ICFR / SOX Control Testing

Considering today’s volatile business environment, reviewing and updating your controls is key in order to succeed in financial risk management. LogicManager’s ICFR/SOX Control Testing solution has everything you need to uphold your organization's reputation, anticipate future challenges, and enhance business performance through meticulous control management.

  • Streamline Ownership, Boost Security: Automate control ownership and plans, ensuring swift access for the right personnel while reinforcing data security through tailored privileges.
  • Ensure Compliance with Engaged Control Owners: Prevent unchecked controls by automating updates at appropriate intervals, guaranteeing consistent compliance and averting potential vulnerabilities.
  • Unify Controls for Comprehensive Insight: Effortlessly organize controls into a centralized repository, providing a clear overview across functions and enabling a comprehensive understanding of control deployment.
  • Modernize Control Management: Transition from email and spreadsheet chaos to effortless information review and stakeholder communication.
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LogicManager’s Control Review and Updates Solution

Here’s what you can expect with LogicManager’s Control Review and Updates solution:

  • Automatically assign ownership over controls and their respective plans to ensure the correct employees have access when they need it. Easily customize who can view, edit or interact with these controls to safeguard data and increase accuracy.
  • Engage control owners through automated tasks so that controls are updated according to the appropriate frequency, be it monthly or annually, which will prevent any controls from being left unchecked.
  • Organize your controls into an aggregatable centralized repository of your enterprise-wide controls, controls specific to application types/tiers and controls unique to specific business functions. This makes it easy to tie controls to their appropriate business functions and track how they’re being used throughout the organization.
  • Rather than falling victim to informal email and excel processes, admin users can easily review all information collected from control owners, including which controls have been updated, which updates are still outstanding and who needs to be contacted for more information.
  • Through our various reporting tools, easily view all controls or a subset of controls to understand their current status, effectiveness and most recent information.
    • The Mitigation Ranking Report outlines which controls are linked to the largest risks across the organization and helps to prioritize which controls should have the most resources allocated to them.
    • The Risk Control Matrix report allows you to easily see all of the risks that your controls are mitigating to determine which are most critical to your processes.

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Reviewing and Updating your Controls with LogicManager

Take a risk-based approach

LogicManager is built on a foundation of risk management best practices, so in the process of reviewing and updating your controls, easily determine which controls are most critical based on which ones are linked to the highest risks. Leverage the results of your risk assessment at any point in your process to identify areas of vulnerability that may require additional controls.

Maintain a centralized inventory

Our centralized repository makes it easy to build a strong inventory of your controls so that you can refer to them in one place whenever you need. By having a side-by-side comparison of all controls at your disposal, you’ll be more likely to notice connections and dependencies.

Pass your audit with flying colors

The Control Review and Updates solution package helps clarify what ICFR and SOX auditors should actually be testing, so they can easily design their fieldwork around what you’re providing them. This creates a cleaner view for the tester to complete their work without losing key information about the related control (ultimately streamlining their process and saving you time and money).

Gain a holistic view of your organization

Link controls to the risks they are mitigating, as well as the tests used to confirm control effectiveness. Each control can be linked to multiple risks, tests and resources to easily track all areas of the organization it’s impacting. Reference these controls to other resources your organization has housed in LogicManager – such as policies, procedures or guidelines – to gain a comprehensive understanding of all aspects of the control.

Gain back control…

There are serious risks associated with failing to mitigate threats to your organization’s finances; from a hard dollar perspective, a mature control management and review process is crucial to avoid negligence or noncompliance penalties. And if your organization is found guilty, the fees associated with hiring lawyers, consultants and internal specialists skyrocket quickly.

Additionally, the penalties you could face if an inaccurate certification is submitted go as high as $1 million and ten years in prison. If something was submitted incorrectly on purpose, it could be up to $5 million and twenty years in prison. Investing in the usage of a robust risk management software not only mitigates the risk of these consequences, but sets your organization up for success.

Strengthen Your Financial Control Testing Process

Financial controls directly impact your business’s bottom line, and ultimately everyone at the organization. But it can be challenging to excel without robust software:

  • External audit fees add up. Luckily, LogicManager reduces these fees by up to 40%.
  • Prioritizing is subjective. Our solutions enable you to objectively define key controls and take a risk-based approach to testing.
  • It’s tedious work. Eliminate any unnecessary duplicative testing on controls through LogicManager’s streamlined processes.

What is a control?

A control is any policy, procedure or activity that aims to mitigate a potential risk. Controls are designed around your risks; your goal is to eliminate the chances of a particular risk from manifesting, so whatever you decide to do to lower that likelihood can be referred to as a “control.”

So how should you control risks that directly impact your organization’s finances? Financial controls are the policies and procedures that aim to steer financial resources in a direction that’s allocated and used as effectively as possible.

Reviewing Controls

Given that financial controls directly impact your business’ bottom line and ultimately everyone at the organization, it’s critical to continually review the controls in place to make sure they’re working properly. This means addressing areas of concern such as compatibility, alignment with corporate objectives, cost, efficiency and more.

Updating Controls

Based on your findings from reviewing the controls, are there any that are no longer effective or beneficial to your organization? At points like these, the controls may need to be adjusted or removed in order to better serve a purpose.

Request a DemoLearn How LogicManager’s ICFR / SOX Control Testing Software Can Transform Your Financial Reporting Process

Speak with one of our risk specialists today and discover how you can empower your organization to uphold their reputation, anticipate what’s ahead, and improve business performance through strong governance.

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