Infor, a leading provider of beautiful business applications specialized by industry and built for the cloud, and TeraThink Corporation, a provider of management and technology consulting services to the federal government, today announced that they have helped Washington Headquarters Service (WHS) achieve a repeatable approach to assist with audit readiness. The Financial Management Directorate (FMD) of the WHS has been working to establish a state of audit readiness, as scheduled by Office of the Under Secretary of Defense (Comptroller) Financial Improvement and Audit Readiness (FIAR). To accomplish this, WHS has taken a proactive and collaborative approach to help improve management and system controls and progress to an audit ready state. The agency has selected the Infor Approva Continuous Monitoring (IACM) Process Insights (PI) transaction monitoring solution which is currently deployed and operational at the Department of Defense (DoD) Washington Headquarters Service (WHS).
The transaction monitoring solution can be used to monitor the FMD's EBAS-D Enterprise Resource Planning (ERP) transactions, which is designed to help improve financial governance, help identify accounting errors, and assist in improving the accuracy of financial reporting by identifying exceptions as they occur. The prior WHS governance, risk & compliance (GRC) user provisioning compliance release, combined with this transaction monitoring release, can help provide WHS strengthened segregation of duties (SoD) compliance, highlighting inappropriate access and user activity, while this release can help provide WHS GRC users with increased transparency for transaction monitoring to assist with minimizing potential fraud. The solution can help streamline each audit cycle by eliminating certain audit preparation activities, which can provide the auditors with visibility into the EBAS-D source system, and can remove the need to develop manually intensive audit reports that demonstrate compliance.
"Washington Headquarters Services' second GRC release significantly enhances their transaction monitoring capability enabling WHS managers to ask the right questions at the right time and deploy proactive solutions for financial accountability," said Thomas Byers, CPA and Senior Vice President at TeraThink. "GRC, combined with the ERP discipline and enhanced business processes of WHS' EBAS-D system, is a game changer in allowing WHS to provide reliable and auditable support to OSD customers."
TeraThink's "speed to capability" deployment demonstrates how a proven GRC solution can help support audit readiness efforts, and can help reduce the risk of fraud all through an attainable and cost effective approach.
TeraThink Corporation (terathink.com) is a Native American owned business that strives to blend elite professional expertise and cutting-edge technology in order to be one of the premier providers of financial management, audit readiness, audit compliance, ERP integration, enterprise solutions, and program management to the Federal Government.
Infor (infor.com) builds beautiful business applications with last mile functionality and scientific insights for select industries delivered as a cloud service. With 13,000 employees and customers in more than 200 countries and territories, Infor automates critical processes for industries including healthcare, manufacturing, fashion, wholesale distribution, hospitality, retail, and public sector. Infor software helps eliminate the need for costly customization through embedded deep industry domain expertise. Headquartered in New York City, Infor is also home to one of the largest creative agencies in Manhattan, Hook & Loop, focused on delivering a user experience that is fun and engaging. Infor deploys its cloud applications primarily on the Amazon Web Services cloud and open source platforms.
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Contact: Tom Byers, CPA
SVP Defense and Intelligence
E: tbyers[.]terathink.com - P: 703-773-6232 x1005