The disciplines of risk management and control have received significantly increased attentionduring the past few years as a result of (amongst others) major accounting scandals. In addition, the recent credit crunch caused this theme to be on top of the corporate agenda
As a result of these developments, lawmakers have tightened supervision which faces organizations with an increasing demand for transparency and accountability. An important aspect of contemporary risk management is the demand for management of risks based on proven effective control measures. In practice this is often realized with  a 'control framework'. A control framework is a set of basic principles, rules, communications, agreements, methodologies and tools by which an organization is enabled to manage its risks. In the contemporary society, the control focus is placed on proven effectiveness.

Under the influence of tighter regulation (including SOx and the Tabaksblat) and increased European regulatory supervision, risk management departments have been implemented ,processes have been documented and audit regimes have been tightened. The main objective remains unchanged: compliance.

The increased volume and complexity of laws and regulations makes it difficult for organizations to effectively manage and enforce these new requirements and amendments. A control framework can be a significant improvement by providing:

• An improved overview of the legislation to which an organization needs to comply
• Insight in basic risks to which the organization is exposed
• Clear and univocal vision and communication to line management
• Integrated Reporting
• Integrated monitoring
• Direct insight in the effectiveness of risk management and control

Our Services

Into Control has extensive experience with preparing, designing and implementing control frameworks. We use a Control Maturity Model to identify the current control situation within your organization, determine the target position and prepare a plan for implementation for the various areas.

Many organizations currently have a maturity of level 1 or 2 with exceptions to 3 due to implementation of Basel II, ORM or SOx. Compliancy with Basel II, SOx, SAS70 and recent legislation like WFT, MiFID and Solvency II requires a maturity level of at least 3. The Tabaksblat code and recent changes in company laws tend to aim for control at maturity level 3.

Into Control develops control frameworks thst can bring organizations to an integral maturity level 3 and that, with aid of specific tooling, can provide in 'real-time’ disclosure of compliance monitoring information to proactively control business risks.