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Improving Internal Controls Documentation and Certification

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Situation

  • An internal controls team manages documentation and certification for hundreds of controls and processes with Microsoft® Excel, Word, PowerPoint, and Visio, email, and shared drives.
  • The internal controls and management teams identified inconsistencies in information presented across the risk control matrix, process narratives, and executive reports and dashboards.
  • Disjointed software solutions used for evidence collection and testing required users to navigate a cluttered network drive—making annotation of samples difficult. Reviewers wasted significant time with a cumbersome review process and struggled to find annotations across documentation.
  • A complex certification process for internal controls required constant babysitting, management of several spreadsheets, and reliance on email.

Results

Saved time and improved accuracy

  • Link information between the risk control matrix, process narratives, and dashboards to ensure information is always up to date. There is no time wasted tracking down the status of testing.
  • Status reports are updated in real time. The internal controls team, internal audit, management teams, and steering and audit committees have easy access to current information.

Increased collaboration and efficiency

  • Wdesk allows multiple teams to create and edit documents simultaneously, all within a single environment. Team members always have access to the most up-to-date information.
  • Control document access with granular permissions that can be set by on a full document, section of a document, or group of documents in a project.

Streamlined testing and evidence management

  • Store all supporting evidence with testing documents in a single, secure environment without navigating through a network drive. View samples next to testing sheets, and mark up with a full audit trail of annotations.
  • Assign evidence requests directly to control owners and track responses with a real-time view of all evidence requests.

Visibility and control

  • The reporting process with Wdesk is more efficient, visible, and accurate. The internal controls team spends less time on non-value added activities and more time focusing on reducing risk for the company.
  • All certification processes statuses can be viewed from a dynamic dashboard.

Excel® and Word® are registered trademarks of Microsoft Corporation in the United States and/or other countries.

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