Other notes Flashcards
What does CM aim to do?
Always Understand process performance against core objectives to support early detection of issues, continuous improvement, and better risk management.
What is the background of CM?
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.
What are CM benefits for customers?
Faster responses to fixing errors (reducing remediation costs) plus better, safer processes overall
What are CM benefits for operational performance?
Safer processes, detect anomalies earlier, faster improvement.
What are CM benefits for process improvement?
Data to support process improvement (to make them simpler, safer, more efficient, etc.)
What are CM benefits for Enterprise?
Visibility of how process is performing across an environment (e.g., Critical Operation, Division)
What are CM benefits for better risk management?
Detect issues over much larger population than relying on traditional assurance activities that are often sample-based.
How will CM targets be set?
Each Division will have responsibility for setting their own target.
What processes should be prioritised for CM?
Those that drive significant customer, regulatory, or business outcomes (e.g., COs).
Will all processes require CM?
No
How can CM implementation be prioritised based on feasibility? Give 3 examples.
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.
How does CM broadly differ from controls?
CM focused on visibility of whether processes (including their controls) are meeting process objectives (or part thereof).
CM vs Controls: Purpose?
CM for visibility of process performance; Controls prevent/correct anomalies to ensure process objective
CM vs Controls: Placement?
CM - criticality of process; Control - risk based
CM vs Controls: Notification?
CM - mandatory; Controls - optional (e.g., preventative controls unlikely to provide notifications)