Other notes

Question 1

What does CM aim to do?

Answer 1

Always Understand process performance against core objectives to support early detection of issues, continuous improvement, and better risk management.

Question 2

What is the background of CM?

Answer 2

We have monitoring of controls in pockets, but an Enterprise approach is required for scalability.

Our ambition has always included CM for sustainable and effective control environment.

Question 3

What are CM benefits for customers?

Answer 3

Faster responses to fixing errors (reducing remediation costs) plus better, safer processes overall

Question 4

What are CM benefits for operational performance?

Answer 4

Safer processes, detect anomalies earlier, faster improvement.

Question 5

What are CM benefits for process improvement?

Answer 5

Data to support process improvement (to make them simpler, safer, more efficient, etc.)

Question 6

What are CM benefits for Enterprise?

Answer 6

Visibility of how process is performing across an environment (e.g., Critical Operation, Division)

Question 7

What are CM benefits for better risk management?

Answer 7

Detect issues over much larger population than relying on traditional assurance activities that are often sample-based.

Question 8

How will CM targets be set?

Answer 8

Each Division will have responsibility for setting their own target.

Question 9

What processes should be prioritised for CM?

Answer 9

Those that drive significant customer, regulatory, or business outcomes (e.g., COs).

Question 10

Will all processes require CM?

Answer 10

No

Question 11

How can CM implementation be prioritised based on feasibility? Give 3 examples.

Answer 11

Existing monitoring can be uplifted to CM standard. Examples:
1. Controls with existing automated monitoring (like reconciliation, system outage alerts).
2. Existing dashboards (e.g., CHF)
3. Existing key risk/control indicators that are monitoring process performance.

Question 12

How does CM broadly differ from controls?

Answer 12

CM focused on visibility of whether processes (including their controls) are meeting process objectives (or part thereof).

Question 13

CM vs Controls: Purpose?

Answer 13

CM for visibility of process performance; Controls prevent/correct anomalies to ensure process objective

Question 14

CM vs Controls: Placement?

Answer 14

CM - criticality of process; Control - risk based

Question 15

CM vs Controls: Notification?

Answer 15

CM - mandatory; Controls - optional (e.g., preventative controls unlikely to provide notifications)

Question 16

CM vs Controls: process improvement?

Answer 16

CM - leads to process improvement; controls - are result of process improvement

Question 17

What is the value of implementing CM when there is already existing monitoring?

Answer 17

CM elevates visibility of how processes are performing so we can manage risk and drive improvements

Question 18

What is the purpose of indicators

Answer 18

Enable visibility of process performance (track and observe to identify and manage risks)

Question 19

Are indicators manual or automated?

Answer 19

All manual - that’s currently the only way we can apply them

Question 20

How will CM be captured?

Answer 20

Tag in PH, and indicator in GRACE

Question 21

Why targeted testing for CM?

Answer 21

Principle similar to controls - CM supports risk mitigation so we need assurance that monitoring remains effective (especially when process and operational changes occur).