Continuous Financial Monitoring
This Government Department Satori Customer brings together multiple management functions to maximise connections between the environment, community, industry and economy. The department has around 2500 employees.
Satori has been working with their Finance and Corporate Services Department for 6 Years. Satori was engaged by the Finance Manager and with the department being so complex, continuous monitoring of financial data was considered business essential to minimise cash leakage and maintain compliance standards.
The Satori Solution
Satori was initially engaged to implement Satori’s Continuous Control Monitoring solution which includes detection of anomalies, remediation workflows and data visualisation dashboards across the business covering subject areas of Vendor Management and Accounts Payable. This service continuously and automatically monitors and detects commonly found errors and exceptions such as keying errors, misspelled vendor names, alternate or incorrect vendor names, bank details, duplicate invoices and duplicate payments.
For this customer Satori was responsible for the early detection of over $6,000,000 worth of errors each year, which prevents incorrect payments being made, and negates the need for the Department to engage in any recovery activity.
Satori continues to provide its Managed Services across the subject areas of Vendor Management and Accounts Payable and has been expanded to include the corporate Credit Card expenditure, ensuring that the policies and procedures that the Department have in place for expenditure are followed.
Want to learn more about our innovative Finance and Monitoring solutions? Contact us here.