Method and apparatus for managing financial control validation processes

Abstract

The invention comprises a method and apparatus for determining compliance of at least one financial control. Specifically, the method comprises obtaining the at least one financial control where the at least one financial control is associated with at least one revenue generation process, selecting at least a portion of sample data associated with the at least one financial control, generating at least one test result by testing the at least one financial control using the at least a portion of the sample data, and determining at least one maturity level associated with the at least one financial control according to the at least one test result, the at least one maturity level for determining compliance of the at least one financial control with at least one regulation.

1 - 20 . (canceled) 
     
     
         21 . A financial control validation system comprising:
 one or more physical processors;   one or more memories coupled to one or more of the physical processors;   a financial control source module configured to
 obtain a financial control; and 
 determine a risk level associated with the financial control; 
   a sample data selection module configured to select financial control sample data based on a sample data schedule requirement associated with the financial control and a sample data size requirement associated with the financial control;   a financial control testing module configured to:
 test the financial control using the financial control sample data; 
 generate at least one financial control test result based on the testing; and 
 identify at least one financial control modification; and 
   a financial control remediation module configured to modify at least a portion of the financial control using the at least one identified financial control modification, the modifying decreasing the risk level associated with the financial control.   
     
     
         22 . The system of  claim 21 , further comprising a financial control ownership information module configured to associate at least one ownership parameter with the financial control. 
     
     
         23 . The system of  claim 22 , wherein the financial control ownership information module is further configured to authenticate access to the financial control based in part on the at least one ownership parameter associated with the financial control. 
     
     
         24 . The system of  claim 23 , wherein the at least one ownership parameter is one of a workcenter location, a financial control executive, a financial control organization, a financial control manager, a financial control owner, and a financial control ownership date. 
     
     
         25 . The system of  claim 21 , further comprising a financial control ownership information module configured to associate the financial control with a revenue generation process for a corporation. 
     
     
         26 . The system of  claim 25 , wherein the financial control source module is further configured to associate a weighting factor with the financial control, the weighting factor being indicative of an impact of the financial control on financials for the corporation. 
     
     
         27 . The system of  claim 21 , wherein the financial control source module is further configured to qualify the risk level associated with the financial control by measuring the risk level using one of a scale-based rating and a score-based rating. 
     
     
         28 . The system of  claim 21 ,
 further comprising a sample data size selection logic module configured to determine a size of the financial control sample data; and   wherein the financial control source module is further configured to determine the risk level associated with the financial control based on the size of the financial control sample data.   
     
     
         29 . The system of  claim 21 , further comprising a sample data schedule logic module configured to determine a frequency with which the financial control is tested. 
     
     
         30 . The system of  claim 21 , wherein the financial control source module is further configured to determine whether the financial control is implemented manually or automatically. 
     
     
         31 . A computer-implemented method comprising:
 obtaining, by a processor, a financial control;   determining, by the processor, a risk level associated with the financial control;   selecting, by the processor, financial control sample data based on a sample data schedule requirement associated with the financial control and a sample data size requirement associated with the financial control;   testing, by the processor, the financial control using the financial control sample data;   generating, by the processor, at least one financial control test result based on the testing;   identifying, by the processor, at least one financial control modification; and   modifying at least a portion of the financial control using the at least one identified financial control modification, the modifying decreasing the risk level associated with the financial control.   
     
     
         32 . The computer-implemented method of  claim 31 , further comprising associating at least one ownership parameter with the financial control. 
     
     
         33 . The computer-implemented method of  claim 32 , further comprising authenticating access to the financial control based in part on the at least one ownership parameter associated with the financial control. 
     
     
         34 . The computer-implemented method of  claim 33 , wherein the at least one ownership parameter is one of a workcenter location, a financial control executive, a financial control organization, a financial control manager, a financial control owner, and a financial control ownership date. 
     
     
         35 . The computer-implemented method of  claim 31 , further comprising associating a revenue generation process for a corporation with the financial control. 
     
     
         36 . The computer-implemented method of  claim 35 , further comprising associating a weighting factor with the financial control, the weighting factor being indicative of an impact of the financial control on financials for the corporation. 
     
     
         37 . The computer-implemented method of  claim 31 , further comprising qualifying the risk level associated with the financial control by measuring the risk level using one of a scale-based rating and a score-based rating. 
     
     
         38 . The computer-implemented method of  claim 31 , further comprising:
 determining a size of the financial control sample data; and   wherein determining the risk level associated with the financial control is based on the size of the financial control sample data.   
     
     
         39 . The computer-implemented method of  claim 31 , further comprising determining a frequency with which the financial control is tested. 
     
     
         40 . A non-transitory computer readable medium storing a plurality of instructions which, when executed by a processor, cause the processor to perform operations, the operations comprising:
 obtaining a financial control;   determining a risk level associated with the financial control;   selecting financial control sample data based on a sample data schedule requirement associated with the financial control and a sample data size requirement associated with the financial control;   testing the financial control using the financial control sample data;   generating at least one financial control test result based on the testing;   identifying at least one financial control modification; and   modifying at least a portion of the financial control using the at least one identified financial control modification, the modifying decreasing the risk level associated with the financial control.