Model for Assessing Information Logistics Systems in Banks: Lithuanian Case Study

Valackienė, Asta; Andrijauskaite, Rasa

doi:10.3390/logistics5030042

Cited by 4 publications

(3 citation statements)

References 18 publications

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“…Selecting ADA tools that are compatible with existing systems can facilitate smoother integration. Organizational resistance to adopting new technologies and methodologies can hinder the implementation of ADA in internal audits (Mvelase, 2022, Valackiene & Andrijauskaite, 2021, Yordanov, 2022. Foster a culture of innovation and continuous improvement by demonstrating the value of ADA through pilot projects and success stories.…”

Section: Challenges and Barriersmentioning

confidence: 99%

Advanced data analytics in internal audits: A conceptual framework for comprehensive risk assessment and fraud detection

Oluwatosin Ilori,

Nelly Tochi Nwosu,

Henry Nwapali Ndidi Naiho

2024

Financ. account. res. j.

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In the face of increasing complexity and rapid technological advancements, traditional internal audit methods are becoming inadequate for comprehensive risk assessment and effective fraud detection. Advanced data analytics offers a transformative approach that enhances the effectiveness of internal audits. This concept paper presents a framework for integrating advanced data analytics into internal audit processes, aiming to provide more robust risk management and improved fraud detection capabilities. Integrate diverse data sources, including financial, operational, and external data, to provide a holistic view of the organization's risk landscape. Implement rigorous data governance practices to ensure data accuracy, consistency, and reliability. Use machine learning algorithms and predictive analytics to identify patterns, predict future risks, and detect anomalies. Employ real-time data analytics for continuous monitoring, enabling the timely detection and response to emerging threats. Develop adaptive risk assessment models that can evolve with changing business environments and emerging risks. Utilize data-driven insights to prioritize risks based on their potential impact and likelihood. Deploy advanced algorithms to uncover complex fraud schemes that traditional methods might miss. Conduct scenario-based analysis to identify potential fraud patterns and strengthen preventive measures. Use analytics to focus audit efforts on high-risk areas, enhancing the efficiency and effectiveness of audits. Incorporate data-driven procedures into audit execution, reducing manual efforts and increasing precision. Advanced data analytics provides deeper insights, enabling more proactive and comprehensive risk management. Real-time and predictive analytics significantly enhance the ability to detect and prevent fraud, mitigating financial and reputational damage. Data-driven audit processes streamline activities, allowing auditors to focus on high-value tasks and reducing the overall audit cycle time. Analytics provide accurate and timely insights, supporting better decision-making in risk management and fraud prevention. Secure commitment from senior management to support the integration of advanced data analytics into internal audits. Establish a governance framework to oversee the implementation and alignment with organizational objectives. Invest in advanced analytics platforms and tools that support real-time data processing and analysis. Ensure robust data security measures to protect sensitive information. Train audit professionals in data analytics techniques and tools, fostering a culture of continuous learning and innovation. Implement pilot projects to test and refine the data analytics framework, using lessons learned to scale up across the organization. Integrating advanced data analytics into internal audits offers significant benefits, including enhanced risk management, improved fraud detection, and increased audit efficiency. By adopting this conceptual framework, organizations can better protect their assets, ensure compliance, and maintain stakeholder confidence in an increasingly complex and digital business environment. The future of internal auditing is data-driven, and organizations must embrace this transformation to remain competitive and secure. Keywords: Fraud Detection, Risk Assessment, Internal Audits, Advanced Data Analytics, Conceptual Frameworks.

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Section: Challenges and Barriersmentioning

confidence: 99%

Advanced data analytics in internal audits: A conceptual framework for comprehensive risk assessment and fraud detection

Oluwatosin Ilori,

Nelly Tochi Nwosu,

Henry Nwapali Ndidi Naiho

2024

Financ. account. res. j.

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“…These programs should cover Agile principles, practices, and tools relevant to the audit context. Providing mentorship and support to audit teams during the transition to Agile can help reinforce learning and address challenges as they arise timely (Mvelase, 2022, Valackiene & Andrijauskaite, 2021, Yordanov, 2022. Establishing a network of Agile champions within the organization can facilitate this support.…”

Section: Challenges and Barriersmentioning

confidence: 99%

Enhancing IT audit effectiveness with agile methodologies: A conceptual exploration

Oluwatosin Ilori,

Nelly Tochi Nwosu,

Henry Nwapali Ndidi Naiho

2024

Eng. sci. technol. j.

