Continuous Monitoring Flashcards
What is Continuous Monitoring (CM)?
Ongoing monitoring of data that demonstrates if the process objective is being achieved, by proactively detecting existing or potential anomalies and facilitating remediation.
Why should we have CM?
Low maturity of CM means we do not manage customer, risk, and regulatory outcomes to the required level of efficiency and effectiveness.
What the four design principles of CM?
- Relevant to core objectives.
- System driven
- Full population (of in-scope data)
- Notifications
Is remediation part of CM?
Actual remediation is out of scope
How does CM work, functionally?
Monitoring sits over process, ingests results, detects outliers, and provides notification.
Are CM notifications pull or push?
They can be either.
What is the core principal behind design of notifications?
They must go to someone who is expected to act on them
What aspects of CM should be automated?
- Data ingestion
- Monitoring (of ingested data for potential process objective failures)
- Notifications
