GN - Analyse controls and linkages Flashcards
What are the 4 elements of a control?
- Standard
- Input
- Comparison
- Correction
Explain the following control element: Standard
An expectation of what must go right - can be a formal outcome or managerial expectation
Explain the following control element: Input
A way to gather information about the actual situation
Explain the following control element: Comparison
A way to compare the actual with the expectations
Explain the following control element: Correction
A way to react to deviations
What do evidentiary controls need to demonstrate?
That an obligation outcome has been met i.e., demonstrate compliance at a point in time.
How do we know if a control aligns to the process objective?
Generally, the control objective or description should support at least one element of the process objective.
How can we use the process objective to identify control gaps?
There may be a control gap if an element of the process objective is not addressed by the collective controls.
What are 3 possible things controls may address?
- Errors (may require rework).
- Untimeliness.
- Incomplete adherence to obligations.
What do we need to weigh the benefits of introducing new controls or process improvements against?
Business offsets such as operational complexity, inefficiency, cost of implementation, and management overhead.
When there is a perceived gap in a process, what might we do instead of creating a control?
Improve the process itself.
What 2 things happen when we overlay a control to a process model in Process Hub?
- The risks/obligations linked to the control are automatically overlayed to the model (when the model is PACE certified, approved, and published).
- The process model is automatically mapped to each of those obligations, risks, and controls in GRADCE.
