Method and apparatus for managing financial control validation processes
View Patent ↗The invention comprises a method and apparatus for determining compliance of at least one financial control. Specifically, the method comprises obtaining the at least one financial control where the at least one financial control is associated with at least one revenue generation process, selecting at least a portion of sample data associated with the at least one financial control, generating at least one test result by testing the at least one financial control using the at least a portion of the sample data, and determining at least one maturity level associated with the at least one financial control according to the at least one test result, the at least one maturity level for determining compliance of the at least one financial control with at least one regulation.
1. A method for determining a measure of compliance of a financial control, comprising: obtaining, by a hardware processor, the financial control, the financial control associated with a revenue generation process, wherein the revenue generation process comprises at least one of: a sales management activity, a credit check processing activity, a contract generation activity, a service ordering activity, a service provisioning activity, a service billing activity, or a billing collections validation activity;
selecting, by the hardware processor and in accordance with a regulation, a portion of sample data associated with the financial control, wherein the selecting further comprises:
determining in accordance with the regulation a sample data schedule requirement associated with the financial control;
determining in accordance with the regulation a sample data size requirement associated with the financial control;
and selecting the portion of sample data according to the sample data schedule requirement and the sample data size requirement;
generating, by the processor, a test result by testing the financial control using the portion of sample data;
determining, by the hardware processor, a maturity level associated with the financial control according to the test result, the maturity level for determining the measure of compliance of the financial control with the regulation, wherein the measure comprises a scale-based rating for indicating a degree of compliance of the financial control with the regulation, wherein the regulation is a government requirement associated with the revenue generation process;
identifying, by the hardware processor, a financial control modification in response to a determination that the maturity level is below a threshold, wherein the financial control modification comprises a modification to a financial control rule; and
determining, by the hardware processor, a certification status associated with the revenue generation process, the certification status indicative of compliance of the revenue generation process with the regulation.
2. The method of claim 1 , further comprising:
modifying the financial control using a portion of the financial control modification, the modifying performed in a manner tending to improve the maturity level associated with the financial control.
3. The method of claim 1 , further comprising:
generating the financial control according to the regulation and a parameter associated with the revenue generation process.
4. The method of claim 1 , further comprising:
adapting, for display via a user interface the financial control, a portion of the test result, and the financial control modification.
5. A non-transitory computer readable medium storing a plurality of instructions which, when executed by a processor, cause the processor to perform operations, the operations comprising:
obtaining a financial control, the financial control associated with a revenue generation process, wherein the revenue generation process comprises at least one of: a sales management activity, a credit check processing activity, a contract generation activity, a service ordering activity, a service provisioning activity, a service billing activity, or a billing collections validation activity;
selecting, in accordance with a regulation, a portion of sample data associated with the financial control, wherein the selecting further comprises:
determining in accordance with the regulation a sample data schedule requirement associated with the financial control;
determining in accordance with the regulation a sample data size requirement associated with the financial control; and
selecting the portion of sample data according to the sample data schedule requirement and the sample data size requirement;
generating a test result by testing the financial control using the portion of sample data;
determining a maturity level associated with the financial control according to the test result, the maturity level for determining a measure of compliance of the financial control with the regulation, wherein the measure comprises a scale-based rating for indicating a degree of compliance of the financial control with the regulation, wherein the regulation is a government requirement associated with the revenue generation process;
identifying a financial control modification in response to a determination that the maturity level is below a threshold, wherein the financial control modification comprises a modification to a financial control rule; and
determining a certification status associated with the revenue generation process, the certification status indicative of compliance of the revenue generation process with the regulation.
6. The non-transitory computer readable medium of claim 5 , further comprising:
modifying the financial control using a portion of the financial control modification, the modifying performed in a manner tending to improve the maturity level associated with the financial control.
7. The non-transitory computer readable medium of claim 5 , further comprising:
generating the financial control according to the regulation and a parameter associated with the revenue generation process.
8. The non-transitory computer readable medium of claim 5 , further comprising:
adapting, for display via a user interface the financial control, a portion of the test result, and the financial control modification.
9. An apparatus for determining a measure of compliance of a financial control, comprising:
a processor; and
a computer-readable medium storing a plurality of instructions which, when executed by the processor, cause the processor to perform operations, the operations comprising:
obtaining the financial control, the financial control associated with a revenue generation process, wherein the revenue generation process comprises at least one of: a sales management activity, a credit check processing activity, a contract generation activity, a service ordering activity, a service provisioning activity, a service billing activity, or a billing collections validation activity;
selecting, in accordance with a regulation, a portion of sample data associated with the financial control, wherein the selecting further comprises:
determining in accordance with the regulation a sample data schedule requirement associated with the financial control;
determining in accordance with the regulation a sample data size requirement associated with the financial control; and
selecting the portion of sample data according to the sample data schedule requirement and the sample data size requirement;
generating a test result by testing the financial control using the portion of sample data;
determining a maturity level associated with the financial control according to the test result, the maturity level for determining the measure of compliance of the financial control with the regulation, wherein the measure comprises a scale-based rating for indicating a degree of compliance of the financial control with the regulation, wherein the regulation is a government requirement associated with the revenue generation process;
identifying a financial control modification in response to a determination that the maturity level is below a threshold, wherein the financial control modification comprises a modification to a financial control rule; and
determining a certification status associated with the revenue generation process, the certification status indicative of compliance of the revenue generation process with the regulation.
10. The apparatus of claim 9 , further comprising:
modifying the financial control using a portion of the financial control modification in a manner tending to improve the maturity level associated with the financial control.
11. The apparatus of claim 9 , further comprising:
generating the financial control according to the regulation and a parameter associated with the revenue generation process.