The controls transformation journey

Executives are increasingly exposed to risks — a new operating model and enhanced technologies are vital to business confidence and will help boards achieve strategic goals. The old, manual and siloed controls model and behavior should end and a new approach to controls should be adopted. Tomorrow’s internal controls system starts today, which leads to a need for controls transformation.

We assist you in creating the right roadmap with related activities suitable for your organization.

The future internal controls ecosystem

The future controls ecosystem is a combination of smart use of technologies, a learning organization and a practical framework – all supported by a strong controls culture as it can either reinforce or undermine a company's formal GRC processes.

Our predictions for the controls environment of the future include:

• Matured 1st line of defense, influencing controls design with clear controls ownership, aligned with 2nd line and senior management expectations
• Standardization enabling robots to operate, monitor and report on controls in real time
• Agile controls framework mitigating an ever-changing, complex risk landscape, including management of new risk domains
• Controls directly leveraging and enhancing business performance indicators
• Technology and innovation driving predictive and real-time assurance
• Continued evolution of dimensions of the control-testing operating model.

There needs to be a fundamental change in the way technology is used in the operation, assurance and monitoring of controls. Today, technology is used for tactical solutions. However, technology will be at the heart of the future controls environment.