Controls Hub

The Challenge

As the fallout from recent corporate failures becomes clearer and UK SOX on the horizon, the pressure on organisations to maintain a robust internal control framework has increased significantly. Stakeholders, Boards and Audit Committees are expecting management to provide not only transparency over Internal Controls but also real time updates on their effectiveness.

Further, with an ever changing regulatory environment, increased operational complexity and remote working, these demands are putting more pressure on already stretched management teams. Many existing approaches relied upon to manage and maintain internal control frameworks are underpinned by spreadsheets and manual processes for chasing the status of open actions. This is resulting in increased administrative and financial burden that is preventing organisations from moving away from firefighting issues to the proactive management of, for example, key regulatory, financial and operational controls.

Controls Hub has been designed to help alleviate this burden. It brings together all of your controls documentation and monitoring into one platform to deliver the real-time management information that you and your stakeholders need.

Benefits

Drive down admin costs

A cost effective way to manage and monitor your control framework, allowing resources to be better deployed to drive down costs and protect value.

Increase efficiency

Automated workflows and notifications replace time consuming and expensive manual processes whilst freeing up management time to work on value add activities.

Assign accountability

Ownership for risks, controls, testing, deficiencies and actions are assigned within the platform, ensuring clear accountability.

Real-time reporting

Reports within the platform show the status of the control framework in real time ensuring that there is one version of the truth.

Drive efficient collaboration

Remove the administrative burden of collating and reviewing information by collaborating effectively with third parties, and freeing up your employees to focus on more valuable work.

Configure to fit your business model

A configured solution from workflows to dashboarding, to suit the business processes you have in place for the wide variety of third parties you may work with.

Key features

Controls Hub includes the following key features:

Real-time dashboard for analysis and management reporting
Change control and audit trail
Intuitive controls testing capabilities
Full oversight of control frameworks
Assign local ownership and accountability
Interactive process mapping
Automated workflows
Digitalised risk and controls matrix

How it works

One source of the truth Seamlessly link processes, risks and controls, whilst assigning clear accountability to individuals. For example, utilising the integrated process mapping functionality with the online risk & control matrix to capture key processes and control attributes.
Monitor continously Effectively monitor your risk exposure through control self assessments, and control testing campaigns, whilst tracking deficiencies and remediation.
Report in real-time Gain real-time monitoring and reporting of control design, testing completion rates, outcomes and status of remediation in order to drive proactive activity.