Artikkeli
Future of Controls
A bold and positive vision
Raportissamme tuodaan esiin riskien ja trendien vaikutuksia organisaatioiden sisäiseen valvontaympäristöön. Raportti luo näkymää siitä, miltä tulevaisuuden sisäinen valvonta- ja kontrolliympäristö voisi näyttää sekä esittelee muutamia case esimerkkejä ja keinoja, jotka auttavat nykytilan arvioinnissa ja kontrolliympäristön kehittämisessä muun muassa digitalisaation avulla.
Riskiympäristö on jatkuvassa muutoksessa
Nopeasti muuttuva toimintaympäristö vaatii organisaatioilta jatkuvaa riskien arviointia ja riskienhallinnan kehittämistä. Nykyiset sisäiset valvonta- ja kontrolliympäristöt eivät välttämättä kykene reagoimaan riittävän nopeasti ja tehokkaasti muuttuviin riskeihin. Ne ovat tyypillisesti perustuneet vahvasti manuaalisiin työskentelytapoihin ja ovat luonteeltaan reaktiivisia. Vaikka täydellistä sisäistä valvonta- ja kontrolliympäristöä on vaikea rakentaa, on kuitenkin hyvä pohtia, miten muutosta voisi viedä eteenpäin ja hyödyntää moderneja digitaalisia työkaluja ja automaatiota.
Raporttimme avaa näkymää siitä, miltä tulevaisuuden hyvä ja automatisoitu kontrolliympäristö voisi näyttää. Se tarjoaa käytännön esimerkkejä ja toimenpiteitä, joilla organisaatiot voivat kehittää kontrolliympäristönsä seuraavalle tasolle.
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Challenges and trends influencing the Future of Controls
Now more than ever, organizations are operating in a world of unknowns. Understanding the challenges and leveraging the trends can help businesses navigate through these uncertainties and transform them into opportunities for growth and success. To do so, we have examined the evolving risk landscape and key trends that are influencing and reshaping the future of internal controls.
Creating a bold and positive vision
Controls can be challenging for organizations that struggle to get even the basics right. However, the role that the risk and controls community has played during the pandemic gives us hope. Today, we see clear trends and individual cases of creativity and innovation that help us to imagine a bold and positive future for internal controls.
In our paper, we demonstrate how a robust risk and controls environment can help organizations become more agile and resilient, and support accelerated digital transformation—all of which help companies better utilize automation in operating and monitoring their controls. We offer a clear vision that is aligned to a wider business strategy and links to the underlying business purpose and goals to assist organizations in embedding a robust controls environment, and help them thrive in this volatile and complex business environment.
Reimagining the Future of Controls
Our paper describes three key levers that help drive the internal controls journey:
A typical journey
The Future of Controls journey will vary from organization to organization based on the maturity of the controls environment, the level of regulatory compliance pressure they endure, and the specific industry trends they need to manage. However, irrespective of the level of maturity and transformation, the vision, mission, goals, and key levers we discuss can help organizations customize a controls road map that fits their specific business goals. To that extent, we have outlined a typical six-step road map for a successful FoC journey.
- Define your Future of Controls vision and aspirations
- Define your FOC business case with clear qualitative and quantitative values and effort
- Define your success factors, KPIs and governance mechanism
- Design an integrated controls framework covering the key operational, compliance, and financial reporting risks across the end-to-end value chain
- Develop a risk-based framework with due consideration to the risk appetite
- Integrate risks and opportunities linked to business performance
- Leverage the ERP system and maximize controls configuration-based automation
- Establish controls technology ecosystem, utilizing technologies outside the ERP and data harvesting through outlying systems to maximize the benefits of digital transformation
- Focus on preventative and a “hindsight to foresight”-based controls automation
- Integrate risks and opportunities linked to business performance
- Establish a clear first-line ownership and accountability
- Integrate the second line, bringing consistency and creating value across the risk domains
- Maintain a shared ambition supported by data, capability, culture, and incentives
- Promote integrated assurance through a risk aligned second and third line of defense
- Create a positive culture by winning hearts and minds
- Provide continuous support to the first line
- Introduce appropriate incentives with strong consequence management
- Create an automated continuous-controls monitoring framework
- Document a clear set of controls health indicators supported by smart reports with dashboarding facilities
- Make use of a comprehensive fit for purpose GRC platform for comprehensive controls monitoring
Download the print-ready version or interactive report to read the full report.
We are in a period of unprecedented uncertainty with the confluence of technology revolution, global pandemic, merger and acquisitions and private equity funded disrupters. Organizations can't passively search for answers—they must take action now or they will face a chasm so wide and deep, between their pace of customer-facing innovation and their controls programs, that legacy programs will stifle growth and prevent them from realizing their prospects. The time to act is now.
To further explore the key themes and trends, and for more information about how Deloitte can help you succeed with your Future of Controls journey, please connect with us.
To further explore the key themes and trends, and for more information about how Deloitte can help you succeed with your Future of Controls journey, please connect with us.
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