- Issues such as privacy, fraud, security, and corporate accountability mean that every organization should already have some process in place to monitor and limit employee actions in the workplace.
- Internal controls must be balanced with their impact on business process and the heavy investment required to deploy them.
- Balance controls with risks by learning how to assess and communicate risks, determine appropriate control measures, and get started deploying controls with Info-Tech’s tools and templates.
Our Advice
Critical Insight
- Internal controls are like a surgeon’s scalpel. When wielded with precision, they can remove unsightly risks, but when brandished without care, they can bleed the business of time and money.
- Stakeholder feedback is critical to developing a strategy for internal controls – without it you may do more harm than good.
- For controls to succeed, they must be linked with employee understanding of the desired outcome.
Impact and Result
- Spend the risk management budget effectively by prioritizing internal control efforts using Info-Tech’s control prioritization process.
- Avoid unnecessary risk and overcompensation of controls by assessing the organization’s current internal controls processes and determining the process most appropriate for your organization’s risk tolerance profile.
- Get your team on their way to improved internal controls with tools and templates for data classification and access management controls.