Keep Your Finger on the Pulse
Many crazy glitches happen when no one is paying attention. It is imperative to establish a control framework that forces a regular check on the risks being taken and compares those to the limits that have been set.
In this process, you want to take the following actions:
◆ Establish a clear framework.
◆ Describe the framework simply.
◆ Build in clear monitoring expectations.
◆ Build in clear action steps for when limits are approached.
◆ Establish clear consequences for breaches of processes or controls.
Building Risk Controls into Business Processes
The most effective way to build risk controls into day-to-day activities is to consider present risks and identify the processes where they are generated. Determine ...