Compliance Insights - Internal Controls

A solution for monitoring internal controls

A PwC India Product

 

Compliance Insights (Controls) is a web based tool which enables assessment and monitoring of organization’s key internal controls:-

  • Creates centralized repository of controls in the organisation.
  • Assigns ownership of controls to relevant stakeholders
  • Control owners can assess the status of controls on periodic basis
  • Align to COSO and other leading internal controls frameworks and principles
  • Independent review of the control status submitted by owners (by internal auditors, in-house team etc.)
  • Reports control status through intuitive dashboards to management
  • User friendly and easy to navigate - enables drill downs through  links
  • Customizable alerts and reminders

Challenges

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Large number of controls and processes to be monitored

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Manual reporting and tracking time-consuming with low reliability

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Significant cost of compliance

visibility

Limited visibility of control status applicable to the organization

Key Benefits

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Greater comfort to executive management for a sign-off on financial controls reporting ( SOX, J-SOX, IFC etc.)

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Increased reliability of Client’s auditors on the internal controls environment

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Creates a control conscious culture by building compliance into business processes

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Reinforces accountability for internal controls

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Significant reduction in effort in managing the internal controls framework

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Shifts internal audit’s roles to monitoring and quality assurance

One stop solution for monitoring controls

01

Central Controls Repository

  • Multiple classification criteria available – key/non-key; manual/automated; etc
  • Alignment to leading internal controls frameworks
  • Customizable attributes of controls
  • Creates periodic to-do’s for control owners
02

Robust Workflows

  • Assign owner for each control
  • Control owners can self assess and report the control status on a periodic basis
  • Maker-checker for control assessments
  • Option to assign multiple levels of approvals
  • Automated alerts and reminders to enable timely assessment and escalations
03

Dashboards and Reports

  • Intuitive dashboards provide overall health of controls in the organization
  • Control status available by business unit, location, process, key/non-key criteria, etc
  • Reports customizable on the fly
  • Schedule periodic dashboards & reports
04

Other Features

  • Access rights assigned based on control ownership
  • Archive past assessments and records
  • Maintains complete audit trail
  • Delegation
  • Single sign-on functionality to the tool

Indicative Commercial Model

Rates will be tailored as per local territory.
Implementation fee unless specified would be additional.
Any customization to the standard offering will be charged on a case by case basis.
Licensing of the solution

Two Models available :

 

Model 1 : Perpetual “Right to Use” License ~ Requires Upfront one time license fee

 

Model 2: Annual license ~ Annual license fee applicable

 

Attractive license fee as per :

  • Number of users 
  • Number of entities/locations of the organization

 

Deployment
  • Deployment can be done : On-Premise” or On “Third Party Cloud (IAAS)” *
  • Data Compilation and Upload
  • System configuration
  • User Acceptance Testing (UAT)
  • User and Admin Trainings
  • Tool Go- Live
 
*PwC India has tie up with Microsoft Azure Cloud for deployment of the solution. Additional cost applicable.
 
Technical Annual Maintenance Support
 Optional but recommended for first couple of years
 
 Technical support of the solution involves:-
  • Technical troubleshooting
  • Upgrades/updates to the tool

 

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