The global security and asset protection organization completed what used to take 732 hours in just one hour.
Weston, FL (PRWEB) November 06, 2014
ERP Maestro® announced today that it has been honored with a 2014 GRC Value Award in the Identity and Access Management category by GRC analyst firm GRC 20/20. The second annual GRC Value Awards recognize real-world implementations for Governance, Risk Management and Compliance programs and processes that have returned significant and measurable value to an organization. GRC 20/20 has recognized ERP Maestro for the automation of Segregation of Duties (SoD) and its SAP® access controls audit program at a global security and asset protection organization based in Florida.
GRC 20/20 will feature the case study in a webinar titled “How a Fortune 500 Security Company Reduced Access Control Auditing from Over 700 Hours to Less than One” on Tuesday, November 18, 2014 at 2:00pm EST.
This recognition comes on the heels of the launch of ERP Maestro’s online subscription-based SoD Auditing-as-a-Service solution, which addresses the rise in fraud and the high costs of security audits, eliminating hundreds of man-hours involved in the compliance reporting process for a typical corporation.
The global security and asset protection organization completed what used to take 732 hours in just one hour and gained immediate as well as ongoing annual savings of $74,000 by replacing their manual efforts, which were costing approximately $121,200 per year.
“ERP Maestro has demonstrated proven business value in Identity and Access Management with its program for a Fortune 500 global security and asset protection organization. This organization found a solution in ERP Maestro that was not only cost effective, but also enabled them to achieve their goals of efficiency, effectiveness, and agility,” said Michael Rasmussen, Chief GRC Pundit for GRC 20/20 and internationally recognized expert. “It is imperative that we recognize today’s successes as a milestone toward advancing GRC maturity.”
Business processes and technology change at a rapid pace. In the context of change, internal controls over financial reporting, regulatory requirements (e.g., SOX), internal and external auditors, and fraud risk put increased pressure on corporations to ensure ERP systems are secure and access control risks are managed in the context of a dynamic business environment. Segregation of Duties (SoD), inherited rights, critical and super user access, and changes to roles are too much for today’s organization to manage adequately in manual processes.
This Global Security and Asset Protection Organization used to manually manage their access control testing in their SAP environments. GRC 20/20 has evaluated and verified the use of ERP Maestro at this organization and confirms that this subscription service has achieved measurable value.
Other results recognized by this global security and asset protection organization include:
- First year savings is believed to be in the area of $50,000 for hardware and maintenance alone
- Immediate and direct savings of 61% on top of what they were already spending
- Lower cost of ownership compared to alternate solutions - a savings of $400,000 per SAP instance in software licensing and consulting services
- Savings in external audit of $50,000 a year
“We applaud our client for their visionary program and GRC 20/20 for recognizing and quantifying the business value,” said Jody Paterson, CEO, ERP Maestro. “In achieving automation, this global security and asset protection organization not only gained cost savings but they also avoided a significant security event, such as fraudulent activity related to segregation of duties, and freed up staff resources who are now able to focus on other priorities.”
To read the GRC 20/20 blog acknowledging award recipients: http://www.grc2020.com/index.php/grc-pundit-blog/207-grc-20-20-announces-2014-grc-value-award-recipients
To register for the GRC 20/20 webinar: https://attendee.gotowebinar.com/register/1475038091799380225
To download the GRC 20/20 case study: http://erpmaestro.com/security-case-study-download
About GRC 20/20
GRC 20/20 is the authority in understanding how organizations implement GRC practices that are effective, efficient and agile. Through independent research and industry interaction, GRC 20/20 advises the entire ecosystem of GRC roles within organizations, technology and knowledge solution providers, and professional service firms. Organizations engage GRC 20/20 when they need insight, guidance and advice in dealing with a dizzying array of disruptive issues, challenges, processes, information and technologies while trying to maintain control of a distributed and dynamic business environment. Visit GRC 20/20 at http://www.grc2020.com/ and follow on Twitter at @GRCPundit.
About ERP Maestro
ERP Maestro is an online software-as-a-service (SaaS) that makes life easier for enterprise IT governance, risk and compliance professionals tasked with preventing fraud, passing corporate audits and complying with legislative requirements including Sarbanes-Oxley (SOX). With no upfront cost or IT implementation, ERP Maestro automates SAP® Access Controls including segregation of duty (SoD) compliance, sensitive access monitoring, emergency access management and secure provisioning. Risk management is real-time and continuous, and auditing reports are ready in minutes. ERP Maestro has been honored with a 2014 GRC Technology Innovation Award by independent analyst firm GRC 20/20 recognizing technologies revolutionizing the GRC market. For additional information visit http://www.erpmaestro.com or follow us on Twitter @ERPMaestro.