Why CONTROLS Monitoring is not enough . . .

This picture says it all for me. I could stop here . . . .  . 

The car park barrier is the 'control' over access and use of the car park. The automatic gate opens only when you swipe your employee badge on the reader and it only lets one car through at a time. This way, it is clear that only authorised people can use the facility and that a record is kept of each visit. The automated control works perfectly and as designed. There is even a regular testing and maintenance cycle!

The tyre tracks tell us whether this control is achieving its desired effect.

Obviously not in this case!

Thats why, irrespective of the debate on where the responsibility lies, it is important to test key controls in business and equally important to check the 'tyre tracks'. The tyre tracks tell us what is actually happening and whether our risks are being effectively mitigated.

The CFO Agenda and Performance, Risk & Compliance - The Next Chapter

At the end of last year, I read an excellent book by Jeremy Hope entitled 'Reinventing the CFO' (http://www.amazon.co.uk/Reinventing-CFO-Financial-Managers-Transform/dp/1591399459/ref=sr_1_1?s=books&ie=UTF8&qid=1292578362&sr=1-1 ) .

The book challenges some long held assumptions about centralisation, planning, budgetting and forecasting as well as the role of the finance function as real business partner. The chapter headings really encapsulate the focus, but I recommend this book to anyone looking for breakthrough approaches to business as a whole, not just finance. Here are just a few;

Best Practices in Continuous Controls Monitoring (CCM)

I just reviewed this webcast again, and it is an excellent case study in increasing visibility and coverage over business risks and automating SOX control testing at Philip Morris International (PMI). 100% coverage, not sample testing. Entirely complementary with a drive to increase and enhance automated controls in SAP.