Greenlight Technologies, a provider of comprehensive, real-time enterprise business control monitoring software solutions for improved compliance and risk management in business applications, recently announced that it has included real-time preventive controls for improving policy enforcement in critical business applications such as ERP systems.

In a statement, Wyatt MacManus, Associate Director Information Security at Sharp (News - Alert) Electronics Corporation, said that, "We (Sharp Electronics Corporation of the Americas) are implementing automation within key financial processes to identify 'in-real-time' and prevent high risk events from happening within our general ledger, procurement, and payment systems. Our focus, and ultimate goal, is to provide a strong control solution that balances efficiency and effectiveness. This solution should be able to operate in-line to the business process without getting in the way of the process. We have selected Greenlight's preventative control solution to achieve our policy and standards enforcement objectives.”

Results of a survey conducted by the Association of Certified Fraud Examiners reveals that most organizations experience a five percent revenue loss due to frauds each year and if this amount is computed to the estimated 2011 Gross World Product, the potential projected global fraud loss is a staggering $3.5 trillion. Additionally, the report revealed that the median loss due to occupational fraud cases amounted to $140,000 and that in more than one-fifth of these cases there was a loss of $1 million. The reason for these losses was explained via the lack of internal controls within an organization.

Failure in complying with GAAP and IFRS standards because of human error or omission can be substantial and will need restatement of financials by an organization which can add to fines/penalties being levied by the SEC (News - Alert). Other disadvantages include loss of shareholder valuation and a drop in shareholder confidence in management's financial reporting.

According to audit recovery firms, a number of Fortune 1000 organizations experience a three percent error rate in their payables process each year due to double payments, over-payments, missed credits/discounts, as well as inappropriate payments.

With the newly introduced preventive control solution from Greenlight, organizations can now analyze risks and stop events in real-time. The solution has been designed to process terabytes of data and can also run application based functional rules at transaction run-time.