Companies struggle to manually evaluate the performance of internal controls to protect against fraud, wasteful spending and the mishandling of sensitive information. Manually assessing control effectiveness one business application at a time is labor and time intensive while covering only a fraction of the risk. It also results in a corporate governance and organizational culture largely based on trust that employees, contractors and other third parties will read, remember and apply company policies in their daily activities.
In this report, Michael Rasmussen, the GRC Pundit, provides a blueprint on effective internal control management strategies to transform governance from being based on trust to being based on facts.