Solutions

BWise® Internal Control Software Solution

An effective internal control environment is essential to an organization’s success. It provides the confidence that unwanted risks are adequately addressed, that laws and regulations are being adhered to, that financial statements are of high quality, and that capital and resource allocations are appropriate.

Leading organizations strive to gain the most from their control investments. Granted, some controls are compulsory, but there is the possibility that the control environment is not optimal. Controls can be duplicative. Most organizations do not centralize risk and control data to ascertain whether there can be improvements in the control environment – assurance that the most salient risks are appropriately controlled, realization of common controls across multiple businesses or functions, or the potential ability to relax the control environment (saving money). BWise can enable the organization to not only codify the control environment, but help make informed decisions about how to get the most from its finite resources.

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, from planning to reporting. The methodology behind the internal control software solution is built on leading practice and can be easily configured by the end user based on the unique developmental and functional needs of the client. 

BWise Internal Control Software Solution

The internal organization can be catalogued to capture the organizational structure, including roles and responsibilities. From there, the internal control framework can be codified – defining organizational objectives, process documentation, and identifying and assessing risk. Internal controls can be organized into a library, forming the basis for the control assessments, review, and any ongoing monitoring or remediation efforts. For example, 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 or automated testing. Actions to address issues can be tracked and validated within the system.

BWise simplifies understanding the control environment. For example, dashboards, portlets (user interface software components), and reports provide transparency into the control environment, their effectiveness, actions, and linkages to objectives and risks. This allows users to monitor the control environment in real time, which can lead quicker decisions and actions should controls begin to fail or not meet their intended functionality.

Illustrative capabilities:

  • Risk-based scoping to determine risks related to financial reporting and more defined controls for testing purposes
  • Developing a risk and control framework using templates such as COSO and ISO standards, or the company’s own framework 
  • Assess design and operating effectiveness, including review and monitoring workflows for remediation
  • Increase productivity – Allow individuals to perform tasks without the need to access the internet 
  • Summary and detail of 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 with an audit trail
  • 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 or ISAE 3402 certification 
  • Seamlessly integrates with the BWise GRC platform and solutions

For more information about the BWise Internal Control Software Solution, download the brochure.

BWise for Internal Control

BWise Internal Control

Download the brochure for more information about the capabilities of the BWise Internal Control Software Solution.

Sarbanes-Oxley

The Internal Control software solution supports both the definition of an internal control framework and control testing to comply with Sarbanes-Oxley.


Video

Watch the video: "A Glimpse into BWise Internal Control".


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