Continuous monitoring (CM) and continuous auditing are at the forefront of business process innovation and on the mind of any business manager who wants to be in control. Continuous monitoring provides the necessary assurance that people, processes, systems run within defined thresholds of strategic and operational KPI's or KRI's. It assures senior management and process owners that the enterprise is continuously aware of its key risks and potential breaches in compliance.
Bringing two worlds together
How Governance, Risk and Compliance integrates with Continuous Monitoring.
An audit, internal control or risk management system enables an organization to execute its internal controls and to measure risks throughout the entire organization. Systems and processes can be read, data analyzed and staff will be notified of abnormalities. Audit, compliance and risk management is best executed with technology such as a Governance, Risk Management and Compliance platform. The automated collection of the correct data and the automatic analysis of that information is enabled by Continuous Monitoring techniques. Both systems are essential for modern enterprises. Currently, the world of continuous monitoring and the world of enterprise GRC are separate, with vendors specializing in either field. It is clear that the best solution is one that brings these two worlds together. BWise does exactly that.
Real-time monitoring of (internal) controls
With a CM technology solution, an organization is quickly, constantly and continuously assured of the efficiency and effectiveness of its internal controls or risk measures. Also compliance controls, to meet regulatory requirements, can be constantly monitored just like business line and operational controls. Thus using BWise CM also enables the capture of control gaps and failures on a timely basis whether operational controls or regulatory controls.
Benefits of using BWise Continuous Monitoring
- BWise CM provides an end-to-end process, starting from risk identification, through documentation, risk & control monitoring, auditing and issue tracking
- It provides the unique ability to include manual and automated monitoring techniques into 1 platform. Risks and controls can be monitored manually (e.g. for soft controls, or non-automated processes); be partially automated by automating data collection, data analysis and evidencing; be completely automated with full workflow and issue tracking
- Produces auditable evidence for internal and external auditors
- Standardized monitoring rules
- Continuous capture of control gaps and failures
- Warehousing of historical control effectiveness data
- Using data analysis to improve business processes
- The seamless integration of BWise CM with the BWise GRC platform
- Ensure Segregation of Duties