What Is Monitoring of Controls?
Monitoring of Controls is a process that ensures your organisation’s Controls are effective, timely and justified. Having a view over all your Controls is critical, especially for compliance regulations. There is an ever-increasing pressure to be able to demonstrate Real Time Monitoring of Controls with an Automated System for Assessment, Escalation and Actioning.
Why Should I Care?
Having a view of all your organisation’s Controls and those Controls to be correct, actioned and assessed ensures the decisions that are made from them are accurate. Having no monitoring of controls can be a serve Risk in itself, as the data that is being relied on isn’t possibly accurate enough.
Being able to show and prove Real Time Control Monitoring to regulatory boards, is another major component. For example, the Financial Industry has been pushing for the greater integration of Automation in the process of Control Monitoring as it ensures discrepancies, errors and ultimately Risks occur less.
What is Required in Monitoring of Controls?
The process of monitoring controls should be, simple, effective and fast.
An overcomplicated process will remove the simple, eliminate the fast and therefore be ineffective. Controls often change and a software solution must be capable of reacting in real time to those changes. Assessments need to be concise, actioning must have responsibility based and Reports must demonstrate issues, sticking points and changes.
While dynamic dashboards need to be used to ensure graphical representation of the Control data, a bonus would be that the graphical dashboards are filterable, allowing data to be found quickly and more efficiently.
Controls must also have the ability to be “Ranked” or given a “Level” based on multiple self-determined factors. A great example of this is Key Controls and Non-Key Controls.
Key Controls are high level and represent a “roll up” of several underlying Controls. Due to the granularity of the underlying Controls, a “higher” level layer is required. These Key Controls are mapped to your critical organisational Risks.
Non-Key Controls capture the organisation’s controls impacting each operational area. These identify and qualify the Risks your organisation faces on a divisional level.
Finally, Control Monitoring must incorporate Risk Management, the two processes go hand in hand and as such a software solution must incorporate these together seamlessly.
What is the Solution?
Symbiant Controls and Policies Management Software is a solution built for the exact purpose of Real Time Control Monitoring, it has all the above topics features and much more! Symbiant provides the most accurate Risk Management and Controls and Policy Management Solutions on the market.
The Control Module is only £100 per Month, with Unlimited Access.