Three future-proof solutions for control testing and monitoring
From manual in-house testing to outsourcing and automation
The future of control testing and monitoring entails automation and outsourcing of testing activities, instead of the more traditional 'tick the box' exercise that offers too few opportunities to add value. The three solutions will help to free up internal capacity and improve effectiveness, speed and quality of compliance control testing activities.
Remaining in control of key compliance risks within your processes is of utmost importance but can become a time consuming and repetitive exercise, claiming valuable time of internal resources. Control requirements change constantly due to new regulations, policies and standards, while control testing often remains a manual process, driven by reporting deadlines. Furthermore, control execution can differ across business units and ownership is often dispersed. This poses the need for smarter, more consistent and more efficient monitoring and testing of compliance controls.
Optimization of control testing and monitoring
Deloitte sees a number of different solutions that can lead to improved control testing, using automation and outsourcing, eventually leading to reduced costs attributed to compliance control testing and added value:
- Optimize in-house testing: design of a more efficient and effective testing process in different areas, such as governance, control descriptions, standard operating procedures with regard to testing activities, planning and process descriptions.
- Testing as a Service: Leverage external capabilities and expertise to realize cost effective and outcome driven controls testing while reducing costs, by making use of a specialized off-shore team to conduct control testing activities.
- Continuous Control Monitoring: Continuous Control Monitoring is a state-of-the-art solution in which automated tools are used to monitor controls real-time in a focused, intelligent and actionable approach.
Implementing the before mentioned solutions lead to strengthened controls governance, an integrated and rationalized framework and increase impact and value from compliance control testing and monitoring.
If you want to know more about Compliance Control Testing and Monitoring? Please contact Christiaan Visser or Lukas Meek via their contact details below.
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