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Monitoring controls to
ensure compliance

Laser Internal Controls Manager (LICM®)

A systematic approach to internal controls is key to identify the risks and controls facing an organization. The ability to effectively manage these parameters results in greater degree of control and optimal financial management.

The Laser Internal Controls Manager (LICM®)is a fully integrated web-based solution that gives you the status of all Internal Controls and Financial Controls in an organization thus giving assurance to the senior management in real time. Aligned with the COSO 2013 framework and Institute of Internal Auditors (IIA) standards, it helps you implement an effective internal controls framework across the enterprise, providing a unique perspective on current business challenges.

Dashboard

Get real time status of Internal Controls across the organization. Review the progress of all open action plans at a single glance. Get the status of all controls based on Key Controls/Financial Control, and by Location, Process, Sub Process, department and SBU.

Control Self Assessment (CSA)

Effectively assign CSAs to owners. Owners can update the status of controls and update evidences. Keeps track of failed controls and timeline for Action Plan. Track open Action Points. Create duplicate CSAs for different locations easily.

Repository of Risks

Create a complete repository of Risk and classify the risk for fraud. Assign a risk number to each risk. Categorize the risk as critical, high or low.

Repository of Controls

Create a laundry list of controls for an organization that are mapped to the 17 principles under the 5 components of COSO 2013 framework. Controls are classified as Key, