VANCOUVER, British Columbia, April 18, 2013 /PRNewswire/ -- ACL, the company that is transforming audit and risk, today announced its 15 th Annual Impact Award Winners. This premier technology award for audit, finance, compliance and risk professionals celebrates the outstanding achievements of customers that have made a significant, positive impact on business processes and operations through the use of ACL technology. The winners, comprised of 10 companies around the globe spanning various industries, include The Coca Cola Company, the Public Services Management Department of Zambia, the Office of the Comptroller of Puerto Rico, and Grand Prize winner, Phillips 66 (NYSE: PSX), which is one of the world's largest oil and gas refining companies.
Fortune 500 company Phillips 66 used ACL data analytics technology to create an Employee Expense Report Monitoring System for its team of approximately 14,000 employees worldwide, establishing a continuous auditing process to identify travel and procurement policy violations, mistakes and instances of fraud before such abuse could negatively impact the business. The system identifies anomalies such as company credit card purchases that occurred when an employee was absent from work, purchases made with suspicious merchants, transactions by former employees, and cash advances that were not fully expensed. Monthly reports showing violations of policy, which can now be produced for management, are used by the Compliance, Global Security, Audit and Controllers departments.
"As a direct result of the implementation of this new system, over US$3 million of transactions were identified as having some violation of policy," said Richard Twilley, Analyst, Commercial Card Services at Phillips 66. "We've experienced a 50% increase in accuracy, 1000% increase in efficiency, and a 500% increase in productivity."
"It's amazing to see the innovative ways in which audit, finance, compliance and risk professionals are integrating ACL's solutions to positively impact their organizations," said Laurie Schultz, President and CEO of ACL. "We want to thank all who entered, as your stories have truly been inspiring."This year's ACL Impact Award winners are:
- Grand Prize Winner: Richard Twilley, Phillips 66
- Regional Award, North America: Sean Pinto, The Coca Cola Company
- Regional Award, Latin America and Caribbean: Francisco Ortiz, Office of the Comptroller of Puerto Rico
- Regional Award, Asia: Glen Laslett, Metcash Trading Limited
- Regional Award, Europe, Middle East and Africa: Siame Matthews, Public Services Management Department of Zambia
- Best Use of Analytics: Desolyn Foy and Christina Ervin, Harris Health Systems
- Best Use of Audit Management Technology: Lisa Traina, Traina and Associates
- Best Application of Continuous Auditing or Monitoring: Enrique Vazquez Escobar, Nacional Monte de Piedad IAP
- Most Promising New User: Eduardo Staino, Construtora Andrade Gutierrez SA
- Most Innovative Use: Michel Picinin, Suzano Papel e Celulose SA
- To learn more about ACL, visit: www.acl.com
- To read the latest on business assurance, compliance, risk, fraud detection, and internal audit, visit the ACL Blog: www.acl.com/blog
- Follow ACL on Twitter: @ACLServices
- Join ACL on LinkedIn: www.acl.com/LinkedIn
- Like ACL on Facebook: www.facebook.com/ACLServices
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