F.3. Tech-Enabled Finance Transformation Flashcards

A formal set of activities used to develop and implement a new or modified information system, tracking its progression from concept through implementation and ongoing use.

• A written proposal including the need for the new system
• The nature and scope of the project
• Timing issues
• A risk assessment documenting security threats and potential vulnerabilities
• Security and internal control safeguards needed to mitigate the risks

Analyzing the current system to identify its strong and weak points and determining the information needs from the new system.

• Determining the workflow
• Identifying needed programs and controls
• Specifying hardware requirements
• Establishing backups and security measures
• Planning data communications

• Preparing the site
• Acquiring and installing equipment
• Implementing conversion procedures, including data conversion
• Completing system documentation
• Developing and documenting procedures
• Training users

• To analyze a business process to determine how it is presently accomplished
• Provide information needed to monitor efficiency and productivity
• Locate weaknesses
• Pinpoint potential improvements
• Determine whether the potential improvements should be implemented

• Determine the process to be analyzed
• Collect information about the process
• Map the process (visualize it from start to finish)
• Analyze the process
• Determine potential improvements

It automates repetitive tasks by interacting with other IT applications to execute business processes that would otherwise require human intervention.

• Does not require coding knowledge
• Increases employee productivity
• Can be used to ensure compliance with regulations
• Tasks performed can be recorded, creating data and an audit trail
• Once a process is set up, the process can be completed rapidly
• Provides cost savings
• Improves customer service by automating customer service tasks
• Can be used to automate low-volume or low-value processes that would not be economical to automate otherwise
• Robots follow rules consistently
• Can be used by outsourcing providers to lower cost of delivery

• Robots are not infallible
• Cannot replicate human reasoning
• Lack common sense, leading to the potential for errors to be replicated
• May require IT department involvement for stable deployment