RESTON, Va., and NEW YORK, April 21, 2015 /PRNewswire/ -- TeraThink Corporation, a provider of management and technology consulting services to the federal government, and Infor, the industry cloud company, announced today completion of the first ever successful deployment of Infor Approva Continuous Monitoring for Governance, Risk, and Compliance (GRC) in the Department of Defense for Washington Headquarters Service (WHS).
WHS' Financial Management Directorate required a proactive audit readiness solution for their Enterprise Business Accountability System- Defense (EBAS-D). TeraThink was selected to design a commercial off-the-shelf solution to provide continuous monitoring of the EBAS-D Enterprise Resource Planning (ERP) system. Infor Approva was chosen for its ability to provide continuous monitoring of application security and transactions for Segregation of Duties violations and exceptions.
Infor Approva is developed from inception to be extensible and highly configurable in order to integrate seamlessly into complex, multi-vendor ERP environments. The TeraThink WHS team was able to leverage deployment expertise gained at an architecturally similar civilian ERP to support WHS' "speed to capability" requirement. TeraThink was able to complete all design, installation, testing, and multi-phase deployment milestones in a matter of months, rather than the years typically required for GRC CM solutions.
Benefits realized by WHS include:
- Ability to demonstrate to auditors proactive monitoring and resolution of user access privileges, potential fraud and financial reporting errors
- An easy to use, aggregated, "360 degree" view of data across multiple business process areas in order to minimize risk of noncompliance, security and governance breaches
- Automatic identification of exceptions and control failures, which provides reliable assurances to audit teams
- Greater collaboration resulting in increased efficiencies between audit readiness and financial management teams
"With Infor Approva Continuous Monitoring in place, we are able to provide WHS with visibility into user access and transaction monitoring to be at an audit ready state, always," said Thomas Byers, CPA and senior vice president at TeraThink. "This solution significantly lowers audit and compliance costs and provides a complete audit trail that is easily followed. The overwhelming speed and success of this deployment demonstrates to the entire DoD that a GRC continuous monitoring solution is not only within the realm of possibility, but necessary, affordable, security compliant, and easily attainable. We believe that when other agencies realize how functionally efficient, rapidly deployed and cost effective that this is, it will be the first step in Defense-wide adoption of GRC continuous monitoring solutions."
"The ability to quickly and easily demonstrate compliance is critical for Federal organizations such as WHS and the DoD because citizens expect them to be accurate and transparent in terms of documenting internal processes and decision-making," said Wayne Bobby, vice president, Federal Solutions, Infor. "Infor Approva is built with industry-specific functionality for the federal government to help departments and agencies quickly identify the cause of exceptions, helping to mitigate risk and provide more detailed reporting for auditors."
TeraThink Corporation, a Native American-owned firm, elite professional expertise and cutting-edge technology to be the premier provider of financial management, audit readiness, audit compliance, ERP integration, enterprise solutions, and program management to the Federal Government. Headquartered in Reston, Virginia, TeraThink has been recognized four consecutive years on Washington Technology's Fast 50 List and six consecutive years on Inc 500/5000. For additional information, please visit www.terathink.com.
Infor is fundamentally changing the way information is published and consumed in the enterprise, helping 73,000 customers in more than 200 countries and territories improve operations, drive growth, and quickly adapt to changes in business demands. Infor offers deep industry-specific applications and suites, engineered for speed, and with an innovative user experience design that is simple, transparent, and elegant. Infor provides flexible deployment options that give customers a choice to run their businesses in the cloud, on-premises, or both. To learn more about Infor, please visit www.infor.com.
For More Information
Tom Byers, CPA
SVP Defense and Intelligence
703.773.6232 x 1005
SOURCE TeraThink Corporation