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Next wave of continuous control monitoring solution
With advent of integrated audits and the importance which regulators places on internal controls, enterprises are looking at options to make more effective and efficient internal control environments.
The increasing regulatory emphasis on internal controls coupled with the advent of integrated audit practices has driven enterprises to seek solutions that enhance the efficiency and effectiveness of the internal control environment. The focus is now shifting from the reactive model to ongoing, real-time monitoring techniques. The proactive approach is widely being understood as an imperative in the area of compliance.
While there is an increasing cognizance of the general benefits of the Continuous Control Monitoring (CCM) or inflight control monitoring solutions among auditing executives of enterprises, the realization of the full potential of such programs may be limited. In this context, it is quite timely that a Deloitte PoV/thought-paper—Next Wave of Continuous Control Monitoring solution—, has been released with an aim to elucidate the concept of CCM while highlighting its scope, approach, phases of implementation, challenges, and benefits among other key aspects.