Risk Monitoring and Control Automation
The risk landscape is continually evolving and, in an increasingly complex, automated and IT driven world, it is essential that organisations are able to monitor and alert themselves to key risk events when they occur. Key risks take many forms in an organisation (some examples below) and many clients are seeking cost effective ways to build and operate ‘control safety nets’ around such risks.
To implement and govern such risk monitoring activities can be time consuming and error prone without the use of technology, such as data analytic platforms and workflow solutions.
- Expectation to continuously reduce costs and overheads, yet maintain or improve the quality of controls and number of issues/errors occurring in core processes.
- Organisations often lack the ability to automate the monitoring of systems for key risk events, and the over-reliance on manual, often spreadsheet based, key controls within the finance and compliance department.
- Disparate and complex IT systems combined with evolving business processes require innovative and timely solutions to maintain control robustness whilst ensuring resource efficiency.
- Constant stream of change programmes, hampering finance’s ability to focus on core process improvement activities and refine KPIs and KRIs to drive better quality compliance and process improvement activities.
- The need to implement continuous defences across risks which are material by nature, such as Fraud, Anti Bribery & Corruption and Financial Crime.
- Help clients to design, implement and embed an analytic risk monitoring platform, through which analytic tests and processes can be deployed to transform client internal control environments, supporting both the automation and effective delivery of key controls and adding strength to the monitoring environment (building a ‘controls safety net’ in key areas).
- Provide exception management workflow capabilities and management dashboard information to help clients deal with exceptions in a timely manner. This also helps management to oversee the status of these remediation activities accurately and quickly.
- Support the selection of technology most appropriate to a client’s needs.
- Identify key risks and design analytics to monitor or automate controls mitigating them.
- Set-up, support, run and /or advise projects to implement such desired capabilities.