This Process Controls Current State Assessment template provides a detailed evaluation of an organization’s existing process controls team. Through extensive interviews with key stakeholders and a thorough review of historical documentation, this assessment identifies the team's current capabilities, highlighting areas of strength and pinpointing gaps that need addressing. It offers clear, actionable recommendations for enhancing the team's effectiveness, such as formalizing processes, redefining roles and responsibilities, and expanding the team's focus beyond traditional SOX activities to include areas like data analytics, cybersecurity and enterprise risk management.  

The document emphasizes the importance of collaboration between internal audit and compliance functions, outlining best practices for effective coordination and leveraging common methodologies and technologies. Additionally, it provides a Capability Maturity Model (CMM) to help management understand the developmental level of business processes and set future-state aspirations. By following the insights and recommendations detailed in this assessment, organizations can move toward a more structured, efficient and comprehensive approach to risk management and control, ultimately enhancing the overall governance and operational resilience of the organization.

According to this tool, the following roles were interviewed:  

• Senior Director of Internal Audit
• Director of IT
• Senior Manager of Financial Reporting
• Director of Internal Audit