Continuous Controls Monitoring
Continuous monitoring (CM) continues to be at the forefront of business process innovation and top of mind of any successful manager. The process extends beyond the business as audit (e.g., continuous auditing) and risk teams are using continuous monitoring techniques to identify anomalies in the risk and control environment.
Metrics, such as Key Performance Indicators and/or Key Risk Indicators, are often used in continuous monitoring. They can offer insight and confidence that operations (e.g., processes, systems, people) are performing as intended. It also can assure senior management, the business, and Governance, Risk, and Compliance functions that the organization is monitoring the variables that drive success or create potential harmful effects, such as potential compliance violations.
BRINGING TWO WORLDS TOGETHER: HOW GOVERNANCE, RISK AND COMPLIANCE (GRC) INTEGRATES WITH CONTINUOUS MONITORING
A GRC (e.g., audit, internal control, vendor management, information security, risk management) system enables an organization to execute and sustain its risk management framework. Continuous monitoring is an integral part of this process. The ability to automatically collect the correct data and consistently analyze it has tremendous benefits in understanding whether there are opportunities to take advantage of or whether management and control is warranted. For example, systems and processes can be monitored, data analyzed, and staff notified to take action to address identified inconsistencies. Currently, the world of continuous monitoring and the world of enterprise GRC are often 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.
Linking continuous monitoring with risk management creates insight into the organization’s risk profile. It enables an organization to quickly and continuously be assured of the effectiveness of internal controls or risk and performance measures. This can be a business differentiator as it can facilitate risk seeking activities such as getting to market faster or recognize issues to avoid losses like fines from non-compliance.
BENEFITS OF USING BWISE CONTINUOUS MONITORING
- The BWise Continuous Monitoring solution integrates into the organization’s end-to-end risk management processes, starting from risk identification, through documentation, risk & control monitoring, auditing, and issue tracking
- Alleviates the need for increasing segregation of duties as reviews are done automatically
- Incorporates manual and automated monitoring techniques into a single platform – risks and controls can be monitored manually (e.g. for soft controls, or non-automated processes), be partially automated (e.g., by automating data collection, data analysis and evidencing), or be completely automated with full workflow and issue tracking
- Produces auditable evidence, with an audit trail, for internal and external auditors, risk managers, and the business
- Standardized monitoring rules
- Continuous identification, capture, and review of performance, risk, and control metrics
- Warehousing and the ability to analyze historical data
- Using data analysis to improve business processes and the risk and control environment
- Seamlessly integrate with the BWise GRC platform and solutions