According to a Deloitte survey, the significant challenges in ICFR / SOX compliance are accelerating.
We are seeing this also in our work with global businesses;
- End-to-end process transformation is exposing financial risk in new ways.
- The new “hub and spoke” digital application landscape is creating new requirements for risk management and control, both financial and operational.
The survey observes. . .
- 69% of companies report significant deficiencies in their past two financial years.
- 15% of companies report material weaknesses in their past two financial years.
- Automated controls are rarely higher than 25% of the controls landscape in global businesses.
- Approximately 70% of controls remain detective in nature.
It also reveals two key areas where skills need enhancing. . .
- Intimate, practical understanding of the enterprise business processes
- A broad and deep understanding of analytics, GRC and control focused technologies
I have highlighted just 4 of the key research findings in this Deloitte report, there’s definitely some more food for thought…
You can read the one page management summary and the full survey results here