Leveraging technology to help enhance trust in internal controls

In today's business landscape, the rise of material weaknesses (MWs) can pose significant risks to organizations and can often erode the trust of investors and stakeholders.

As a risk management professional, you have the power to help mitigate these risks and uphold the integrity of financial information. By leveraging technology and embracing controls automation, you can work smarter, help reduce risk, and change the game.

Read Leveraging technology to help enhance trust in internal controls: 4 ways you can work smarter, reduce risk and change the game with controls automation to learn how:

• Implementing an intelligent controls strategy can help identify potential breakdowns earlier and help prevent MWs. Not only can this enhance trust, but it also can help reduce the cost of compliance.

• Security is often a critical aspect of controls automation. By implementing enterprise systems security and configuration, you can allow that users to have "least privileged access" based on their job roles. This can help avoid inherent segregation of duty conflicts and help strengthen internal controls.

• Automating controls design and using exception-driven analytics can help you continuously monitor key configurations and security aspects. Enabling your organization to better identify changes and potential risks, create reliability and greater efficiency within financial reporting.

Embracing controls automation can be essential for risk management executives. By leveraging technology and implementing intelligent controls strategies, you can help enhance trust, reduce risk, and meet regulatory compliance standards.