Financial and operational internal controls form the backbone of all businesses. They ensure that daily operational procedures are followed exactly as intended to achieve required internal and regulatory compliance.
Manual controls create more operational risks as they can be executed by unauthorized personnel – or in some cases, authorized personnel, in erroneous or fraudulent ways. Automation of controls reduces this risk. However, testing of controls (manual or automated) is still required as a critical, effort-consuming activity performed at regular intervals or with the change in business and regulation. Hexaware’s PoV on Automated Testing of Controls is based on a CoE-driven approach specifically targeted to improve risk management, shorten testing cycles and reduce TCO in the long-term by developing a platform that integrates seamlessly with the business, risk, and audit functions.
- PoV at a glance: A highly integrated approach to Testing of Controls
- How various functions in the organization can work together
- Various complementing mechanisms that can be applied
- The benefits that accrue as a result of such an integrated approach
