Navigating NetSuite: Insights from SuiteWorld and the Importance of Having Strong Internal Controls
It was an honor to be in attendance and have speaking sessions at SuiteWorld this year, celebrating the 25th anniversary of NetSuite with business leaders and industry experts in Las Vegas. There is no doubt that attendees left feeling inspired and equipped to navigate the ever-changing landscape of business applications, digital transformation, and utilizing NetSuite to meet all these challenges. In this blog, you will find Fastpath’s highlights and key takeaways from the event.
Having strong internal controls in place is key for both public and private companies to ensure financial integrity, operational efficiency, and compliance with regulatory requirements. These controls encompass various aspects such as separation of duties (SoD), granting proper access, and tracking changes to key parameters and settings in NetSuite. Documenting SoD mitigations and maintaining an audit trail of changes made are excellent controls when separation of duties is not possible. Internal controls act as a safeguard, even for private companies that do not have to abide by requirements such as Sarbanes-Oxley (SOX), to instill confidence in their internal control system and NetSuite to lower risks, including fraud in their business.
Companies Going Public
By having proper internal controls in place, businesses can identify and address issues before they become major problems. Organizations that are pre-IPO are now realizing that it is better to have proper controls in place before their first compliance audit, prior to going public rather than working on their compliance efforts after the fact. Having strong internal controls in place, supported with the functionality NetSuite provides is a proactive step that can help companies succeed in their IPO and beyond.
Where Fastpath Fits In
Organizations are increasingly looking to streamline their operations by eliminating manual processes, especially manual controls, such as the use of Excel spreadsheets for User Access Reviews. Additionally, having a complete governance, risk, and compliance (GRC) and Identity Governance Administration (IGA) solution in place is a trend we are observing. Partners in these fields are also eager to collaborate with us to extend the reach of our products and offer it to their clients, resulting in a growing demand for our solutions in the market, especially with the ever-increasing regulatory environment and fraud continuing to rise. Our solutions work in tangent with the native functionality of NetSuite, enhancing existing controls and providing automated controls that may be manual and prone to errors. Compliance and a strong internal control system are serious business.
At Fastpath, identity security and GRC is all we do.
We take it seriously to make sure our customers can trust their financials out of NetSuite, ensure users have access to only the data their job requires, and provision users of NetSuite from the day they are hired, to the day they leave the organization, supporting least privilege access as well.