Optial supports the tracking of compliance and controls assurance testing and results, including SOX-relevant periodic attestations relating to Risks and Controls through the automatic generation and distribution of diarised monitoring occurrences. For failed controls. Breaches and/or Actions can be captured each of which is subject to its own workflow to ensure that mitigation action is taken to ensure fialures do not reoccur, and that they are not indicative of other risks.
Controls are managed either globally or locally and are monitored on a regular basis for effectiveness and compliance obligation management. Compliance officers can set up recurrences to automatically generate regular control monitoring and Optial alerts and workflow can be configured to the organisation’s specific requirements.
By systematically structuring the Controls into libraries, there is a clear oversight of what is being controlled by whom.
Checklists
The Compliance module includes a feature-rich Checklist component which is a cornerstone of the ability to gather consistent information across businesses, geographies and time. Checklists are made up of a series of questions or statements that refer to regulations, internal procedures or good management practice. Checklists are always stored in Optial as templates making it possible to re-use them on subsequent occasions and to ensure that different organisation units complete the same information. Checklist templates can be divided and subdivided into any number or level of sections.
Checklists are frequently used to monitor Control Effectiveness and to systematically gather qualitative information from different parts of the organisation over time. Workflow is used to ensure that this monitoring and assessment process is streamlined, for example by the automatic generation and allocation of Checklists to managers or compliance/risk officers. The Checklists are then completed online directly in Optial, where they are immediately available for evaluation and assessment. Single and consistent data entry is thus assured.
Control monitoring features in Optial include:
- Pre-defined Control Effectiveness Checklists/Questionaires
- Automatic generation and assignment to relevant user/business unit
- Compliance process workflow for full visability and accountability
- Control Effectiveness recorded, scored and tracked
- Control breaches recored for reporting and action plans allocated for rectification
- Heatmaps for scores and/or flags reporting
Checklists can be fully defined by the Optial users who have the ability to create Checklist templates, add the required montioring quesitons and associated answer groups and values and determine what scores and flags apply to each answer group for subsequent reporting on the effectiveness of the Controls.
Distribution Matrix
Optial’s Distribution Matrix helps organisations to formulate a distribution plan for Controls and compliance checks. This means that managers can:
- Choose the Control or compliance check that is to be monitored
- Choose the business unit(s) that are mandated to monitor the Control or compliance
- Choose the applicability of the relevant check in the business unit(s)
- Choose the frequency of distribution
- Save the distribution plan.
If you would like further information on Optial Products or services email: request@optial.com or telephone: +44 (0) 207 247 7673.