Controls assessments have been important to our industry for many years. Sarbanes-Oxley and Dodd-Frank legislation increased the intensity of the spotlight on business controls and their effectiveness. The Hilltop Companies support clients’ needs for assessing and implementing appropriate business controls. We thoroughly assess clients’ operating environments, including operations management processes, interfaces with technology, data and security.
Our specialty audit practice focuses on assessing controls and/or implementing such when your company is missing critical financial or operational controls. We bring extensive experience as auditors, regulatory examiners, operations executives and risk management professionals to our assessments. We follow accepted industry frameworks, practices and standards, in conducting our controls assessments.
Clients benefit from our thorough, independent view of their controls and our recommendations to enhance such. We can assist your company with its assessment of the following types of controls:
- All risk types,
The assessment process is used to ensure that the appropriate controls are in place and functioning. Our assessments give clients critical information to understand the state of their business controls, including:
- If the appropriate controls exist in (are “built into”) processes, data, interfaces with technology, security and change management
- If the controls are operating effectively and work according to their stated purpose,
- Whether gaps exist in controls
- Whether there are redundant controls that increase cost and decrease efficiency
- If management and reporting processes exist to provide stakeholders with transparency into controls effectiveness
After completing our independent assessment, we will make recommendations for improving the effectiveness and efficiency of the existing operating control environment and suggest improvements to close any gaps that were identified, while at the same time recommending possible streamlining of existing controls. Our recommendations are practical, cost effective and achieve the control effectiveness demanded by management, regulators and auditors.
We perform the design of controls and assist with their implementation as needed , especially where there are gaps identified. Our implementation services are utilized by our clients to assist with either implementing new financial, operational and technology controls or implementing revised controls as part of any remediation effort (typically after a control “break” has occurred). We approach implementation with a zeal to put in place controls that are effective in execution, efficient to operate and sustainable for the long term. We support the transition to the new controls environment through training and communication with business staff. Our clients value our practical, long term approach to controls.