SOP - Intro

Question 1

What is Continuous Monitoring (CM)?

Answer 1

Ongoing monitoring of data to confirm the process objective (all or part) is being achieved, and ensure anomalies are detected for timely remediation.

Question 2

3 broad benefits of CM?

Answer 2

1. Regulatory compliance.
2. Strengthened risk mitigation.
3. Enhanced operational efficiency.

Question 3

What are the 5 stages of the CM lifecycle?

Answer 3

1. Identification.
2. Assessment
3. Design and Build
4. Operation
5. Monitoring & Improvement

Question 4

What is the Process Owner (PO) responsible for?

Answer 4

Ensure process (including CM) designed and operating effectively for the business, on behalf of the Accountable Executive

Question 5

What is the Process Model Owner (PMO) responsible for?

Answer 5

Management and operation of processes (including CM)

Question 6

What is the Control Owner (CO) responsible for?

Answer 6

Design and operation of controls

Question 7

What is the Obligation Owner responsible for?

Answer 7

Ensuring there are adequate controls/evidence demonstrating compliance with an obligation, on either behalf of a business area or on behalf of the Group

Question 8

Who is the Risk Owner?

Answer 8

Leader of the business area for which the risk is recorded and is responsible for managing the risk.

Question 9

What are DCO responsible for?

Answer 9

Supporting Process Owner in assessing adequacy of controls, obligations, and risk environment to meet process outcome.

DCO play a key support role for CM.

Question 10

What is the CCoE responsible for?

Answer 10

Governance and reporting of CM