IConcept4



IConcept4 is an internal control software developed by Adroit Consulting Ltd UK.
The Software provides a powerful tool extremely useful in fighting against fraud and in effectively supporting the pivotal roles of internal control officers as well as internal auditors in todays’s ever challenging financial business environment.

It has therefore become critical for organisations to implement real time continuous transaction monitoring and exception management technology that delivers accurate alerts for an effective financial crime management, supports higher standards of corporate governance, reports potential fraudulent activities that may involve staff and customers above all, maintains reliable financial and operational information.

The software is highly specialized and designed for effective enterprise risk management.

It is a near real time web enabled internal control automation tool for efficient exception management and continuous monitoring of any transactions that may be induced by the organisation or the customers.

Relying primarily on the organisation pre-defined risk rules in order to reduce income leakages, iConcept4 directly delivers accurately prioritized alert mails to the ICOs, regional officers, designate branch officers, head of internal control, group heads, chief inspectors or any other higher officers.

Fraud prevention being the major goal of any internal control and internal audit unit, the software provides a comprehensive, simple and user friendly interface for implementing total control framework focusing on areas that are prone to fraud.

It helps to ensure policies, procedures, and businesses processes operate effectively and helps management assess the effectiveness of internal controls.

iConcept4 has the following unique advantages over any other risk based audit solution in the market today:

  1. Provision of audit library where all auditors and internal control officers audit findings, records, reports and key actions are kept, such that even if there is change of staff of audit unit, there will be continuity.
  2. Email Messaging/escalation ensures prompt actions: follow-up functionality and automated email messaging for actions and responses, as well as escalation capability based on compatibility maturity model rules and severity levels are available for both corrective and preventive actions.
  3. Parameterization which allows auditors to specify how and what the system should track as control anomalies. The software renowned for its flexibility and responsiveness, has inbuilt functionality for ease of customisation to meet a variety of audit and internal control functions.
  4. Authentication and single or multiple entries automatic call over. The software provides a mechanism for effectively tracking suspicious and unauthorised transactions through a secure online authentication and automatic callover of both single and multiple transactions.
  5. Ensuring the independence of IT audit from the organisation’s core IT department through direct access to several critical audit reports.

Advantages over other risk based Audit Solutions:

  1. Provision of audit library where all auditors and internal control officers audit findings, records, reports and key actions are kept, such that even if there is change of staff of audit unit, there will be continuity.
  2. Email Messaging/escalation ensures prompt actions: follow-up functionality and automated email messaging for actions and responses, as well as escalation capability based on compatibility maturity model rules and severity levels are available for both corrective and preventive actions.
  3. Parameterization which allows auditors to specify how and what the system should track as control anomalies. The software renowned for its flexibility and responsiveness, has inbuilt functionality for ease of customisation to meet a variety of audit and internal control functions.
  4. Authentication and single or multiple entries automatic call over. The software provides a mechanism for effectively tracking suspicious and unauthorised transactions through a secure online authentication and automatic callover of both single and multiple transactions.
  5. . Ensuring the independence of IT audit from the organisation’s core IT department through direct access to several critical audit reports.

Why I Concept 4 ?

A continuous transaction monitoring functionality comes as a benefit for an organizations in terms of ROI. As different compliance requirements and frameworks exist today, organizations are expected to have means of monitoring specific processes on a continuous basic with the purpose of identifying risks linked to data anomalies, exceeded thresholds, unexpected fluctuations, and various types of sensitive activities.

Specifically, Iconcept4 is a critical management tool aimed at identifying and detecting fraud whilst reducing costly transaction integrity errors resulting accordingly in the following impressive benefits:

