Challenges

An efficient internal control system is key for a company’s success. It provides the confidence that risk exposure is well balanced with business profitability, that the regulatory requirements are met, and that both capital and resources are appropriately allocated.
Companies struggle to get the most of their control investments.

This is due to impaired control efficiency due to the decentralization of the control systems, is spread across the organization; the difficulty to achieve “control once, comply with many”, while avoiding excessive or redundant controls; or the extended delays between when risk and compliance assessment results are received and when corrective actions can be taken.

Solutions

Convert ineffective control processes into agile risk and control systems

MEGA’s HOPEX solutions provide an Internal Controller with tools that support the end-to-end internal control process, from identification to reporting, and to automate it in an agile way to deliver value for the business.

HOPEX solutions have the capability to implement an internal control system with the participation of the entire organization, and particularly the operational managers. All the information about risks, internal controls, regulation requirements, and business processes and how they connect and impact each other are stored in a central repository. The company gets a clear understanding of the entire control environment and can easily measure the business impact of control.

Companies can make informed decisions about how the internal control system can contribute to improve business performance, reduce risk exposure, and ensure regulatory compliancy.

Reduce Risk Exposure

Reduce risk exposure with efficient control mapping and management:

  • Map all internal controls and identify characteristics necessary to manage these controls in correlation with the company’s main changes
  • Automate control assessment and testing campaigns through questionnaires, alerts, and reminders for a continuous monitoring and self-assessment and a real-time understanding of the risk exposure
  • Set triggers in the system and implement pre-defined action plans without delay
  • Improve risk awareness among business users - particularly in relation to roles and responsibilities in risk management – using a centralized, shared repository of information about risks and controls

Ensure Regulatory Compliance

Ensure controls compliance required by standards and regulations:

  • Store assessments and tests carried out on each internal control, along with the relevant supporting documentation in the central HOPEX repository to ease access to stakeholders involved in compliance process
  • Detect problems, such as breaches or weaknesses in controls, immediately with instant alerts sent to the person in charge to begin an investigation without delay
  • Maintain compliance level through continuous improvement of controls efficiency and alignment of risk management strategy

Improve Business Process Performance

Measure and improve business process performance with key reports and action plans:

  • Measure and track business processes associated with a set of controls to pinpoint ways to make business processes more efficient
  • Consolidate data from control assessments and self-assessments through different types of reports, dashboards, and scoring tools to continuously monitor the business processes performance
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