It is important to
understand where you are on Control Maturity so you can determine what actions
to take to create value for your business from your GRC (Governance, Risk Management, Compliance)
For example, like many companies, you may have started with manual processes in order to comply with
the regulations by the deadline. Now you
are looking at ways to automate your controls to reduce your costs and increase
You also want to be able to leverage your existing investments and customize your solution to best fit your company's and industry's unique requirements.
However, just as Internal Controls are a process, so is the development, optimization and
transformation of Internal Controls into business value.
Basic automation is only the first important step to reducing costs. The next step is to optimize your
automation and then integrating your internal controls into your business
processes. This is the only way you can realize value from your investment.
The following chart provides a summary of the Control Maturity Continuum and the key items you need
to consider as you evaluate your compliance technology investments.
Control Maturity Continuum Check Lists
In order to assist you in your assessment, Compliancy has put together a set of check lists for the Automate, Optimize and Transform steps. Please
contact Compliancy with any questions.
These are the basic
automation capabilities. This is not an
all-encompassing list but the key elements you should assess.
- Control procedures are
automated to reduce manual costs
certification/assertions are automated for reporting status
- Control testing is
automated for assertion testing
- Control audits are
automated for status and reporting
- Every control decision, approval, test point and other control
certifications are automatically recorded for full complete tracking and better
- All Control activities at all levels can be certified and viewable.
- Controls for detection
of issues post transaction are automated
- Authority and
responsibility of duties is identified and integrated into automated
- Signature image certification can be included in control for
- Secure document
storage and distribution
- Controls are
documented and maintained via workflow for routing, version control and
- Documents used by
controls are maintained via workflow for routing, version control and
- Documents have secure
storage and distribution with an audit trail
- Consolidated view of
controls is provided showing relations for easier management
consolidated view of control data to more efficiently maintain control
- Predefined and customizable workflow templates for Control
- Easy point and click scheduling for monitoring, testing, certifications,
audits, and reporting.
- One button on-demand triggering for monitoring, testing, certifications,
audits, and reporting procedures.
- Forms driven control
procedure development and change management to enable less technical users to
initiate/change control processes at a lower cost
Optimized automation moves you from working on issues and control results “after the fact” to
preventive management, i.e., being provided information in real-time through
continuous monitoring about the status of controls and transactions to identify
issues prior to problem.
This reduces costs
even further by reducing the cost of testing and issue management as well as
avoid reporting issues and improving risk management overall for the
Continuous real-time monitoring of controls can be specifically created
for greater responsiveness and flexibility.
Transactional controls for integration of external application controls
providing complete business process control loop coverage.
One-button real-time financial report generation for most
Real-time Dashboard management oversight to increase responsiveness and
provide early warning indicators.
Easy to read graphical view of process workflow status about each
incident of a workflow process including control status, steps completed, when
completed, steps active and length of time.
to read statistical summary of process workflow to measure and assess process
including average time to complete a process or task, cost of implementing a
process, and cost of each step.
Audit data can be compared against data from other systems for
Can specify who gets what information for a process so that only relevant
information is routed to individuals to reduce confusion and more effectively
Automated preventive controls can be defined to identify issues pre
and/or during transaction to “prevent problems” therefore reducing risk and
Issues management can be completely automated and integrated with
processes, people, and certified resolutions to reduce cost and time of manual
Issues management is integrated with reporting for faster and more
Automation and events can be business rules driven for better
integration with business process and more effective automation of risk
authorization security for responsibility identification, certification, and
driven control procedure development and change management to enable less
technical users to initiate/change control processes at a lower
The ability to create value from your compliancy solution is directly related to how well you can
integrate your compliance controls into your business processes. As part of the entire business process,
management can view the compliancy controls as part of the entire business
decision making process. The net is
better streamlining, more effective business decisions and quite literally a
competitive edge in the market.
Automate and manage entire control life-cycled from definition,
documentation, control procedure implementation, testing and assertion, audits,
issue management, reporting and control change/retirement.
Can be extended to include current or new business processes as an
integrated management system for greater efficiency, greater control and easier
Control and monitoring can be extended and scaled across the enterprise
to integrate other applications, business units and geographies.
Complete integration possible across all processes, documents,
applications and people unlike component or single point solutions.
Business process automation modeling tools available for customized
business process development.
Visualization of workflows with real-time updating of status.
Provides coverage of every level including automated control procedures
at the entity for corporate audit control and testing, process for process level
automation, and transaction level for integration with external applications.
Can be integrated with existing business workflow processes and other
auditing applications, existing document management systems, and across other
applications with control processes for a single view of the entire
Allows for collaborative process modeling with granular security
Flexible task assignment that allows business roles to be assigned to a
variety of tasks.
For more information contact us at firstname.lastname@example.org or call +1-919-806-4343.