  1. IMPROVE EARLY FRAUD DETECTION AND REDUCTION: Through identification of control gaps and weaknesses that allowed abuse , errors and fraud to slip through undetected.
  2. EXTENSIBILITY TO MULTIPLE END-TO-END BUSINESS PROCESSES: Provision for independent testing of control through transaction analysis at the source levels that provides greater assurance of controls effectiveness and transaction integrity across the enterprise.
  3. INCREASE OPERATIONAL EFFECIENCY AND EFFECTIVENESS: Opportunities to increase profitability by containing costs, minimizing losses, and enhancing revenue assurance.
  4. SUSTAINABLE COMPLIANCE: Automated internal control provides cost-effective support for enterprise-wide compliance programs, replacing manual or spreadsheet controls.
  5. TIMELY NOTIFICATION OF CONTROL BREAKDOWNS : An early warning compliance risk enabling control weaknesses to be fixed before they are reported externally or materially impact financial results.
  6. EXCEPTION AND ANOMALIES MANAGEMENT : Automatically evaluate risks and controls on a continuous basis in order to identify exceptions, trends,risk indicators and the root cause of income leakages.
  7. ASSURANCE AND EVIDENCE THAT PREVENTIVE CONTROL S ARE INDEED WORKING CONTINUOUSLY AND EFFECTIVE LY : Reliance is often placed on automated controls intended to prevent certain transactions. In some instances such controls may be overridden or otherwise not be effective. iConcept4TM provides additional checks, assurance and evidence that automated controls put in place are effectively and continuously working. .
  8. WORKFLOW PROCESS THAT ACCOMMODATES DIFFERENT RISK LEVELS: Exceptions that appear to be fraud or mistake are reported to the process owner for correction while the potential fraudulent transactions are reported to audit or security or others designated.
  9. VOLUME TREND MONITORING: The trend of volume of transactions can be monitored on a continuous basic thereby provide valuable predictive intelligence to management.
  10. MAINTAIN AUDIT RECORD: An audit record is developed and maintained which can be used later to document what transactions were flagged and what actions were taken.
  11. OBJECTIVITY : iConcept4TM audit logic is objective; it examines all transactions regardless of who initiated or approved the transactions. it examines management transactions as well as all others in the same manner.
  12. KEY FOCUS: iConcept4TM reduces recurring manual compliance effort, chiefly through replacing manual controls with automated ones. Compliance and cost reduction aside,it increases assurance of financial integrity in several ways.

Also, it directs Internal Control officers and Auditors to areas that are identified as needing additional examination and investigation, rather than doing routine audit procedure on the test sample.

Facts About iConcept4TM

iConcept4TM is a seamless, fully-integrated, all-inclusive system that automates all your internal control requirements. The software is developed based on the latest technology available in the market today which is the reason it has exceptionally distinctive edge over other comparable software products such as CAAT and GRC.

The following are the undisputable facts about the iConcept4TM solution:

  1. Integrated provisioning workflow: CAAT or GRC does not have facility for intelligent workflow system whereby exceptions that appear to be fraud or mistake are reported to the process owner for correction and action while the potential fraudulent transactions are reported to audit or security or others designated.
  2. CAAT or GRC lacks follow-up functionality and automated email messaging for actions and responses. They lack also escalation capability based on compatibility maturity model/ratio rules and severity levels for corrective and preventative actions.
  3. From a historical standpoint, CAAT or GRC have been adjuncts to the internal audit for more than two decades and not to control process. In order words CAAT or GRC tools exist before the frameworks such as COSO, ERM and CobiT etc were established in 2004.
  4. CAAT and GRC are report tools (data mining) that incapacitated of providing a compliance, governance and risk management framework that can house documentation controls.
  5. CAAT lacks facility that combines an audit data warehouse, control library and automated resolution workflow where all auditors and control officers’ findings and key actions could be kept such that even if there is change of staff of audit unit there will be continuity.
  6. Actionable alerts, events track, event status, priority and case management are not provided in CAAT or GRC.
  7. Rules creation in iConcept4TM are centralized where as batches creation in CAAT are decentralized and only available on distribution concept. Distribution concept makes an auditor/control officer depends on another experienced auditor/control officer.
  8. iConcept4TM has automated provisioning for user access and roles management in line with section 404 of Sarbanes-Oxley Act and similar legislations worldwide.
  9. Parameterisation, customization and flexibility functionalities that are available in iConcept4TM for easy configuration of specific risk tolerance requirements are practically not available in CAAT or GRC.
  10. Rules creation in iConcept4TM are centralized where as batches creation in CAAT are decentralized and only available on distribution concept. Distribution concept makes an auditor/control officer depends on another experienced auditor/control officer.
  11. iConcept4TM has automated provisioning for user access and roles management in line with section 404 of Sarbanes-Oxley Act and similar legislations worldwide.
  12. Parameterisation, customization and flexibility functionalities that are available in iConcept4TM for easy configuration of specific risk tolerance requirements are practically not available in CAAT or GRC.

iConcept4TM Hot Shots

iConceptTM tracks every aspect of the internal controls in ensuring strict compliance with the organization’s set standards as well as the standards set by standard controlling boards such as COSO.

