ControlNet is an end-to-end digital control and risk management system. In this post, we take a deep dive into the key functionalities and benefits of the application.
Having a sound and effective Governance, Risk and Control (GRC) framework is key to the successful operation of any organisation. Corporate governance is no longer just a nice-to-have, reactive internal function.
The ability to implement and demonstrate core governance protocols has become essential for the support of the ever-increasing compliance requirements and activities in the modern corporate world. Beyond compliance, creating a robust GRC operating environment can further help organisations meet their strategic objectives, whilst mitigating any internal and external threats that can jeopardise the overall performance and sustainability of the business.
What is ControlNet?
Launched in 2014, ControlNet is an end-to-end control and risk management digital application that allows organisations to create an effective internal GRC operating environment. Built with the customer in mind, ControlNet provides a flexible, cost-effective and secure solution for managing internal controls and risks across all 3 lines of defence: business, operational risk, and internal audit.
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Who can use ControlNet?
ControlNet is currently implemented in 13 countries across 4 continents and has over 3,000 active users.
Whilst the application is trusted by some of the world’s largest financial organisation, the solution is truly industry agnostic and can equally be deployed in any organisation.
ControlNet vs LogicGate vs SAI360 vs Workiva vs Archer
ControlNet is a challenger to some of the larger players in the GRC software space. While the larger players have dominated the market, they are often using older, less flexible legacy technologies. At ControlNet, we pride ourselves on our agility and ability to meet customers’ individual needs and provide a unique, much stronger user experience than our competitors.
Below, we’ve put together a comparison overview of ControlNet and some of the most popular alternative GRC solutions on the market.
Currently, there are only a few solutions out there that are able to provide control management at such a granular level as ControlNet. The majority of software products focus on risk at an aggregated level, and the substantiation of the performance of the controls is often carried out on paper checklists or excel spreadsheets.
ControlNot differentiates from the competition by providing the necessary level of detail, all in one system. In this section, we’re looking at some of the application’s key functionalities and benefits.
Have a single source of truth: maintain a centralised risk and control repository
Have a complete, accurate and real-time view of all controls and their status in a user-friendly and easy-to-navigate controls dashboard.
The control library feature allows you to log and store all your controls in one place where you can easily monitor which controls have been approved and which controls are awaiting approval. You can sort by each different control category by selecting the heading of the column you wish to view. You can search by text to find a specific control or group of controls.
To set up a new control in the system, you can create a new control from scratch or simply clone and edit an existing one.
Minimise manual efforts and automate controls management
Each control can be mapped against business hierarchies, key risks, internal and external policies and regulations and company products. Once controls have been configured, they can get generated automatically for
your desired frequency or ‘ad-hoc’ as required.
Establish an evidence-based control environment with appropriate accountability
Keep a clear audit trail of any changes made. Evidence can be uploaded to support the status of the control; comments can be added and actions can be raised and assigned.
Maintain accountability within control operators. If a control is marked as “failed”, operators are required to log a mandatory action.
Manage who has access to the system. The system can only be configured by users who have been given “superuser” access.
“Superusers” are able to set up new users, teams, dimensions, etc. as well as update tables to allow users to select items when setting up controls (e.g., key control category, control type, etc.).
You can stay on top of all controls and their status via a dedicated email alerting feature. Alerts can be sent to operators, owners and to the escalation users set up against the controls. Most users configure alerting such that there is a reminder to the operators when controls go overdue and alerts to operators, owners and escalation users when a control fails.
Track, monitor and improve efficiency and performance
The risk indicators and trending analysis features allow you to quickly spot if the control environment needs improvements, and independent QA can be scheduled to provide extra peace of mind.
Top 5 benefits of using ControlNet
In conclusion, here are the top 5 benefits of implementing ControlNet within your organisation:
1) Streamlined operations
By automating the management of internal controls and risks, you can create an evidence-based operational environment with appropriate accountability.
2) Simplified and enhanced audit process
Using ControlNet reduces the manual burden on GRC teams 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
By using ControlNet, you can 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 your organisation, ControlNet can further boost the profitability and performance of the entire business, and help achieve its short and long-term objectives.
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.
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