Service: Analysis of your GRC Framework and identification of control scenarios that can be automated. Scoping and prioritization of scenarios based on cost / benefit and the reduction of risk and manual efforts, business rule maintenance and other criteria. Design of scenarios in collaboration with business process experts. Provide best practice based on our project experience, documentation templates, trainings and workshops to facilitate change management.
The toehold of each control automation must cover the biggest risks and offer the highest potential. This potential can be a high frequency of control execution, a time-consuming control execution, or the centralized approach, which allows efficient application of the same logic to all entities. Best-in-class companies reach a level of automation between 35 and 45%, depending on their level of standardization and automation of their business processes.
Benefit: Regardless if your ICS implementation was compliance-driven or if your ICS covers operational risks, control automation is worth thinking about to increase the efficiency of your internal control system. Automated control and monitoring scenarios are an important driver of efficiency carrying a substantial amount of added-value and potential for cost savings. Increasing the efficiency of your internal control system unleashes resources without impacting the control effectiveness or the quality of your ICS. Reduce manual efforts of assessing / testing / confirming internal controls. Conversion of manual controls into automated business rules can also increase the reliability of ICS by eliminating human error.