Other notes Flashcards

1
Q

What does CM aim to do?

A

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

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2
Q

What is the background of CM?

A

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.

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3
Q

What are CM benefits for customers?

A

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

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4
Q

What are CM benefits for operational performance?

A

Safer processes, detect anomalies earlier, faster improvement.

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5
Q

What are CM benefits for process improvement?

A

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

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6
Q

What are CM benefits for Enterprise?

A

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

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7
Q

What are CM benefits for better risk management?

A

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

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8
Q

How will CM targets be set?

A

Each Division will have responsibility for setting their own target.

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9
Q

What processes should be prioritised for CM?

A

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

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10
Q

Will all processes require CM?

A

No

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11
Q

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

A

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.

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12
Q

How does CM broadly differ from controls?

A

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

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13
Q

CM vs Controls: Purpose?

A

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

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14
Q

CM vs Controls: Placement?

A

CM - criticality of process; Control - risk based

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15
Q

CM vs Controls: Notification?

A

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

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16
Q

CM vs Controls: process improvement?

A

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

17
Q

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

A

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

18
Q

What is the purpose of indicators

A

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

19
Q

Are indicators manual or automated?

A

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

20
Q

How will CM be captured?

A

Tag in PH, and indicator in GRACE

21
Q

Why targeted testing for CM?

A

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