Continuous Controls Monitoring

Organizations are evolving at a faster velocity than ever before, spurred by increased regulation, competition and customer expectations. Concurrently, investments in emerging technology and expanded risk management requirements place pressure on budgets and in turn, profitability.

Operational process improvements are one approach to "do more with less"; however, this tends to be siloed in approach and doesn't apply a macro view to process and controls monitoring and leads to:

Lack of role clarity and duplication with multiple risk groups (e.g. technology risk, Internal Controls teams, compliance teams, etc.) discretely identifying, monitoring and in some cases testing controls, the first line of defense can incorrectly perceive that these functions "own" the controls.

Ineffective controls due to limited testing coverage and effort constraints. Most organizations are heavily reliant on manual testing and judgmental, sample-based transaction coverage.

Increasing costs and scope, as organizations are becoming more complex and technology dependent, traditional testing approaches are no longer cost effective and cannot provide the coverage or agility required in a dynamic digital environment.

About CCM

​Continuous control monitoring (CCM) is a technology-based solution to continuously monitor processes and help customers to transition from traditional, sample-based testing models to economical monitoring of full populations. It allows clients to redeploy resources from rote testing to value-based investigations. As a platform offered as managed service, CCM empowers and enables the first line to own and operate their operational processes, while retaining transparency and audit trail. This trail, in turn, allows the second and third lines of defense to monitor first-line activities, thus eliminating redundancies in testing and associated costs.  

Benefits

• Enhanced Accuracy: “Right the first time”— demonstrates the proportion of transactions that adhered to expected process and tolerances…so you can focus on understanding and reducing anomalies.
• Collaboration: You can increase trust and transparency across lines of defense through centralized dashboards and extractable insight content.
• Integration: CCM can help your organization connect and synthesize risk and control data from multiple platforms across the enterprise
• Reduce Costs: CCM can help your organization reduce costs, by reducing human capital effort on low-value testing, transferring risk resolution to first line management, and highlighting process deviations for investigation