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Next Generation Controls (NGC)
Moving towards a Robust Control Framework
Today, in an environment generally distrustful of businesses, regulatory and compliance requirements are on the rise. Organizations are building controls framework to meet various statutory and regulatory requirements, while trying to strike the right balance between ‘complicated requirements’ and ‘robustness’. In many organizations, it can be observed that the ‘complexity’ of the framework is spiraling out of control.
To understand whether the controls framework is truly doing its job well, financial controllers have to ask themselves the following questions:
- Does the existing framework identify the controls within processes?
- Is there adequate process documentation to explain the control framework?
- Are there opportunities to optimize and rationalize the number of controls?
- Is there scope for control automation?
- Do we have the right mix of Preventive and Detective controls?
- Is the controls framework intelligent enough to address existing risks and predict future risks?
- Is there a next wave of controls?
- What is future of our existing controls? Will the controls still be relevant considering the environment changes?
Access the document to learn more.