Why Continuous controls monitoring matters to internal audit and controllers
Periodic testing looks at a period after it closes. By then a duplicate payment has gone out.
CCM moves the check to the moment the transaction posts, while there is still time to fix it.
Monitoring is a management process. Internal audit can test that it works and rely on its output.
CCM only helps if someone acts on it. Each exception needs an owner, a deadline and a recorded outcome.
An example
A vendor's bank account is changed on Monday. A payment to that vendor is due on Wednesday. A monitoring rule flags payments to accounts changed in the past few days. The AP lead confirms the change with the vendor before the payment runs.
How IRAME handles it
In IRAME's AI-led continuous controls monitoring, IRA, IRAME's AI auditor, runs the controls used in internal audit and SOX testing on a schedule, at transaction volume. Each exception reaches its owner the same day and is tracked to closure. One of India's largest steel makers checks 100,000 transactions daily this way.
See Continuous control monitoring or read the story: Steel maker: key controls automated, 100,000 transactions checked every day.