Because real-time monitoring makes business smarter, safer and healthier.
Maybe you were a fan of running a few years ago? In this case, you would have had to measure your pulse on your wrist in hopes of reaching an optimal heart rate to get the most out of your effort. The accuracy of this data, of course, is not guaranteed.
Then, with your first Fitbit or Apple Watch, your workouts have never been the same. With these mini computers, every step you take is studied and you are provided with a constant stream of information about your physical condition to inspire you to achieve new goals.
Companies looking to improve their risk management go through a similar process with the implementation of real-time control monitoring (Continuous control monitoring) or CCM. This technology enables automated, high-frequency monitoring of controls to more effectively manage risk and ensure regulatory compliance.
Already implemented by many companies, especially in highly regulated industries, CCM replaces sample testing, which is quite tedious. Results are published periodically and allow controls to be tested on a monthly, weekly, daily or even real-time basis. The process records changes in the risk profile of the company for which the CCM was created and, most importantly, creates an opportunity to operate much faster than before.
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Outdated information systems and isolated business processes are not suitable for CCM. On the contrary, CCM requires a shared data platform to continuously establish connections between data sources and allow them to be aggregated into a single data model. Accessing this data through an integrated governance, risk, and compliance (GRC) capability creates unique and invaluable business insight into the state of risks and controls.
However, the resulting wealth of data can lead to information overload and an excessive need for action.
Manual checks can only test a small sample, say 100 IT changes out of a total of 100,000. On the other hand, CCM can track all 100,000 IT changes automatically. With the manual process, if 1% of the IT changes don’t pass the test, it will report a single sample failure, which probably won’t trigger an alarm. But the same 1% result would cause the CCM to report 1,000 failures, which could get more attention.
Because of this, effective implementation of CCM requires a cultural change within the entire company.
Although a powerful new tool for risk management, CCM’s data overabundance can undermine use. With CCM, teams that used to review reports of previously resolved issues on a quarterly basis now have to manage tests, checks, and failures in near real time. A tableau of board with alerts in red (même si elles représentent le meme pourcentage d’échecs que les rapports précédents) peut entraîner des réactions inadaptées si des changes in matière de culture et d’education n’ont pas été prévus et effectués dans contractor.
It is essential to have a solid, integrated GRC solution to distinguish even the most discreet signals, so that you can fine-tune your work and defuse tolerances.
It is important to remember that companies take the same level of risk before implementing CCM as after. You can get a more accurate view of business progress, ups and downs. Some alerts will correct themselves, and on the other hand, others should grab your attention (these are in a way your company’s atrial fibrillation).
Having a robust, fully integrated GRC solution for low alert marking is critical, so you can fine-tune your procedure and defuse tolerances.
Check the ability to take risks
By responding confidently to failure reports, an integrated CCM solution enables companies to manage risk more effectively. The insights gained are also actionable to maximize desired business outcomes.
Once tedious audits are now simplified with automated monitoring and reporting.
Like the fitness tracker that allowed you to achieve better fitness, CCM solutions help companies get better at managing risk, improving overall business health, and allocating the right resources to achieving their goals.