Audit more entries, more effectively
Audit monitoring for SAS 99 compliance can be a major challenge for most banks and credit unions, which can only manually review a fraction of their General Ledger transactions via quarterly sampling. Comprehensive, continuous audit monitoring with Memento Security helps you identify erroneous or irregular entries and financial statement fraud — more accurately and earlier. It reduces costs and loss exposure. And it enables you to comply with the latest audit standards and best practices.
Find errors and fraud among millions of transactions
Memento helps your bank go beyond traditional audit monitoring. It lets you review all of your transactions, not just a random sample or high-value transactions (e.g., those over a $1 million threshold). With Memento Security, you can spot audit issues early, avoiding expensive problems, such as earnings restatements.
Get the power of continuous audit monitoring
Errors and fraud can happen anytime. That’s why Memento Security continuously and proactively monitors all your journal entries. For example, you can run SAS 99 rules every day, not every quarter. The result? Early detection and documentation of incorrect entries, identification of business process issues, and faster resolution.
Push audit monitoring out to your business lines
With Memento Security, audit monitoring can be expanded to include key business lines, as well as your central audit group. Now critical groups can collaborate on detecting and exploring audit issues. And your bank or credit union can move faster to resolve any errors or spot any fraud.
Memento Security uses sophisticated, easily customizable scenarios to detect abnormal or potentially problematic transactions for further investigations. These scenarios are easily adjusted to meet your changing audit needs. And our approach minimizes false positives, so you get only solid insights — the kind that let you reduce risk, mitigate revenue loss, and protect your bank or credit union for years to come.