Stay ahead of IT risks with our sample review on IT controls, which aims to reduce the volume of controls while focusing on key risks, thereby improving consistency across various applications and IT processes. By implementing this tool, you can expect to gain insights into the rationalization of risks, as it identifies common risks that significantly impact business operations. The report includes a detailed assessment of controls, categorizing them into key, secondary and non-IT controls, which helps with understanding the adequacy of existing measures.

Furthermore, it outlines criteria for control changes based on risk assessments, ensuring the prioritization of focus on high-impact areas. The tool emphasizes the importance of aligning IT activities with business objectives, thus enabling the identification of gaps in compliance and operational efficiency. By utilizing standardized methodologies for risk review, such as GAIT and Accounting Standard 5, organizations are equipped with a structured approach to assess and improve IT governance, ultimately supporting better decision-making and risk management practices within the organization.

The following primary opportunities for improvement were identified and documented in this report:

• Many controls had similar wording and thoughts but were inconsistent from entity area to entity area.
• Many controls were listed as “key” for multiple areas when those areas were dependent on another process.
• Good business practices were often included as controls.
• Controls were identified as “key” but fell below the corporate guidance for dollar threshold.