Identifying anomalies in internal audits

More often than not, data-based audits fall short of their potential. Typically, they work with rule-based risk detection methods—and these have limitations: When an algorithm applies learned knowledge from historical data to new cases, it can only find those anomalies that are known from experience. With ONE DATA Audit, a ONE LOGIC customer in the chemical industry was able to identify unknown error sources and make its processes more secure.

4different types of previously unknown anomalies were identified with ONE DATA Audit

In the chemical industry, where diverse processes and constant changes are part of day-to-day business, anomalies pose a significant risk. If they are not detected quickly enough or not at all, they can lead to massive downstream problems.

It is also essential to track high-risk objects through the entire process. Many solutions may be able to detect them, but users must take care of the tracking themselves.

Three modules take internal auditing to a higher level

With the centralized data product ONE DATA Audit, which includes the modules “Corporate Auditing”, “Outlier Detection” and “Anomaly Tracking”, ONE LOGIC gave this customer a complete solution. “Outlier Detection”, for example, also processes their unstructured data to identify previously unknown risks. It detects cases of non-compliance and mismatching, and if any process deviations are detected, assigned persons are notified immediately. Additionally, the text-mining function was used to find additional anomalies—it can be set to search for any term in free-text fields and comments.

ONE DATA Audit is compatible with SAP ERP systems and works with standard tables. An implemented conversion layer automatically converts data into standard functions and feeds them into the algorithm. This can be efficiently adapted and extended to new application areas using add-ons and the data products’ scalable architecture.

onelogic success story audit content image

It is important to avoid anomalies in the preliminary and follow-up stages of chemical production processes. ONE DATA Audit also finds previously unknown error sources and gives users the opportunity to centrally manage them.

Continuous and Centralized Auditing

With advanced algorithms and the centralized management of internal auditing processes, ONE DATA Audit enables the continuous monitoring of risks on a larger scale, while significantly reducing manual effort.

Automated pipeline and quality assurance measures make monitoring, ad-hoc analysis, and auditing effortless.

1. Continuous monitoring 

Potential anomalies are continuously checked, commented and tracked. Assigned persons are notified automatically in real time as soon as a critical anomaly occurs.

2. Streamlined collaboration

ONE DATA Audit enabled this customer to break down data silos and allow their auditors to perform ad-hoc analysis using a centralized, interactive solution.

3. Remove sources of unknown errors

By processing unstructured data with ONE LOGIC’s advanced algorithms, the customer was able to find, track, and eliminate four different types of previously unknown anomalies.

4. More speed 

Advanced algorithms and centralized management of internal audit processes ensure continuous risk monitoring and greatly reduce manual effort.

ONE DATA Audit

ONE DATA Audit is a scalable data product that helps customers minimize risks with less manual effort.

ONE DATA Audit always uses the latest data from your ERP system and continuously analyzes it to detect anomalies, like duplicate payments. The system uses automation and AI technology to massively reduce the manual effort for auditors. In addition, it harmonizes the entire process—from initial planning to audit follow-up—by giving all auditors access to one solution.

audit outlier detection
Robert Stumpf

Would you like to learn more about this or explore similar success stories? Do you have questions about our data products?

Your contact:
Robert Stumpf | Vice President Business Development

Contact us

Success story: “Identifying Unknown anomalies and Making processes More Secure” free download.

Anomalies in business processes are risks that should not be underestimated. With ONE DATA Audit, a ONE LOGIC customer was able to identify and eliminate previously unknown error sources.

Download

onelogic-success-story-audit-cover-en

The ONE LOGIC Newsletter!