Proven IT Finance Resolves Failed Audit And Identifies Roadmap To ITFM Maturity For Fortune 500 Organization

Case study_Resolving Failed Audit of Fortune 500
A Fortune 500 company enlisted our services after uncovering a failure during an internal financial audit.

In short, a lack of transparency between “run” and “build” funding were driving misunderstandings of what funds were available within IT. As a result, investment funds were mistakenly being used to manage “run” activities. Due to the lack of transparency in IT financials, this issue went under the radar for quite some time.

The IT leader reached out to Proven IT Finance to resolve the audit issue and to help the business evolve their ITFM capabilities.

Our Approach

Our first priority was to run an assessment of the business’ ITFM processes using the Proven IT Finance “Blueprint of Success” model. The goal of this assessment was to identify the gaps in IT capabilities and processes that had led to the audit failure.

We were able to review almost all aspects of the business’ IT financial operations, uncovering opportunities to improve the ITFM capability. Our experienced consultants were able to document, respond to and make recommendations to remediate the specific issues that contributed to the audit failure.

Our Results

In less than 90 days, we were able to close the open audit issue. Driven from our assessment exercise, we delivered a list of recommendations to the ITFM team to ensure that specific audit issues were documented, prioritized and resolved. This assessment resulted in:

  • A clear understanding among finance, enterprise portfolio management, and IT of the issues that contributed to the audit failure
  • A documented set of recommendations to resolve the audit issue
  • A documented implementation plan and timeline to resolve weaknesses in the ITFM capability

Impressed by our ability to quickly resolve the audit, the client embarked upon a year-long journey with Proven IT Finance to design, develop and implement our recommendations to mature their ITFM capabilities.