What is internal controls software? And how can it help your organisation achieve its governance and compliance goals? Find out in our quick overview below.
Adapting to the constantly changing organisational environment is proving to be extremely challenging for internal audit (IA) teams, especially in the new remote-first, post-COVID world. In addition to keeping up with the new government legislations and regulations, industry best practices and economic changes, internal auditors are now also required to be much more proactive and responsible for navigating both external and internal operational risks and controls.
Having an efficient process and robust system in place can significantly enhance the role of IA, and help avoid the risk of non-compliance, fraud and/or other operational failures and losses.
What is ‘Control and risk management software’?
Control and risk management software solutions can help improve the efficiency of an organisation’s entire operation whilst making it more transparent and secure. Nowadays, there are various risk and control products organisations can choose from, but they all tend to offer some or all of the following key functionalities:
Data repository and file management / digital workspaces
Real-time reporting and notifications
Planning and scheduling tools
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Top 5 benefits of using an internal control and risk software
1) Streamlined operations
By automating the management of internal controls and risks, organisations can create an evidence-based operational environment with appropriate accountability.
2) Simplified and enhanced audit process
Using a control and risk management software reduces the manual burden on IA and allows for greater transparency reducing the risks of non-compliance, financial loss and reputational damage.
3) Reduced costs
Automation means less paper and manual efforts, which can significantly reduce the costs of audit and compliance.
4) Increased transparency and enhanced GRC
Technology allows organisations to create a fully reliable control and risk management process with real-time data storage, access, reporting and notification functionalities.
5) Increased profitability
By streamlining the operations within an organisation, control and risk management software solutions can further boost the profitability and performance of the entire business, and help achieve its short and long-term objectives
Are you using an internal controls and risk management software? Let us know in the comments below.
Still using paper-based checklists or excel spreadsheets to manage your internal risks and controls?
ControlNet helps you automate the process, and create an efficient, accountable and secure operational environment.