The compliance processes occurring in highly regulated industries may necessitate repetitious, time-consuming, and paperwork that is labor-intensive, control monitoring by management, and control testing by audit. Because of the human aspect, the cost is significant, and the dependability of manual control monitoring and testing is not always consistent. Today’s automated control monitoring technology can save expenses while increasing testing and monitoring reliability.
Monitoring is critical not only for assuring efficient operations, lowering the risk of outages and security breaches, and avoiding malware attacks. It is essential to be able to demonstrate that your systems are adequately monitored in order to pass IT audits. IT auditors want to see a paper trail that all monitors ran as they should and that incidents and events were identified and fixed according to established company policies and procedures.
Common barriers when opting for Continuous Control Monitoring
Even after knowing the numerous benefits of applying Continuous Control Monitoring, organizations may not take a further step by misunderstanding the concept of CCM. These misunderstandings occur very frequently especially when it comes to large organizations. Some common issues that can be considered barriers are:
- Early expectations: Organisations tend to think of Continuous Control Monitoring as a very quick procedure that affects the organizations almost instantly. This is not the truth because extracting every single piece of data can take quite some time and cannot be achieved overnight. Large organizations with complex activities and systems take time to see the benefits.
- Internal auditors not ready to implement: Many times it is seen that internal auditors don’t trust Continuous Control Monitoring as it is automated. Automation can make auditors think that it is not reliable. This is not true because automation is the answer to every human error that occurs within organizations.
- Not necessary: Another common point as barrier is organizations and employees thinking that Continuous Control Monitoring is a good option but not necessary. This is an illusion only until a cyberattack occurs and costs organizations a fortune. CCM may look like a costly implementation but trust us when we say it is still cheaper than unexpected cyberattacks.
iRM offers interfaces to popular corporate systems in IT, development, security, human resources, marketing, and finances, and it can automatically extract pertinent data about the various types of controls into its system for simplified controls evaluation and validation. A compliance expert may then design a test with criteria of pass/fail and a frequency too, as well as establish automated workflows to handle alerts, interact, analyze, and remedy control flaws.
Workflow of incidents and Audit: Helps facilitate audit-related operational tasks. Allows you to organize, perform, and track audit tasks based on established risk management issues. It also enables your firm to record and monitor occurrences such as data theft, the impact of risks, fraud, and crimes.
Compliance workflows that are Easy to use: Control executing, self-assessment of controls, control testing, and controller verification.
Controls reporting that is detailed: Utilizing real-time dashboards and compliance reports, constantly monitoring controls and risks connected to the installed control and risk framework. A general risk control matrix and centralized reporting on all corporate databases.
Key features of iRM for Continuous Control Monitoring
- Automated Management of Controls: Minimize labor and enhance transparency in control execution by gathering data from numerous sources and using (standard) indicators to track and follow up on anomalies.
- To supervise the control automation: Controlling and system-related settings may be configured to cut exceptions that are actually important to your firm, and whitelisting can be used to fine-tune the output.
- Management Reporting: Continuous real-time progress updates and insight on your anomalies are provided for all lines of protection. Standard reports are supplied for third-line support and management.
- Overview of CCM jobs: Get an overview of all your current CCM execution jobs.
- Compatible with the various ERP systems: We provide support by connecting to all the major ERP systems like SAP, Oracle, and Workday. And if there is any modification in the main ERP system, it can be done via our solution directly.
If our features intrigued you, book your first demo with us by clicking here. Our services and solutions are not just limited to Continuous Control Monitoring, we help organizations automate various types of IT controls and audit reporting.