Automated Business Process Flashcards
What is a flowchart and what does it describes?
Flowchart is a diagram that describes a process or operation
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What does flowchart includes?
It includes multiple steps, through which the process ‘flows’ from start to the end.
Flowchart is used for?
It is used for designing and documenting simple processes or programs.
What does flowchart helps in?
Flowchart helps in visualize what is going on and thereby help understand a process, and perhaps also find flaws, bottlenecks and other less obvious features within it.
What are the two most common types of boxes?
- Process box (rectangular box)
2. Decision box (diamond box)
Advantages of flowchart.
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- Communication
- Quicker grasp of relationship
- Programme debugging
- Documentation
- Identifying responsibilities
- Effective analysis
Limitation of flowchart.
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- Modification
- Reproduction
- Link between conditions and actions
- Complex logic
- Standardization
What is flowchart?
It describes\_\_\_\_
It includes\_\_\_\_\_
It uses\_\_\_\_\_
It helps\_\_\_\_\_
Most common types of boxes:1.\_\_\_
2.\_\_\_What is BPA? (First point)
It is a tech-enabled automation of activities and services that accomplishes a specific function and can be implemented for many different functions of company activities including sales, management, operations, supply chain, human resources, information technology, etc.
BPA is what and what does business uses it for?
BPA is a tactic a business uses to automate processes to operate efficiently and effectively.
What does BPA consists of?
It consists of integrating application and using software application throughout the organization.
What is a BPA tradition of?
BPA is a tradition of Analyzing, Documenting, Optimizing and then Automating business process.
Factors affecting BPA.
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- Confidentiality: To ensure that data is available to persons who have right to see the same.
- Integrity: To ensure that no unauthorized amendments can be made in the data.
- Availability: To ensure the data is available when asked for.
- Timeliness: To ensure that the data is made available at the right time.
Benefits of BPA.
- Quality and consistency
- TIme saving
- Visibility
- Improved operational efficiency
- Governance and reliability
- Reduced turnaround time
- Reduced costs
Which processes should be automated?
- Process involving high-volume or repetitive tasks.
- Processes requiring multiple people to execute the task.
- Time sensitive processes.
- Processes requiring need for compliance an audit trail.
- Processes having significant impact on other processes and system.
Challenges involved in BPA.
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- Automating redundant process
- Staff resistance
- Defining complex processes
- Implementation cost
Steps to implement BPA.
- Define why we plan to implement BPA.
- Understand the rules/regulation which the company need to comply with.
- Document the process which we wish to automate.
- Define the goals/objectives which are to be achieved by implementing BPA.
- Engage the business process consultant.
- Calculate the ROI of the project.
- Developing the BPA.
- Testing the BPA.
Define Enterprise Risk Management (ERM)
It is defined as a process, affected by an entity’s BOD, management and other personnel, applied in strategy and across the enterprise, designed to identify potential events that may affect the entity, and manage the risk to be within its risk appetite to provide reasonable assurance regarding the achievement of entities objectives.
Underlying premise of ERM.
Underlying premise of ERM is that every whether for profit, not for profit, government body exists to provide value to its shareholders.
Challenges for management.
Challenges for management are to determine how much uncertainty the entity is prepared to accept as it strives to grow stakeholder value. Uncertainty presents both risk and opportunities with the potential to enhance or erode value.
What does ERM provide the management and what does it do?
ERM provides a framework for management to effectively deal with uncertainty and associated risk and opportunity and thereby enhancing its capacity to build value.
What does ERM includes?
It includes methods and processes used by organization to manage risk and seize opportunities.
Benefits of ERM.
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- Rationalize capital
- Sieze opportunities
- Provide integrated responses to multiple risks
- Enhance risk response decision
- Minimize operational surprise and losses
- Identify and manage cross-enterprise risks
Components of ERM.
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- Event identification
- Monitoring
- Information and communication
- Internal environment
- Objective setting
- Control activities
Who is responsible for developing Internal control.
Company’s management team is responsible for the development of internal control policies and procedure
Define internal control? What defines Internal control?
SA-315 Defines the system of internal control as “the process designed, implemented and maintained (DIM) by those charged with governance, management and other personnel to provide reasonable assurance about the achievement of an entity’s objectives.”
An internal control system-
- Facilitates the effectiveness and efficiency of operations.
- Helps ensure the reliability of internal and external financial reporting.
- Assists compliance with applicable laws and regulations.
- Helps safeguarding the assets of the entity.
Components of internal controls.
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- Control environment
- Monitoring of controls
- Information & communication
- Risk assessment
- Control activities
Limitations of Internal control.
- Cost benefit balance
- Potential of human error
- Possibility of circumvention (Fraud)
- Abuse of responsibility
- Manipulation by mgt. in respect of transactions or estimates
