revolutionize.

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12 THE DEAN FOODS JOURNEY IT Department Continuous Monitoring with ACL AnalyticsExchange Presenter: Chris Jackson

13 DEAN FOODS IT and Internal Audit Collaboration for Success

14 Historical Perspective In The Beginning How to tame a highly regional company that came into being through a series of acquisitions Aspiring to our vision Taming the Wild, Wild West Early review process IT and Internal Audit working in silos [VISION] Be the most admired and trusted provider of wholesome, great-tasting dairy products at every occasion Who we are: Trusted regional brands: 50+ Manufacturing facilities: 75+ Total employees: 19, B gallons produced annually Over 37,000 points of distribution More than 2/3 of U.S. households purchase a Dean Foods branded product annually NYSE: DF Revenues: $9.0+B Headquarters: Dallas

15 What We Did Set the Rules and Automate! Defined controls breakdown and required data Brainstormed on required data types and access Defined rules for access to high-risk system activities Set up an exception-management process

16 The Future The Future of Continuous Monitoring Monitoring with ACL AnalyticsExchange IT and Internal Audit complement each other Exception-based review, deployment of ACL Power of Roles Based Access (RBAC) Automation is everything!

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18 Kicking Up Dust Moving Your Organization Forward with Data Analytics Anna Cuson, CPA, CFE, CRMA Self Regional Healthcare

19 KICKING UP DUST What happens when you add data analytics? Gain visibility to data Reserve integrity of data Reduce detection risk Identify patterns within data Address risks and weaknesses timely Management will not kiss the ground you walk on but they are appreciative of obtaining a better understanding of how the organization is performing. They need and want the insight you can provide.

20 KICKING UP DUST THE CONSEQUENCES In the beginning there will be challenges: Identify who owns the data and where it lives It is trial and error until you get it right There will be more findings because you are no longer settling for a small sample size Slow down to speed up getting it right is more important than getting it fast There will be frustrations on both sides. Patience and a sense of humor are crucial to your success. The short-term pain is worth the long-term rewards of data analytics.

21 IS ANYONE WATCHING? Yes, there are eyes everywhere Many industries are heavily regulated. It is reality that at some point someone is going to review your data. Outside organizations are using data analytics Find it yourself or someone will find it for you Self-reporting can help reduce fines Historical data can show a pattern of monitoring and review There is a bit of government oversight in the US healthcare industry. This is not an all-inclusive list!

22 GET EXCITED STAY EXCITED Involve your customers You can start right where you stand and apply the habit of going the extra mile by rendering more service and better service than you are now being paid for. Napoleon Hill Create a win-win situation Help your customers see what is in it for them Always listen and identify how you can make life easier for the client and your audit staff Please understand that not everyone will be as excited as your audit team with the new level of visibility.

23 KEEP MOVING FORWARD We did not stop at data analytics We identified additional needs as the department matured. We paused to analyze our needs: We needed to analyze our risk assessment We needed a place to organize and maintain our work papers We needed a way to monitor remediation of prior audit findings We needed a way to visualize results and analysis for Management Time does not stop for you or your clients. It is important to move forward when you are ready.

24 ALONG CAME THE PROGRAM OF MY DREAMS At a desperate time in my life I was introduced to ACL GRC I was resistant at first. Once I saw ACL GRC, I knew we were meant to be together. Cloud-based technology that is user-friendly Organize and store audit data Create charts, heat maps, dashboards and all of the other colorful things upper management likes to see Ability to create audit reports and remediation tools Works with data analytics! I admit, sometimes I get frustrated I find negotiating with the computer screen helps!

25 WE CONTINUE TO GROW AND MATURE Continuous improvement takes a commitment from everyone involved Continue developing new approaches to meet client needs Communicate with our business partners to identify solutions Stay flexible to focus on continuous improvement Keep asking questions, looking for solutions and listening for the next great idea This is not an approach I recommend. As professionals, we should always be looking for how to do things better; listening to what the clients see as their greatest risks and tell them about what you can do to help.

26 WHAT ARE YOU DOING? We keep growing and improving as a department without adding FTEs We develop our own comprehensive risk assessments It is at a function level so on average we have approximately 300 risk assessments to analyze in addition to the C-Suite and Board Risk Assessments 98% response rate at function level, 100% of C-Suite and Board First year we can add impact to analysis With the addition of GRC to our audit toolbox we can now apply both probability and impact when analyzing our risk assessment data.

27 FINAL THOUGHTS There is no magic answer Identify where you are and what you want to accomplish Be patient and keep a positive attitude Continue finding solutions Rely on your business partners Don t be afraid to ask for help it is out there Keep growing and moving forward If you don t like the road you re walking on, start paving another one. Dolly Parton

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