NASDAQ OMX uses IDEA® Server to share data among its team members.
The NASDAQ OMX Group is a leading provider of trading, exchange technology, information and public company services across six continents. NASDAQ OMX technology powers more than 70 marketplaces in 50 countries, and 1 in 10 of the world’s securities transactions. NASDAQ OMX is home to more than 3,400 listed companies with a market value of over $8.5 trillion. In this interview, Senior Managing Director of Internal Audit, Leonard Block, explains how he uses IDEA® Data Analysis software to manage and perform a variety of audits for the company.
“We chose IDEA® Server because we have a lot of group projects and cross functional teams so it’s important that we share data among our team members.”
Leonard Block, CPA, CIA, Senior Managing Director, Internal Audit, NASDAQ OMX
CaseWare Analytics: What is your role at NASDAQ OMX?
My role in internal audit is to manage and perform internal audits in a variety of areas such as regulatory, financial, operational, and compliance audits. In addition to this I lead the data analytics program for the internal audit group.
CaseWare Analytics: What is the value of using IDEA®?
We are rolling out a data analytics program using automated processes to automate testing and validate controls using IDEA®, instead of testing controls manually.
IDEA® has helped us in a lot of ways. Instead of sampling portions of data, IDEA® allows us to analyze an entire population of data. We have used it for regulatory audits and compliance, we are using it for Sarbanes-Oxley testing automation, and our IT audit team is using it to look at systems logs and other technology files.
CaseWare Analytics: What are the benefits of Collaborative Analytics?
We have two servers, one in the U.S. and the other in Stockholm, Sweden for our Nordic team. We chose IDEA® Server because we have a lot of group projects and cross functional teams so it’s important that we share data among our team members.
CaseWare Analytics: Would you recommend IDEA®?
I would highly recommend IDEA® to those in the audit and accounting field for a number of reasons. One being that it has a lot of functionality and is very easy to use. I think the graphical user interface is good which is important for people who are not as technical. IDEA® lets you do the simple tasks that a business auditor can do but also has the capability to do more complicated tasks with IT.