Controls Assessing Controls 2020 Whats are Controls Controls

What’s are Controls? Controls are activities we perform to help manage our risks. Example:

Why we assess controls? We regularly assess controls to test for two things –

Control Assessment learnings Some of the learnings we have had from controls assessments that

Assessing Controls Assessments can be made through the Controls Register, and it takes just

Overview Find the relevant Control using the various filters (1), expand the control for

Making a New Assessment 1. Date: Date of the assessment which defaults to “Today’s”

Next Steps For more information, visit Co. Vi’s Knowledge Base kbase. covianalytics. com ©

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Controls Assessing Controls 2020

What’s are Controls? Controls are activities we perform to help manage our risks. Example: RISK: Failing to attend a business meeting or arriving late Control: Set an alarm for 6: 00 AM every night. RISK: Getting hit by a vehicle while crossing a road. Control: Look-left … look-right.

Why we assess controls? We regularly assess controls to test for two things – are the controls designed effectively and are they operating as expected. Example: RISK: Failing to attend a business meeting or arriving late Control: Set an alarm for 6: 00 AM every night. On a regular basis, I may consider whether: • I am setting the alarm each night (Control Operation? ); and • Is 6: 00 AM the right time? Should it be later or earlier (Control Design? ). If I find that I regularly get into work late (Risk Event), but the alarm is set each night (Operating effectively) then I need to consider if the alarm needs to be set for 5: 30 (Design ineffective)

Control Assessment learnings Some of the learnings we have had from controls assessments that highlight the value of regular controls assessments. Example: {Insert a few examples recent learnings, tailor for the team which the training is being delivered to}

Assessing Controls Assessments can be made through the Controls Register, and it takes just 5 to 7 clicks. New Assessment: Proving a New Assessment for a control using the Controls Register.

Overview Find the relevant Control using the various filters (1), expand the control for additional details (2) and look for the Icon (3). 1 1 1 2 3

Making a New Assessment 1. Date: Date of the assessment which defaults to “Today’s” date. 1 2. Design Effectiveness (drop down): Select the effectiveness of the design based on your view (Effective, Ineffective); 2 3. Operational Effectiveness (drop down): Select the effectiveness of the control’s operations – i. e. has it been operating as expected (Effective, Ineffective); 4. Comment: free form text to allow users to capture commentary supporting their assessment. 5. Evidence: attach any documents that evidence the assessment provided (e. g. Minutes, sign-off, review etc. ) 3 4 5 6 Hit Save (6) when done.