With the rapid evolution of end-user technologies, particularly those that enable no-code and low-code development, robotic process automation, machine learning-driven data analytics and AI, it is imperative to upgrade compliance programs, including Internal Control (ICFR) programs, to leverage these innovations.
As organizations consider digital transformations, it is essential to integrate compliance into the business process cycles. We call this in-process controls and monitoring. This approach can significantly reduce the need for duplicate control assessment documentation on separate platforms, thereby minimizing the acquisition and maintenance of additional infrastructure.
Furthermore, by incorporating compliance into the business process cycles, organizations can also mitigate the proliferation of duplicate data, which in turn can lead to substantial cost savings in data center infrastructure.
By adopting a comprehensive digitalization strategy that incorporates cutting-edge technologies, ICFR programs can be revitalized to remain effective and efficient.
We invite you to contact us to explore how our expertise can assist you in developing a tailored digitalization strategy for your ICFR program.
We hope you enjoyed the out-of-the-box but practical thought leadership in this ICFR 101 series. Stay tuned for more practical advice on ICFR and other related topics.