Revamping a new controls program for the future

December 12, 2023

A blog post by Beth Kaplan, Katie Glynn, and Stu Rubin

During a time of digital and finance transformation, many controls programs continue to have limitations. The absence of innovation may have some assurance functions struggling to keep pace in a quickly changing environment. Without a more strategic framework, an organization’s controls may continue to lag behind overall finance transformation. Now is the time to think through a more purposeful design. While we have previously explored a modern framework for controls, there are additional strategies and considerations when optimizing a controls program. This is a new controls recipe for success.

Benefits of optimizing the controls program

While this recipe for a new controls program may provide an organization with benefits beyond risk and controls, many organizations have seen some notable benefits with an optimized design that focuses on the framework, technology, and operating model pillars.

• Cost of controls: Some organizations have noted a cost of controls reduced by more than 30%.
• Automation tools: Organizations can achieve enhanced controls automation. Some have highlighted more than 70% automation in certain key business process areas.
• Performance: Enhance resilience and reputation, hitting key performance indicators and receiving high Net Promoter Score marks.
• Efficiency: Improve operational efficiency across the organization.
• Risk mitigation: The enhanced controls environment can help mitigate critical risks for the organization.
• Purpose: Establish a more enabled purpose with a controls culture, ownership, and accountability.