The global risk landscape is in a constant state of flux, making it a moving target for controls efforts. Consequently, addressing risk is never a “one-and-done” job. In fact, it requires constant vigilance and a bold and positive Future of Controls vision to keep organizations safe as they strive to drive value.

Informed by industry trends, Deloitte has developed a strategic vision and road map for Future of Controls that provides an opportunity to rethink what controls can and should be, both for today and tomorrow. Understanding and applying this vision cannot only be instructive to the process but can also help organizations create a structured approach to their own controls journey. This point of view takes the next step, providing the leading practices and guidance to help organizations make the bold moves required to begin their Future of Controls journeys.

Challenges and trends influencing the Future of Controls

Now more than ever, organizations are operating in a world of unknowns. Understanding the challenges and leveraging the trends can help businesses navigate through these uncertainties and transform them into opportunities for growth and success. To do so, we have examined the evolving risk landscape and key trends that are influencing and reshaping the future of internal controls.

Creating a bold and positive vision

Controls can be challenging for organizations that struggle to get even the basics right. However, the role that the risk and controls community has played during the pandemic gives us hope. Today, we see clear trends and individual cases of creativity and innovation that help us to imagine a bold and positive future for internal controls.

In our paper, we demonstrate how a robust risk and controls environment can help organizations become more agile and resilient, and support accelerated digital transformation—all of which help companies better utilize automation in operating and monitoring their controls. We offer a clear vision that is aligned to a wider business strategy and links to the underlying business purpose and goals to assist organizations in embedding a robust controls environment, and help them thrive in this volatile and complex business environment.

Reimagining the Future of Controls

Our paper describes three key levers that help drive the internal controls journey:

A typical journey

The Future of Controls journey will vary from organization to organization based on the maturity of the controls environment, the level of regulatory compliance pressure they endure, and the specific industry trends they need to manage. However, irrespective of the level of maturity and transformation, the vision, mission, goals, and key levers we discuss can help organizations customize a controls road map that fits their specific business goals. To that extent, we have outlined a typical six-step road map for a successful FoC journey.

Download the print-ready version or interactive report to read the full report.

We are in a period of unprecedented uncertainty with the confluence of technology revolution, global pandemic, merger and acquisitions and private equity funded disrupters. Organizations can't passively search for answers—they must take action now or they will face a chasm so wide and deep, between their pace of customer-facing innovation and their controls programs, that legacy programs will stifle growth and prevent them from realizing their prospects. The time to act is now.

For more information, contact Ani Sen Gupta or one of our contacts below.

Ani Sen Gupta | Partner Risk Advisory
E: ansengupta@deloitte.co.uk