The following tip is taken from Carlos Jaimes’ presentation Lessons for using continuous controls monitoring to reduce risk in your financial processes” at the GRC 2012 event, being held in Las Vegas, Nevada, March 13-16.
6 Key benefits to Continuous Control Monitoring (CCM)
1. Controls are easier to operate (less room for error)
2. Controls take less time / overhead to operate
3. You can embed escalation procedures to ensure controls are operated
4. Control documentation is stored centrally resulting in lower overhead for audit teams and control operators
5. Internal testing and control self assessments are stored centrally resulting in less overhead communicating test plans and results to external auditor
6. Making internal audit more efficient so that focus can move from compliance to optimization