The more things change . . . well, you know how it goes.
Posted on November 16th, 2009 by Katina »Permalink
Last time we wrote, we focused on the rapidly growing interest among risk management and compliance folk in the power of Continuous Controls Monitoring (CCM) to drive business performance. A season later, and we’re still hearing a great deal on the potential that CCM holds for transforming businesses, especially as it supports risk management.
Yo Delmar wrote pretty convincingly last month about the ways that Continuous Controls Monitoring can give real life (and teeth) to compliance results, so that red-flagged business exceptions and similar data can be leveraged for both risk management and performance enhancement. Matt Kelly at Compliance Week has an interesting perspective on the ways that CCM is enabling Internal Auditors to leverage the information that they generate to educate risk managers and corporate boards about risk exposure – and he poses some interesting questions as well, like what risks should be assessed, and whether and how risks can be audited.
We at Approva are seeing the transformative power of CCM first-hand, as our clients use it to achieve visibility across business processes, monitor mistakes and errors in real-time, inspect transactions and data to catch exceptions before they become problematic, and create a culture of enforcement, where everyone in the business cycle — from employees to customers to vendors — is aware that processes and transactions are being monitored.
We’ll be covering this closely in the weeks to come, and we’d love to hear your thoughts in the comments on what you see as the potential for CCM in your business. Oh, and if you happen to be in or around Manhattan next week, we’ll be in town for the FEI Current Financial Reporting Issues Conference at the Marriot Marquis on Monday and Tuesday.
