Establishing effective internal controls is high on the boardroom agenda. There is a view among many stakeholders that well controlled businesses make more money.
Controls Optimization is our response to the needs of businesses to have the right controls at the right cost.
The right controls are those that mitigate risk to the business in an efficient and cost effective way, and are supported by an embedded culture of controls awareness and sustainable monitoring.
Optimized controls can support better finance functions and business operations, help to manage complexity and achieve effective governance, regulation and compliance.
Controls Optimization is a process of continuous improvement. It is built around a proven risk based approach to internal control. There is no ‘one size fits all’ solution.
Identify opportunities to improve existing business processes, systems and controls which will reduce cost, improve risk management and drive real business benefit
Establish and maintain a system of control with clear accountability, an efficient testing and monitoring structure, supported by effective use of technology.
Perform risk assessment and analyse the current internal control environment at the corporate, business process, and IT systems level.
Implement recommendations to optimise controls i.e. address gaps, rationalise, automate and standardise controls.