Working with risk and control: The struggle of bringing the controls to life
Working with risk and control is an essential task in most companies, because it helps protect the company’s current and future foundation. Efficient management protects assets and can even present new opportunities. The challenge for many companies is that even though risk and control management is in place, many struggle with bringing the controls to life.
Importance of working with risk and control
The extent of risk and control management in the individual company often varies depending on its size, its industry, and the management’s priorities. Risk and control management is a necessity for most companies, but that does not imply that it cannot become a competitive advantage. When done properly, effective risk and control management helps companies focus their resources in the right places, prevents potential risks becoming a reality, and optimizes resources and workflows.
Challenge: Bringing controls to life
One thing is to identify risks and implement controls to mitigate said risks; another thing is to actually bring the controls to life. Many companies implement a control baseline, but even then, effort has to be made to ensure that all controls are performed on time. If employees do not see that follow-ups and monitoring is actually performed, the tendency is often that employees continue with ‘business-as-usual’ and forget to perform the required controls.
Another issue is that when dealing with employees across departments, entities or countries, there may be different interpretations of what is needed when performing a control – in scope, the degree of details, and what to include in the documentation. It is therefore a challenge for companies to communicate the requirements of the controls and ensure that the requirements are being followed.
Automating risk and control work
Tasks can profitably be moved into software where tasks can be automated, and where the status of the different risks is shown and reporting instantly shows the output of the controls in place. There are different solutions that cater for different needs: Software that must be installed, cloud-based GRC solutions, as well as the traditional method: spreadsheets. What is important is that the solution must reflect your current and future needs to build a strong foundation for efficient risk and control work.
Risk and control management in the cloud
Impero offers a cloud-based GRC solution that is used for risk and control. Being in the cloud means that employees do not need to install yet another system – instead they access it in the cloud through their preferred browser on their preferred device. Gathering all work in Impero makes accessing, sharing and creating documentation easy and efficient. Being in the cloud, Impero can be accessed from all kinds of devices: smartphones, tablets and computers, and implementation take no time.