The Value of Control Standards

Getting the basics right is key to effective risk management. Firms will have Policies and Procedures, but often there is a void when it comes to providing teams with practical advice on how to design their controls. Control Standards fill this void. Informed by Policy, they provide a common set of expectations and requirements for implementing key controls, regardless of the business unit or department involved.

Surprisingly, not all Firms have control standards, or if they do exist integration into broader aspects of risk and control frameworks (e.g. RCSAs) could be improved. At bailrigg+, we have developed a simplified, data-driven framework in order to initially agree control standards, fully integrate into risk and control frameworks and subsequently deliver significant benefits and value to our clients.

Author: John McNiff – Risk and Control

July 2023