NASDAQ OMX uses IDEA® Server to share data among its team members.
I’m Lenny Block. I am Senior Managing Director of Internal Audit for the NASDAQ OMX stock market. NASDAQ is a stock exchange. Companies that want to trade, securities need to list on one of the major stock exchanges. NASDAQ has been around for about 60 years and again headquartered in New York City, but the NASDAQ OMX owns stock exchanges in the Baltics, Iceland, we own Nordic exchanges, in Helsinki, Stockholm and Copenhagen, as well as Iceland.
My role is in internal audit is managing and actually performing internal audits for the company in a variety of areas. Regulatory audits, financial audits, operational audits, compliance audits. In addition to performing audit duties, also I head up a big data analytics program for the internal audit group.
We’re also growing a data analytics program using automated processes. ‘Course there are different areas we’re trying to automate testing, validating controls, using IDEA, you know, for automations that are trying to test things manually. We’re trying to bring automated solutions such as IDEA to do the testing.
I think IDEA has helped us in a lot of ways. I think it’s helped us cover more testing. Instead of just sampling certain small parts of transactions, IDEA lets us sample an entire population. We’ve used it for regulatory audits and compliance. We’re using it for our Sarbanes-Oxley testing automation and IT technology audit team is working on it, using it to look at SSIS logs and other technology files.
We have two servers, we have one server headquartered in the US and we have another one headquartered in Stockholm for our Nordic team. And we chose IDEA server because we do a lot of group projects, we have cross-functional teams, so it’s important that we share projects and data among the various team members. So we thought the IDEA server would be our best approach to that.
Well I think in a career, I think we live in a world of technology, and to be successful in audit or any field today, we really need an understanding of technology. There’s so much information out there, so any use or knowledge of automated tools is going to help anybody in their career, especially in the audit and accounting one.
I think IDEA would be a highly recommended tool to folks in the accounting and auditing field for a number of reasons. One, it’s got a lot of functionality and it’s very easy to use. I think the graphically user interface is good and that’s important for folks who may not be as technical. I mean, you have a lot of people that have very good business skills, but they don’t have as much IT technical skills, so IDEA will let you do both. I think it will let you do the simple tasks that a business auditor can do, yet has the capability to do more complex things when you may need help with some IT acknowledging people.