Anchin Digital Risk Solutions (ADRS) develops and delivers technology-driven risk and compliance advisory and analytics-based services. The pace of change as a result of constantly advancing technology means businesses need to continuously adapt their systems and processes to stay as secure and as efficient as possible. While advancement is positive in many ways, countless businesses are struggling to understand how technology can help them grow their businesses and remain relevant in this new paradigm. Our team at ADRS has helped many executives assess and deliver the best solutions, both operational and technological, for their company. Our agile solutions work in all sized organizations.
At ADRS, we believe that businesses need to make evidenced based decisions. We start with AI based analytics on your existing data that can begin to enable insights and evidence about your business. In the next phase we’ll move to capture knowledge and expertise within your organization. This information is then combined into our system to form the basis of a simulation model – the data and knowledge combined as one. By pulling this information together virtually, we can work with you to decide upon the most efficient and effective use of your people, processes and technology. As we move from the AS-IS to future state, we will make recommendations on how to implement advanced monitoring capabilities, to ensure systems are in place to identify anomalies and patterns of high risk earlier than human monitoring.
On the business efficiency side, ADRS works to assess and optimize processes through automation by using AI based computer modeling to identify system bottlenecks, assess IT System Controls for data integrity and regulatory compliance and determine where the best opportunity may lie for implementing robotics process automation or Blockchain.
ADRS has developed a line of sight into emerging risks and opportunities. Our solutions have the capability to automate the capture management’s mindset from internal documentation and data through which we build computerized simulation models that allow our team and yours to visually “see” the most optimized and controlled business processes.
Our capabilities include the ability to:
- Rapidly document and understand business processes
- Identify opportunities to improve those processes using automated tools.
- Optimize the amount of human support needed.
- Redesign the way work gets done
Call Center Re-engineering
A major metropolitan city sought to re-engineer its call center to reduce the average wait time and maintain compliance with the seven day resolution regulatory requirement. The solution was able to overcome an inflexible budget, a hard deadline and a history of project overrun to help the client accomplish its goals.
Most companies want to and need to get ahead of known and unknown risks. They recognize the competitive advantage this type of information can bring. The ROI can be extremely profitable to many organizations. With actionable insights and a comprehensive view of risks, organizations can stay ahead of threats and build confidence and trust in this new paradigm.
Traditional risk management programs can often be reactive, slow and biased. This results in many risks going unmonitored and unmitigated until it is too late. ADRS provides a clear line of sight into emerging risks as well as opportunities. Connecting technology and business is one of the tenets of a capable risk and compliance initiative. Our solutions have the ability to capture management’s mindset from internal documentation and data to ensure that the management of risk maintains the strategic vision of the company’s leadership.
To best assess potential risk we employ:
- Key risk indicator development (KRI)
- Risk profiling & risk appetite analysis
- Analytics data collection, benchmarking and analysis
- Risk Sensing solutions using machine learning and artificial intelligence
- Enterprise Risk Management
- Risk Taxonomy Analysis
Enterprise Risk Management
A medical device manufacturer was looking to implement an Enterprise Risk Management process. Using our AI based technology that embedded various regulatory standards and operational best practices, we created an objective risk focused view into the company. This solution allowed them to explore options and tradeoffs relating to future goals and strategies, while maintaining a usable less burdensome structure. ERM became a living part of the organization.
Data is useless without the skills and expertise to analyze it. The ADRS team has years of experience in data analysis and business process acumen. We help you connect the dots and analyze the data you may not know you have. Using automated tools, we’ll document and understand your business processes to identify opportunities to improve workflow efficiency, and we’ll deliver solutions that identify how to streamline operations while ensuring quality and compliance standards stay strong.
Effective analytics comes from the careful examination and exploration of how information flows through and can improve your business. Some benefits include:
ADRS uses a toolset and a service methodology for creating customized solutions, including but not limited to:
- Advanced Monitoring Capabilities
- Process Automation
- Implementing Robotics Process Automation
- Data Aggregation and Extraction
- Data Ingestion and Transformation
- Forensic Analysis & Discovery
HIGH LEVEL ADVISORY
Connecting technology and business is one of the principals of a high level risk and compliance initiative. Today's reality is that change is constant. Managing risk effectively has always been a benchmark of the most successful companies but in today’s risk-filled business environment, it can be hard for executives to remain confident that all potential risk is covered.
Companies that don’t keep up with the innovation curve quickly fall behind, making managing strategic risk a high priority. In addition, businesses are at greater risk than ever for cyber-attacks and it is important to keep your systems functioning optimally to diligently protect against attacks.
Our technology solutions allows us to dive deep to see the intersection of people, processes and technology to uncover problems where others might miss them. This allows us to advise you and your unique business needs in the most customized and through way as is possible. We employ:
- C-Suite advisory services: Building a data driven approach
- Co-source and out sourcing solutions throughout risk management and operations
- Development of analytics solutions and dashboards
- Process Optimization and control assessments
- Continuous Monitoring
- IT Systems Controls Review
Accounting Process Automation
A client struggled with managing accounting for its philanthropic grants. With the implementation of a new general ledger the use and analysis of this information has become more critical and beyond the current workarounds that have been band-aiding the effort for years. A solution was built in four weeks that enabled the automation of the ingestion of the grant data into the new general ledger. What was over an 80 hour per month exercise was reduced to under 2 hours.
