Smaller companies and larger organizations alike are discovering innovative ways to cut the cost of controls, increase control quality and make internal controls more attractive.
“Our control framework consists of more than 8’000 controls and we have 300+ internal control officers in place; 80% of our controls are manual, the quality is low and we have many overlaps between control frameworks: It feels like we are still in the Stone Age with our internal control system.”
As Technology Risk Partner, I often receive messages like this from clients. If you work in Finance, Risk or IT, you’ll probably sympathize.