Future of Control – What does it mean for GBA?
Now more than ever, the business landscape is fast-changing, disruptive and volatile … this is The Next Normal.
We want all our clients to be in control of their business and future proofing their business as many organizations experience controls that have remained static. Now is the time to challenge this and ask why the same advanced technologies and ways of working that are used to enhance customer experience aren’t being used to enhance operational processes.
That’s where the Future of Control comes in. A series of solutions to shape how organizations use technology to operate and assure controls, re-shaping control operating models to be more resilient and improving traditional approaches to risk.
Executives are under more personal scrutiny and pressure than ever before due to the impact of control failures (e.g. data breaches) on their organization and the strain that responding and recovering from Covid-19 has put on the control environment. Therefore now is the time to act and invest to prevent future failures, build resilience and drive efficiency.
The Future of Control includes a set of automated and technology enabled controls, which have been developed to respond to the risks and risk appetite of the organization. These same controls are monitored on a real time basis to provide assurance and spot problems early.
Three reasons why this is especially relevant to GBA are:
- Innovation and technology: GBA's focus on innovation and technology should extend not just to business operations but also the internal control environment
- World financial centre: The Financial Services sector is highly suited to the use of advanced technologies given the data focused business models. Our Future of Controls solutions include technologies such as dashboards that continuously monitor the control environment in real time to spot problems early
- Strong and competitive business environment: For GBA to develop an attractive business environment this needs to be based on the foundation of strong corporate governance and internal control. Embracing the Future of Control will allow companies in GBA to achieve this
Overall companies in the GBA can utilise our Future of Control solutions to create a resilient control environment that is both cost effective but also drive competitive advantage through: Identifying issues early; Laser focus on value adding activity; and Reputational protection.
For further information please visit our Future of Control Website, where you will find our detailed point of view document and further information on the themes and solutions that Deloitte offers.