COST SAVINGS INITIATIVES
There are many ways effective analysis of data can help your business save costs. As an analytics-first team, we believe that the proof is hidden in the details. ADRS can audit payments to identify and recover overpayments quickly and help our clients avoid the same mistakes in the future. Our AI based tools and methodology can decipher large complex and disparate data sources far quicker than any traditional human based analytics team. Some of the transactions and documents we can analyze include:
- Bank Treasury Fees
- Small Parcel Shipping
- Software Contracts
- Self-Funded Health Benefits
- Retirement Plan Fees
- Electronic Commerce
An example of how this can impact your bottom line:
Self-Funded Health Benefits
- For a large manufacturer the retroactive compliance review of provider billing focused on payment guidelines and policies. Once identified and settled with the provider, our team recovered the monies due the plan.
Internal Audit Advisory
The profession of Internal Audit is continually evolving to meet the demands of various stakeholders. There is always the pressure of doing more with less. At ADRS, we believe that this is a great opportunity to assess where Internal Audit can bring the most value. We provide a wide range of services for your organization's internal audit group from staffing and expertise through advanced analytics and knowledge automation.
ADRS can help your Internal Audit team optimize a number of key drivers of cost and inefficiency. Our Program & Planning Optimization is structured to assist both the most senior management and supervisory staff in performing their planning and risk management activities. Task Consolidation and Analytics Automation will finally allow your team to dig deep within your data to uncover the hidden relationships and issues that cannot be found with more traditional audit procedures or even those well-known analytic tools.
ADRS can help companies with their Sarbanes Oxley (SOX) or other compliance needs as well as guide Audit Committees and senior management with establishing and evaluating appropriate corporate governance. Many of our clients have gone down the traditional co-sourced audit routes only to find little to no savings or operational improvements. ADRS’ ability to identify synergies within the data to reduce the regulatory testing burden faced by many organizations is without equal. We find what others can’t.
Some examples of how we can help co-source your Internal Audit or Compliance function:
- Financial, operational, and compliance audits
- Internal audit function transformation
- Developing and implementing a data analytics function
- Control documentation, evaluation, and testing (including Sarbanes-Oxley (SOX 404) compliance and consulting)
- IT audit
- Regulatory compliance
- Risk assessments and project planning
- Vendor and contract compliance
Internal Audit Transformation
A financial services organization sought to transform its Internal Audit department. Several key bottlenecks had developed over time that limited its effectiveness and efficiency. The solution quickly identified several key areas of improvement in new audit onboarding and risk mitigation strategies that were due an audit universe with many first time audits. Additionally, we raised the bar with respect to efficiency, true root cause analyses and providing insightful data and streamlining reporting to the Audit Committee. Overall the project delivered a sustainable annual reduction of effort of 30%.
Reduced SOX Testing
International ship builder’s Internal Audit group looked to reduce its SOX testing so it could perform additional operational audits. After previous attempts both internally and externally to find synergies and connections, In the first week after receiving the internal control data and testing strategies, we uncovered several redundancies. The final review and project uncovered nearly 25% reduction in the first year. Ongoing internal efforts have risen that number to a 35% reduction of their annual SOX testing effort.
BLOCKCHAIN ADVISORY SERVICES
New technology continues to arise in this digital age. ADRS is well prepared for the next wave of technology and how it will affect your business. Blockchain and digital assets have many different applications to business as we know it today and how it will transform business tomorrow. As Blockchain moves towards actual implementation, we know that the process involves more than just the technology. There are regulatory, tax, risk, and compliance issues that come with any platform. Our team of experts have real experience in the application and assessment of Blockchain for your operations.
Our work includes pre-launch design and evaluation based on real analysis and simulation. We also provide post launch monitoring, maintenance via reporting, analytics, and decision support software development.
We deliver the following services to clients:
- Strategy development
- Integrating systems and operations
- Designing relevant use cases and validation
- Addressing governance and tax implications
- Designing proof of concepts and prototypes
- Ongoing management support throughout the life cycle of the Blockchain network
- Hack Attack: Understanding Unauthorized Computer Data Access From the Client’s Viewpoint WebinarOctober 2, 2019
Watch this PR Council webinar to see Russ Safirstein, leader of Anchin Digital Risk Solutions, share steps your clients must take as soon as they discover their computer system has been compromised. He also reviews risks, responsibilities, requirements and reporting deadlines that must be met with any data breach, so that you can be prepared with your crisis communications strategy.
- How to Protect Yourself OnlineSeptember 27, 2019
There has been no shortage of news about online privacy. Whether it is big tech gaining a bigger hold on our private lives or hackers stealing personal information both at the corporate and individual levels, data seems to be at risk with every click of the mouse.
- Anchin Bolsters its Advisory Offering with a Key Addition to the Firm - A Leader of its New Anchin Digital Risk Solutions PracticeFebruary 14, 2019
Anchin, Block & Anchin LLP is pleased to welcome Russell Safirstein to the firm as Partner in Charge of its new subsidiary – Anchin Digital Risk Solutions LLC (ADRS).
- Changing Technology and Data as OpportunitySeptember 9, 2019
Russell Safirstein, Partner in Charge of Anchin Digital Risk Solutions, says data analytics can play a critical role in making business decisions.