  1. iConcept4TM monitoring functionality gives Auditors and Control officers a wealth of tools and information for tracking, analyzing and acting on individual and group exceptional data. It provides Auditors and Control Officers to author their own adhoc detection rules to generate alerts according to a user configurable schedule with minimal training using an easy to use web-based user interface.
  2. Different Databases Seamless Connection: iConcept4TM has facility for user to connect to a range of data source types without writing configuration code.
  3. iConcept4TM has comprehensive investigation tools that allows in-depth investigations and maintains audit investigation trials.
  4. Integration of workflow processes: Facility to document business policies, risks and related controls. Case management facility available in iConcept4 enables the auditors and ICOs to manage all fraud cases through activity profiling, decision, preventative action, repair and recovery.
  5. User Roles: Role-based access allows information to be accessed and modified only the data and templates that belong to the owner.
  6. Resource Management: Organizations are facing a daunting challenge in identifying and allocating the resources necessary to proper assesses, redesign, implement and continuously monitor the effectiveness of their internal controls programs in a timely and cost efficient manner. iConcept4TM enables you to focus limited resources on the most critical and important issues.
  7. Reduce recurring manual compliance effort: iConcept4TM provides centralized respiratory database management which brings more convenience to auditing inquiry.
  8. Improve audit and investigation effectiveness: Organization can proactively uncover undetected fraud patterns to identify and predict future risks.
  9. Assurance that businesses are transacted in accordance with high ethical regulations as well as policies, internal rules and procedures and thereby decrease the risk of unexpected losses or damage to the organization’s reputation.
  10. Assurance in realizing financial goals by ensuring that accounting and administrative controls are effective and efficient, enabling the organization to uncover criminal financial activities and discover fraud. • Practical tool to structure, organize, monitor and proactively detect frauds.
  11. Assurance that employees will be able to satisfy their stewardship responsibilities and maintain high professional and ethical standards.
  12. Assurance of faster problem resolutions through the means of transferring issues into the knowledge base to build library information relevant to the organization.
  13. Assurance of sound and effective internal control system which makes the organization identifies and eliminates the causes of non-conformities or potential non-conformities with corrective and preventive actions.
  14. Assurance of full key control structures, accountability and activities (segregation of duties, approvals, verifications, reconciliations and performance review) and total elimination of upward communication problems between the levels of staff within the organization.

iConcept4TM Key Features

iConcept4TM comes complete with standard templates for capturing all your controls documentation based on the worldwide accepted COSO framework.

These templates are based on an underlying relational database that allows for quick and easy reporting on any fields selected in order to reduce data entry errors and generally improve the reporting accuracy.

With iConcept4TM powerful reporting engine, auditors can easily report on any aspect of the control, creating ad hoc reports that be sorted, grouped and filtered as needed.

Some of the features include:

