Corporate Internal Auditing And Innovation For The ‘G’ In ESG; A Close

Now five years into Honeywell CEO’s tenure, it is evident that Darius Adamczyk’s leadership has put the company on a new trajectory. The company, operating in many different and important market segments, has reflected on its CEO’s vision for ‘BTIs’, - Breakthrough Initiatives. The five publicly known BTIs share a common path: incubation of innovation and tech alongside substantial R&D followed by growth that reaches critical mass. How critical? All ‘BTIs’ must have a sales target of more than $100M within three years of entering execution, according to Honeywell. One of those BTI’s revolves around ESG. But the category is not just about climate technologies and environmental or energy controls. In fact, the Governance component in ESG benefits directly from some of the most advanced technology developed at Honeywell, - Forge. Over the years, I’ve been particularly intrigued and impressed by the company’s Honeywell Forge architecture, an Enterprise Performance Management (EPM) platform designed to help businesses streamline and improve operations within their facilities. Last year, I had a great conversation with the Chief Product Officer of Honeywell Forge, David Trice. I was quite taken with his vision of a facility manager being able to keep a building (or many of them) up and running from the comfort of a coffee shop on a smartphone. It’s not IoT, but it is related—EPM does leverage data from IoT sensors. However, Honeywell conceptualizes EPM as something more akin to a digital transformation strategy for improving efficiency and streamlining operations across office buildings, manufacturing facilities and supply chain. It aggregates information related to facility performance, sustainability goals, energy optimization and much more and then presents it in a big picture format for executives and other decision-makers. I’m glad the company looks at it like that because, in the end, that is what matters most to customers. That’s a cursory look at Honeywell Forge. Today, though, I’d like to drill down on something intriguing Honeywell has built, based on Forge, to aid in its own internal auditing and governance compliance through transaction monitoring processes. Honeywell’s Continuous Assessment Monitoring System, or CAMS, leverages AI to detect fraud across the enterprise. I talked with Amanda Sabates, VP of Corporate Audit for Honeywell, about the solution and wanted to share some takeaways from our conversation. CAMS—what problems does it solve, and how does it work? Like many large enterprises, Honeywell generates millions of data points each year. This scale is simply impossible to oversee manually, especially given the small percentage that ends up being suspect. Regardless, businesses are still on the hook for fraud detection and prevention in the eyes of regulators, and the penalties and fines for non-compliance are no joke. This business process has long been ripe for digital transformation.


All data is taken from the source: http://forbes.com
Article Link: https://www.forbes.com/sites/patrickmoorhead/2022/03/31/corporate-internal-auditing-and-innovation-for-the-g-in-esg-a-close-look-at-honeywells-transaction-monitoring-platform-based-on-forge/


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