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This concept paper examines the integration of Agile methodologies into IT audit processes to enhance effectiveness and efficiency. In today's dynamic and rapidly evolving technological landscape, traditional audit approaches often struggle to keep pace with the speed and complexity of IT environments. Agile methodologies, originating from software development, offer a flexible and iterative framework that can revolutionize IT audit practices. The paper begins by highlighting the limitations of traditional audit methodologies in addressing the challenges posed by modern IT systems. It then introduces Agile principles and practices, explaining how they can be adapted and applied within the context of IT audits. By embracing Agile, auditors can shift from rigid, linear audit processes to iterative, collaborative approaches that promote adaptability, responsiveness, and continuous improvement. Key components of Agile methodologies, such as sprints, stand-up meetings, and user stories, are explored in the context of IT audits, demonstrating how they can streamline audit planning, execution, and reporting. The paper also discusses the cultural shift required for successful Agile adoption within audit teams and organizations, emphasizing the importance of communication, collaboration, and a mindset focused on delivering value. Through case studies and real-world examples, the paper illustrates the tangible benefits of applying Agile methodologies to IT audits. These include increased audit coverage, faster identification of risks and issues, enhanced stakeholder engagement, and improved alignment with business objectives. Additionally, Agile practices enable auditors to adapt to changing priorities and emerging risks more effectively, ensuring audit activities remain relevant and impactful in dynamic environments. Despite its potential benefits, Agile adoption in IT audits presents challenges such as cultural resistance, skill gaps, and the need for organizational support and buy-in. The paper addresses these challenges and proposes strategies for overcoming them, including training and development initiatives, stakeholder engagement, and pilot projects. In conclusion, the paper advocates for the integration of Agile methodologies into IT audit practices as a means to enhance effectiveness, responsiveness, and value delivery. By embracing Agile principles and practices, auditors can better meet the demands of today's digital landscape, driving continuous improvement and innovation in audit processes. In this concept paper, I analyze how the adoption of Agile methodologies, particularly Scrum, can revolutionize IT audits. I explore how these methodologies improve collaboration, adaptability, and overall audit effectiveness, supported by practical examples and insights from my professional experience. Keywords: Enhancing, IT, Audit Effectiveness, Agile Methodologies, Conceptual Exploration.

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“…One of the key benefits of implementing IT governance frameworks is improved IT service delivery and operational efficiency. By following best practices outlined in COBIT and ITIL, financial institutions can streamline IT processes, reduce costs, and improve service quality (Mvelase, 2022, Valackiene & Andrijauskaite, 2021, Yordanov, 2022. For example, COBIT helps organizations identify and eliminate redundant or inefficient IT processes, leading to cost savings and improved operational efficiency.…”

Section: Impact On It Governance In Financial Institutionsmentioning

confidence: 99%

A comprehensive review of it governance: effective implementation of COBIT and ITIL frameworks in financial institutions

Oluwatosin Ilori,

Nelly Tochi Nwosu,

Henry Nwapali Ndidi Naiho

2024

Comput. sci. IT res. j.

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In the rapidly evolving landscape of financial institutions, robust IT governance is essential to ensure that information technology supports business goals, mitigates risks, and complies with regulatory requirements. This comprehensive review examines the effective implementation of two prominent IT governance frameworks, COBIT (Control Objectives for Information and Related Technologies) and ITIL (Information Technology Infrastructure Library), within financial institutions. The review highlights the unique features, advantages, and challenges associated with each framework, and provides insights into their synergistic application for optimizing IT governance. COBIT is a comprehensive framework that focuses on the governance and management of enterprise IT, providing a structured approach to aligning IT with business strategy, managing risk, and ensuring compliance. ITIL, on the other hand, is a set of detailed practices for IT service management (ITSM) that focuses on delivering value to customers and improving service quality. While COBIT offers a high-level governance model, ITIL provides detailed guidance on service management processes. The integration of COBIT and ITIL frameworks offers a holistic approach to IT governance, combining COBIT’s strategic oversight with ITIL’s operational focus. This synergy enhances the ability of financial institutions to achieve operational excellence, regulatory compliance, and strategic alignment. Case studies from leading financial institutions demonstrate how the combined use of COBIT and ITIL frameworks has led to improved IT governance, risk management, and service delivery. The review also addresses the challenges encountered during the implementation of these frameworks, including organizational resistance, the complexity of integration, and the need for continuous improvement. Strategies for overcoming these challenges are discussed, emphasizing the importance of executive sponsorship, stakeholder engagement, and tailored training programs. In conclusion, this comprehensive review underscores the critical role of COBIT and ITIL frameworks in strengthening IT governance within financial institutions. By effectively implementing these frameworks, financial institutions can enhance their IT governance capabilities, drive operational efficiencies, and ensure compliance with regulatory standards. The findings of this review provide valuable insights for IT leaders and practitioners seeking to optimize IT governance and support the strategic objectives of their organizations. In this review paper, I examine the significant impact of integrating COBIT and ITIL frameworks to enhance IT governance, operational efficiency, and compliance within financial institutions. I draw on detailed case studies and practical examples from my extensive experience to illustrate these concepts. Keywords: IT Governance, Financial Institutions, ITIL, COBIT, Effective Implementation.

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Model for Assessing Information Logistics Systems in Banks: Lithuanian Case Study

Cited by 4 publications

References 18 publications

Advanced data analytics in internal audits: A conceptual framework for comprehensive risk assessment and fraud detection

Advanced data analytics in internal audits: A conceptual framework for comprehensive risk assessment and fraud detection

Enhancing IT audit effectiveness with agile methodologies: A conceptual exploration

A comprehensive review of it governance: effective implementation of COBIT and ITIL frameworks in financial institutions

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