  1. Robust Reporting Engine iConcept4TM robust reporting engine is flexible and powerful for easily creating ad hoc reports, charts and graphs. The reporting engine works the way you want, and delivers what you need, when you need it. It also has extensive drill-down capabilities using filters, it is possible for the user to select from records that need serious attention.
  2. Knowledgebase iConcept4TM has facility that enables organization to capture and leverage the information and experiences of your auditors/internal control officers. User can create and update categorized and searchable knowledge base with unlimited problem resolutions; the facility also provides self help for your employee and by this improves employee productivity.
  3. Framework Industry-specific guides Organizations are now required to SOX compliance by using recognized internal control framework such as COSO. iConcept4TM facility provides the organization on how control system should be embedded seamlessly with the operational activities and culture of the organization in other to get maximum returns on investment from using enterprise risk management solution for control framework. The organization can also create its own framework specifically for control objectives, the risks and the control activities relative to the processes and sub-processes to be assessed.
  4. Case Management & Review Note Manager iConcept4TM Case Management facility radically reduces the complexity in manual handling. It also accelerates the responses and provides a single, consolidated view of all internal control exception issues with the suggestions and procedures required to drive exception issues to completion quickly and effectively. Case management has become a critical requirement for effective internal control. iConcept4TM provides total paperless environment by eliminating manual communication between the subordinates and superiors and ensuring an efficient and productive experience with instant alerting, notification and escalation drives work to the process work next owner, respondent and other key officers based on the severity of the exception
  5. Workflow Automation iConcept4TM workflow allows the organization to create processes and indicates routing procedures without breaking key steps in a process through better use of the resources. It also provides alerting and event-driven notifications based on severity and exception conditions, thereby creating real-time internal control intelligence.
  6. Dashboard iConcept4TM provides simple and high-level at-a-glance powerful dashboard with drill-down and drill across functionality from any element on the dashboard to display other data elements, execute query, open another screen or even display another dashboard. Through interactive graphical reports, users have direct access to database in real-time for decision making. The facility transforms complex RDBMS queries result into user-friendly data formats that are easily understood by the users.
  7. Task Management & Role-Based Features iConcept4TM system administrator creates roles and tasks and assigns them to other users. The user to which the role or task has been assigned to is notified via email. The e-mail contains a link that takes the user back to iConcept4TM for more details on the assigned role and task. iConcept4TM provides more control and flexibility in managing users and their capabilities, grants tasks to additional users who are not already members of that role. Facility to combine roles and group during the user creation is also available.
  8. Screen Forms Control iConcept4TM iForm component allows user to create new screens/forms with no coding required. Table selection facility allows the user to table and required fields, groups the selected fields into related categories and assigns to a menu with user desired label name.
  9. Detailed Revision History Keeping track of user activities in iConcept4TM helps the management to understand the evolution of the issues and also improves compliance with legal regulations.
  10. Interactive User Interface Menu bars and tool bars displayed at the top of the screen. These are customisable and displayed in the most appropriate manner for users. In addition to the variety of menus and standard views provided, user can also create user-defined menus, give it name and interactively attach it to a designated directory as a result of MFC concept incorporated.
  11. Numeric and Date fields Analysis iConcept4TM user-friendly statistic tool simplifies common statistical calculations and also allows quick analysis of data. Basic financial analyses include descriptive statistics and charts, duplicate detection, missing numerical and date values.
  12. Online call-over Automation Improper transactions call-over has been identified as one of the major causes of fraud. This impressive and most sophisticated feature allows the users to do the transactions calling over electronically and raises exception manually if any. Controls and conditions are also embedded in the call over wizard that usually send alert to the process key owner, next owner, respondent and other key officers based on the severity of the exception.
  13. Import /Export Functionality iConcept4TM has export facility to export results to html, rtf, excel and pdf formats. Also allows export of all the charts in BMP formats.
  14. Exception Management/Tracking The path to effectively managing financial crime means covering a full range of processes to monitor, identify, track and report illegal activity. The tracker functionality enables auditors concentrating on controls that are normally time consuming and difficult to monitor manually, areas that have generated issues in the past and focus on areas more prone to fraud. ICO and Auditor can respond to threats in real-time by triggering alerts and taking immediate corrective action. It improves responsiveness of control officers to fraud detection and prevention and eliminates the periodic fundamental approach of internal audit to fraud detection and exception management.

iConcept4TM Architecture

iConcept4TM uses the latest technologies of software development. It is based on the Eclipse RAP framework which enables developers to build rich, Ajax-enabled Web applications by using the Eclipse development model, plug-ins with the well known workbench extension points, JFace and a widget toolkit SWT API.

The database communication in iConcept4 is done through the OR library Hibernate 3 by using Spring Application Framework which enables components to be assembled through XML configuration files.

Eclipse RAP framework is the first Ajax platform that allows developers to create Rich Internet Applications (RIA) based on the OSGi standard.

OSGi is a service-oriented, component-based environment that promotes the interoperability of applications and services. Organizations using RAP are now able to create Ajax and RIA applications that are component-based and integrate into existing enterprise systems.

The benefits of using such a combination of frameworks and libraries are:

  1. Hibernate detach the code from the SQL world and allow integration of different RDBMS.
  2. Spring allows user to configure how components interact with each other through an external XML file.
  3. RAP and OSGi allow implementation of external plug-ins which can interact with the core system.
  4. RAP is a server centric approach to AJAX iConcept4TM is designed and developed to be accessible over LAN and WAN with full access security.

iConcept4TM can be installed and run on Windows, Unix or Linux operating systems and on browsers like Firefox, Internet Explorer and Netscape.

