CHALLENGES CONTROLNET ADDRESSES
LACK OF VISIBILITY OF CONTROL STATUS
Level one business owned controls are often captured on manual checklists or excel spreadsheets making it difficult to track when controls fail or aren’t executed on time. This is particularly difficult to manage when processes are offshore or outsourced or when teams are working remotely.
MI IS REACTIVE
MI is often produced after the end of the month, reporting on the risk events and errors that have occurred during the previous month. Often, the first time an organisation realises there was a control breach is when the risk event or loss occurs (or the client informs them).
LACK OF ACCOUNTABILITY FOR CONTROLS
When there is a control failure there is often a discussion about who should have performed the control check.
Supporting evidence, if provided, is often saved in shared drives, personal drives or sharepoint sites with no clear way to link to the control(s) to which it relates.
For regulated entities there is a need to demonstrate effective controls are in place. Individuals can be held personally accountable for control failings (e.g. Senior Managers and Certification Regime (SMCR).
RCSA SUBSTANTIATION (2nd line)
Auditors / Regulators are increasingly looking for substantiation to support the status of the Risk Control Self Assessments (RCSAs) submitted.
Establishment of an evidence based control environment with appropriate accountability
Ability to demonstrate compliance with regulations and policies by tracking the linked controls
Enables effective oversight without hindering business effectiveness
Ability to monitor performance / quality across all locations
Ability to deliver measurable improvements including, reduction in audit findings, reduction of error losses and improved processes, enhanced control and management reporting, full evidence based controls which support audit / inspection reviews and holistic oversight of supplier governance
Ability to substantiate the risk assessment calculations to auditors and regulators
Supporting our Clients
Our clients span the globe including the U.K., Europe, Asia, Africa and North America.
We provide support during business hours and offer out of hours support where required.
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