Control deficiencies expose managers to operational
risk as well as personal risks. Managers may think they have adequate
internal controls in place, but internal controls can break down.
Unless there are good monitoring processes in place, staff may
not realize that internal controls are not working, exposing the
firm to operational risk.
BTI’s PRIME Controls(SM) is designed to ensure
that internal controls are sufficient and working, minimizing operational
risk. Internal controls are required to:
- Ensure staff compliance with applicable regulations
and internal policies
- Ensure the reliability of financial reporting
- Manage business risks
- Identify fraud
BTI’s consultants perform internal control
assessments utilizing the PRIME Controls(SM) methodology. PRIME
Controls(SM) pinpoints uncontrolled risks, broken controls and
missing and/or broken monitors. In the example below, the Control
Map indicates that there are no internal controls for Risk 3; internal
control C is broken with no monitor in place to minimize operational
risk; and that Monitor III is broken as well. The PRIME Controls(SM)
Map facilitates the development of a remediation plan.
For managers and firms committed to best practice, BTI offers PRIME Controls
Plus Ultra(SM). PRIME Controls Plus Ultra(SM) ensures that internal controls
operate at peak efficiency by implementing high value controls and monitors.
PRIME Controls Plus Ultra(SM) allows you to address deficiencies and inefficiencies
in internal controls simultaneously. In this example, internal control A addresses
3 risks and requires only one monitor.
Our PRIME Controls(SM) and PRIME Controls Plus Ultra(SM) products
are designed to help you develop and manage efficient internal
control systems in dynamic, complex and demanding environments.
They provide immediate benefits in reducing exposure; as well as
longer term benefits from investing in a solid foundation for managing
operational risk.
BTI’s consultants are experts in performing
internal control assessments, developing remediation plans and
mitigating operational risk. To learn more contact BTI_Info@btiworld.com or call us at
1-800-265-8254.
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