Emerging Strong: A Fresh Look at Internal Controls

In this new normal, can we look at our environment, work-flow structure and economic impacts to claim business as usual? In this second half of 2020, it is pertinent for financial institutions to reassess the control environment and business processes to confirm changes are appropriately captured.

The timeliness of this key controls reassessment, related primarily to internal controls over financial reporting, compliance or operational risks, is imperative to catching any control gaps and deficiencies that may need remediation. Emerging strong for financial institutions is critical; therefore, the following are some considerations for financial institutions as they undertake their evaluation process.