While ERP cloud migration promises numerous benefits, including cost savings, leading-edge features, broad accessibility and ease of use, it also carries substantial risks. This is especially true of moving the accounting and financial management modules of on-premises ERP to the cloud.
A poorly executed move can break an organization's financial processes and expose sensitive data, raising significant financial and regulatory risks. But establishing internal controls early in the ERP planning process can be an effective safeguard.
In this...
While ERP cloud migration promises numerous benefits, including cost savings, leading-edge features, broad accessibility and ease of use, it also carries substantial risks. This is especially true of moving the accounting and financial management modules of on-premises ERP to the cloud.
A poorly executed move can break an organization's financial processes and expose sensitive data, raising significant financial and regulatory risks. But establishing internal controls early in the ERP planning process can be an effective safeguard.
In this episode, we explore the kinds of controls that are most effective, who is responsible for them, the steps in developing controls, and where they fit in enterprise application ecosystems.
Featuring: Laura Bellinger, audit and assurance partner, David Rains, audit and assurance principal, Deloitte accounting, controls and reporting advisory.
In today's episode, we'll also cover:
- How AI helps automate the process.
- Why cloud-driven financial transformations are a good time to improve existing controls.
- The role of consulting firms like Deloitte in setting up internal controls.
References:
- Deloitte article by Bellinger and Rains
- What is risk management? Importance, benefits and guide
- What is digital transformation? Everything you need to know
To learn more about enterprise applications, check out Search ERP.
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