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Tecnológico de Monterrey is a private, non-profit Mexican institution that was founded in 1943. We have 21 international offices and various institutional bodies (Tec de Monterrey, Tecmilenio, Sorteos Tec and TecSalud). We are the number one private university in Mexico and ranked 28th in the world, with over 30,000 contributors and professors.
At Tecnológico de Monterrey, we are constantly transforming and improving our processes. In 2018, our Internal Audit department established a transformation strategy with a view to simplifying its analytics processes, avoiding unnecessary costs and preventing fraud.
Tec de Monterrey's Internal Audit department adopted automated processes (RPA) using UiPath and later Alteryx, enabling Continuous Auditing to be implemented. This allowed previously repetitive analytical tasks to be simplified, along with the development of a continuous review procedure that produces risk alerts within Tec's critical processes.
Describe the problem or issue you needed to resolve
To reduce the complexity of audit processes that previously extended the timescales of field work and impacted annual planning.
To reduce the time spent getting familiar with systems and processes and caused by restricted access to systems and/or databases and the constant developments in data processing procedures in cases involving high volumes of information, to name but a few.
To increase the frequency of audits.
To improve the accuracy of reviews.
To reduce errors.
To improve knowledge transfer with regard to processes.
To increase the visibility of results.
Describe the working solution
We devised a process of Automation and Continuous Auditing. We analyzed various alternative solutions on the market that suited the strategy and offered a licensing arrangement that was flexible in order to meet our objectives. We chose to implement the concept Audit Process Automation (APA) as the best option, combining UiPath (to automate access to all types of data sources, along with extraction and publication of information and analysis of unstructured information) with Alteryx Designer (for analysis of structured information, complex data processing, simplified definition of business rules for the identification of risks within audited processes), among other platforms.
Outline the benefits you have gained
This implemented solution is both an alternative and a complement to traditional auditing, given that it focuses on identifying constant risks on a regular basis (weekly, monthly, quarterly, biannually) and allows automated communication and monitoring.
With UiPath and Alteryx Designer, we've managed to eliminate the complexity of analysis and reduce execution timescales and auditing costs while increasing the frequency of reviews, avoiding external auditing costs and making use of a flexible licensing agreement.
The integration of UiPath and Alteryx Designer into the automation process has allowed Internal Audit to constantly transform its analysis capabilities and enabled the department to automate new auditing processes that give Tec de Monterrey greater confidence in the information at its disposal, thereby aiding decision-making and the timely implementation of changes and improvements to our processes.
The automation team is sure that there are multiple possibilities for analysis and automation that will enable the further improvement of current review processes, and the team is excited about that prospect. Training is currently under way with the help of the certifications and online community of Alteryx and UiPath to take the Internal Audit strategy to the next level.