Implementation Plan

S/NO ACTIVITY RESPONSIBLE DURATION COMMENTS :

  1. Kick-off Meeting Adroit & Client 1 Day This will come moment the client confirms to us that the hardware is ready.
  2. Workshop/Gap analysis Adroit & Client 5 Days Identify and clarify major Risk Assessments.
  3. Begin Implementation Adroit & Client 3 Days a. Oracle installation b. Tomcat installation c. iConcept4 installation.
  4. Risk Configuration Adroit & Client 15 Days a. Focus on Reports b. Functions, Menu & Reporting c. Control daily activities.
  5. Local Training Adroit 5 Days Free for ten officers to be trained locally; More officers can be trained/added on request.
  6. Advanced Oversea Training (UK) Adroit 10Days Free for 4 key Officers; More officers can be trained/added on request.
  7. User Acceptance Test Client (Internal Control Officers) 5Days This will be carried out in a. All the branches b. Head office.
  8. iConcept4 Connection to live Database Adroit & Client 2 Days GO LIVE.
  9. Follow Up and Support Adroit On Going Once live oniConcept4, two of our competent technical consultants will stay for one month to establish the application stability after you be assisting remotely by our specialists.

Support Plan

As iConcept4TM is clearly a niche product; our market strategy is our reputation. We realize our success is directly tied to the successes of our clients in adding value to their organizations.

We rely on our clients’ recommendations for future sales and our development efforts are driven by user feedback. You will, in time, come to believe like many of your clients that we are more than just a software vendor – we are a partner committed to your success.

Adroit Consulting has an active content development service in addition to its superior technical support and program maintenance.
We provide training and implementation to ensure you get the solution you need.

Adroit Consulting provide a wide range of support for iConcept4TM which includes:

  1. User Help Desk Technical Support.
  2. Ongoing Program Maintenance.
  3. Upgrading current or former users of previous versions of Adroit products.
  4. Training Courses, both in groups and for individuals organizations and Implementation Assistance Premium Annual Support Plan Get the best from your investment- and make your organization more comfortable with the Adroit Consulting Premium Annual Support Plan.

We offer highly trained professional and self-help tools to get you the assistance you need. What you get Maintenance support generally includes product enhancements, feature requests and bug fixes. In addition, the Plan offers unlimited technical support for the product you choose.

You can contact Adroit Consulting Technical Support using one of the following methods:

Telephone: Receive unlimited technical support over the telephone from the helpdesk / experts. Use the following telephone number to contact the head office: helpdesk: +44(0) 7877186724

Email: Submit a request ticket for technical support on our Website. You will receive a detailed response by e-mail. For urgent attention please send email to: helpdesk@adroitconsultingltd.com

Fax: Fax your questions and receive detailed answers from the help desk by sending urgent request to helpdesk fax number: +44 (0) 2084637372

Business Hours: Our Technical Support department is available Monday through Friday, 8a.m. to 5p.m. pacific time, excluding holidays.

Our Website is available 24 hours a day, 7 days a week

How Can We Help You?

Your organization can request for iConcept4TM FREE proof of concept today.

iConcept4TM proof of concept is a rapidly developed prototype that demonstrates how an actual solution would operate in your organization.

It shows you how your internal control processes will be automated. You swill be able to visualize the final solutions ensure that it meets you needs, goals and objectives of automating internal control processes BEFORE you pay anything.

It’s FREE- give us 5days for the configuration and we will deliver a proof of concept that will highlight and display how a custom iConcept4TM will handle your internal control issues.

It’s FREE- no upfront costs, no contracts, no strings attached. Once you see that iConcept4TM meets your needs, we will collaborate closely with you to set the solution vision, schedule, scope and costs.

Other benefits of requesting for iConcept4TM proof of concept apart from actually seeing and matching iConcept4TM proof of concept to your specific internal control processes automation are:

  1. Helps to accurately describe the benefits to the management and the business users and to calculate a more accurate return on investment (ROI).
  2. Helps management to take decision and secure budget for the project.
  3. Engages lead users in the development process, thereby ensuring a more successful and valuable end result.
  4. Runs iConcept4TM free for two months.
  5. Help us understand your specific environment and internal control issues so we accurately estimate and quote a solution that will be delivered On Time, On Budget, On Scope and On Vision.