Amidst a rapidly changing environment, many organizations are facing unprecedented business risks: technological innovations and growing regulatory demands give rise to new uncertainties and increase the overall level of complexity of business processes. This, in turn, often results in (hidden) operational inefficiencies and errors or might even lead to deliberate acts of noncompliance – all of which can bring reputational damage and/or financial loss to the organization.
Internal Audit is one of the key pillars to support decision-making within an organization in order to manage these risks. However, while trying to continuously meet stakeholders’ expectations, many Internal Audit departments are exposed to increased pressure to deliver more in less time.
Fortunately, the same evolutions that give rise to new types of complexities for organizations, also represent significant opportunities for improvement. Due to the increasing level of digitization of business processes, more and more organizational data is stored and ready to be exploited.
By shifting from traditional audit techniques towards new technologies such as process mining, Internal Audit can gain valuable insights in a more efficient and effective way and, ultimately, increase its strategic relevance for the organization.
Process mining is a data driven technique that enables an organization to analyze the manner in which their business processes are executed in real-life and to assess the appropriateness of the execution.
By applying specialized algorithms on transactional data captured in IT systems (event logs), valuable types of insights are obtained from different angles and in varying degrees of granularity, in a short timeframe.
Benchmarking process executing between different parts of the organization will help to set the right focus during the audit planning phase.
Process mining allows the standardization of audit execution. Insights can be instantly shared via dynamic dashboards and make discussions and decisions fact based.
Internal audit should not only aim at avoiding business risk, but also improving business performance. Process mining helps to monitor improvements triggered through audits without additional effort.
Our KPMG team of experts has experience in process mining projects in a variety of domains, going from purchasing to customer services and incident management
KPMG provides you with a multi-disciplinary and integrated approach including expertise on internal audit, business process optimization and Data & Analytics.
Want to learn more about how your organization can benefit from process mining? Do not hesitate to contact us.