Needed: A clear view of risks
To make effective decisions in this environment, business leaders need a comprehensive understanding of—and visibility into—enterprise-level risks. But because many functions share ownership of compliance—legal, controllership, internal audit, procurement, finance, and IT, for example—companies struggle. They struggle to get an integrated or complete view of risks in near real-time.
Enterprises often look to the corporate internal controls function to maintain operational effectiveness, reliable reporting, and compliance. Too often, however, internal controls has poor access to consistent transaction data. Disparate processes and systems across geographies and business units hamper the work, too. And even when this data is available, the teams may not have the technology, advanced analytics, or skills for generating insights.
When addressing these challenges, leadership wants common practices across the organization. And it wants those practices supported by an integrated internal controls framework, a comprehensive risk library, and advanced analytics. The control team can’t add value, make informed, forward-looking decisions, or manage risks effectively if it can’t generate insights by managing large volumes of risk data. That wastes resources and undermines competitiveness.