A New Generation of Companies Evolve and Innovate with Fastpath

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To compete effectively in today’s global marketplace, companies must embrace digital information and emerging technologies. Separation of Duties (SOD) 3.0, a next-generation approach that uses predefined role definitions that are directly aligned with front, middle, and back office business processes. These predefined roles are designed to work with application controls and address data security, user access administration risk, and compliance requirements. They continue to protect the organization long after they are put into place by adapting to changing business needs.

“SoD is different. It is no longer a story of how to run a Separation of Duties review to support compliance requirements, it is how to leverage this dynamic control to help mitigate risk across applications,” said Brian Jensen, Advisory Managing Director, GRC Technology, KPMG LLP.

Fastpath, a Microsoft Gold-certified partner, has identified a major contributor to its record sales growth; a significant increase in customers seeking and achieving IPOs. Fastpath reports that many of these fast-moving companies are using a dynamic mix of best-of-breed ERP, HCM, and CRM applications to assist their rapid growth. This new generation of innovative companies require flexibility that is provided by Microsoft Azure-based, expandable solutions, such as Fastpath.

Fastpath alliance partner KPMG LLP recently shared a new approach gaining accelerated adoption in a webinar, Separation of Duties 3.0 (https://advisory.kpmg.us/events/webcast-homepage/2021/separation-duties-3.html). Enterprises are using various integrated applications to recognize maximum benefits. As enterprises utilize multiple technologies, a new security challenge has been created.

“SoD is different. It is no longer a story of how to run a Separation of Duties review to support compliance requirements, it is how to leverage this dynamic control to help mitigate risk across applications,” said Brian Jensen, Advisory Managing Director, GRC Technology, KPMG LLP.

Fastpath’s security and audit solutions leverage the security of the Microsoft Azure platform to manage secure access to numerous leading enterprise applications. As permissions are granted to numerous employees across an enterprise, companies need to detect where there are risks and ensure these risks are prevented from occurring in the future. Fast-moving IPO and pre-IPO companies not only need to manage these risks but ensure compliance in order to operate as a public company. Fastpath provides tools such as Access Reviews and Certifications, Separation of Duties, Compliant Provisioning, and Audit Trail to support the growth of many of the world’s recent successful IPOs and emerging technology stories.

Public and pre-IPO companies rely on Fastpath’s ability to reduce the risk of internal fraud through Segregation of Duties analysis, automated management approval for access requests, and a verifiable audit trail across all their critical business systems.

Results, ROI, and Revenue
KPMG reports 32 percent of audit material weaknesses for IPO companies are related to Segregation of Duties (SoD) and 27 percent for public companies. These companies see an almost immediate ROI with Fastpath by automating business processes, which reduces or eliminates errors that occur with manual processes.

“Fastpath is proud of our history of delivering multi-application solutions for our customers. We have invested to ensure that our solutions are flexible and can work with a customer’s unique combination of business systems. Fastpath’s partners have the flexibility to extend our solutions to solve comprehensive business challenges crucial to our customers’ success,” says Charles Snellgrove, CEO Fastpath.

KPMG LLP is the U.S. member firm of the KPMG global organization of independent professional services firms providing audit, tax and advisory services. The KPMG global organization operates in 146 countries and territories and has close to 227,000 people working in member firms around the world. Each KPMG member firm is a legally distinct and separate entity and describes itself as such. KPMG International Limited is a private English company limited by guarantee. KPMG International Limited and its related entities do not provide services to clients.

KPMG LLP is widely recognized for being a great place to work and build a career. Our people share a sense of purpose in the work we do and a strong commitment to community service, inclusion and diversity and eradicating childhood illiteracy. Learn more at https://www.kpmg.com/us .

About Fastpath
At Fastpath, our mission is to deliver software solutions that seamlessly empower our clients to take control of their security, compliance and risk management initiatives.

If you are spending countless hours preparing for your audits, struggling to comply with legislative requirements like Sarbanes Oxley (SOX), HIPAA, FDA, or just need help reviewing who has access to what within your ERP, Fastpath can help. Fastpath’ s suite of tools can help your company with risk analysis, access certification, role management, compliant user provisioning, emergency access management, and continuous monitoring.

Our tools work across many platforms including Microsoft Dynamics (365, AX, GP, NAV, SL and CRM), SAP, Oracle EBS, Oracle Cloud, NetSuite, Sage Intacct, Workday, Workiva, SailPoint, JD Edwards, PeopleSoft, Salesforce, ServiceNow, Coupa and Acumatica. Contact us to learn more about our solutions or to request a customized product demonstration at https://www.gofastpath.com

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