BWise® Internal Control Software Solution
Internal Control in control with state-of-the-art Governance, Risk management and Compliance Software
Support for the End-to-End Internal Control Process
BWise® Internal Control is a software solution that supports the end-to-end internal control process and is part of the BWise integrated Governance, Risk management, and Compliance Platform. The process typically begins with risk-based scoping of the work to be performed, preventing unnecessary documentation and testing work. Based on the scope, all relevant financial information, related business processes and risks are documented with all mitigating measures and controls that are expected to be in place. BWise then enables the performance of a full design effectiveness test at the required level of detail and the required regularity. Then the operating effectiveness of key controls is tested by BWise, either through manual testing or automated testing. Any deficiencies found during documentation, design or operating effectiveness are investigated using integrated Issue Management in the BWise® Internal Control solution.
A Day in the Life of Michael Bauer, Corporate Group Controller
BWise® Internal Control offers Michael Bauer, Corporate Group Controller and his team the assurance they are in control.
BWise® Internal Control supports the Financial Control deparment in:
- Risk-based scoping to determine risks related to financial reporting and define controls for testing purposes
- Developing a risk and control framework using templates such as COSO and ISO standards or the company’s own framework, to secure standards and taxonomy
- Assessing design and operating effectiveness, including review and monitoring workflows for remediation
- Reporting on test results, including management of any deficiencies and findings, as well as management recommendations using flexible drag and drop reports and consolidated dashboards; all documented and audit-traceable
- Enhancing visibility at the top of the organization due to automated roll ups based on aggregated information from all levels of the organization, including compliance assessments from Sarbanes-Oxley 302/404 certification or ISAE 3402 certification