A good controls assurance and compliance program results in controls remaining effective in delivering their objectives. In turn, businesses demonstrate compliance with policy, standards and regulations.
Risks are kept within tolerance by effective controls.
Compliance is effective, efficient and continuous.
Spending is optimized.
Investments are justified and comprehensible.
Decision-making regarding controls is risk-informed.
Risk management is integrated across multiple disciplines.
Controls assurance & compliance
Controls assurance is a crucial part of effective risk management. It provides evidence to management that mitigating controls have been designed effectively and are operating sufficiently within the tolerances set by management. STREAM provides quantifiable performance indicators or metrics against which targets can be set and measured. This is an effective way of determining a control’s effectiveness. STREAM provides other assessing factors, such as ownership, reliability, evidence and documentation, that indicate if the control is fit for purpose.