Emerging technologies like robotic process automation (RPA) and artificial intelligence (AI) play a critical role in the digital transformation of the finance function by helping organizations to achieve faster cycle times, lower costs, and better process performance, among other benefits. These technologies also offer a range of promising benefits to the sphere of internal controls in particular, helping organizations to test and monitor far more data than they would ever be able to do manually.
This article presents data from APQC’s New Developments in Internal Controls survey to describe how organizations are using emerging technologies for internal controls. The technologies we review include:
- cognitive computing,
- cloud computing,
- data analytics,
- dashboards and visual reporting tools, and
- continuous controls monitoring (CCM).