What is Controls Management Software?
Controls typically only become a priority for organisations when they fail, resulting in increasing costs and a reactive approach. Being focused on controls can result in better decision-making, a game-changing step for any organisation – enabling fast and more confident decisions.
Business leaders are increasingly exposed to risk. A new way of operating your framework for internal controls and the utilisation of enhanced tech like CoreStream are vital to business confidence and will help boards achieve strategic goals. The old, manual and siloed control model and behaviour should end and a new approach to controls should be adopted.
A framework for internal controls, that is digitally enabled, ensure that risk assessment and controls are kept up to date and embedded in the organisation. Elements of a control framework typically include organisation wide policies, structure and ‘tone at the top’, risk assessment, business and IT controls, monitoring and reporting.
In November 2021, the FRC in the UK clarified their expectation that Boards complying with the Code should confirm the results of their annual review of the effectiveness of internal controls. Previously, the requirement had been widely understood to relate to disclosure of the process undertaken. The Code requirement includes operational and compliance controls as well as financial controls.
Controls Management Software enables and facilitates an organisation’s approach to its framework of internal controls. CoreStream’s Controls Management software is designed to facilitate an end-to-end controls framework from the identification of risk, mapping of processes and controls through control self-assessments, controls testing, remediation and reporting.
It enables process, risk and control owners to identify, understand and manage their respective information whilst also providing functional controls management teams with the features to manage and report on the controls framework.
What are the benefits of Controls Management Software?
Controls Management Software helps to ease the administrative burden of controls related processes. CoreStream’s capability goes further though.
It enables and supports the identification, documentation and management of your organisation’s processes, risks and controls. The software facilities different assurance approaches to provide management with the required comfort over the design and operating effectiveness of controls to enable the fulfilment of statutory and regulatory obligations in addition to meeting the needs of your various stakeholders.
Accountability and transparency are key elements of a robust framework of internal controls, supporting the reporting to your stakeholders. Our solution clear ownership throughout the end-to-end lifecycle of your internal control framework. This helps you to deliver an efficient but robust framework that supports the accurate reporting of the health of your internal controls.
What are the risks of not having Controls Management Software?
Without Controls Management Software an organisation increases inefficiency in the management of their internal controls and therefore increases the cost of control. In addition, the lack of an integrated Controls Management Software can drive / exacerbate the following issues for organisations:
- Misalignment of controls with business and risk objectives, slowing a business down and providing a false sense of security.
- Lack of a common taxonomy, resulting in an inability to apply a consistent approach to the measure, execution and reporting of risks, controls and issues.
- Creation of controls in silos to address specific regulatory requirements or emerging risks, resulting in redundant and overlapping controls.
- Lack of a coherent approach to monitoring and testing across all assurance providers in an organisation, resulting in similar or comparable controls being evaluated multiple times.
CoreStream’s intuitive and flexible controls solution includes all the key features to help you implement, embed and management your framework of internal controls. The solution comes pre-configured but can also be adjusted through no-code configuration to meet your exact framework requirements based on your operating model and approach to internal controls. Key features include:
- Process management and process mapping with change control features and the ability to export to Microsoft Visio;
- Risk and Control Matrices – both at a framework and organisational entity level;
- Ability to link policies, processes, risks and controls together;
- Control Self-Assessments for control owners and performers;
- Control testing features to support continuous or periodic controls testing;
- Deficiency and remediation action management;
- External Auditor access (if required); and
- Real time reporting dashboards to manage the end-to-end control lifecycle and report on the health of internal controls.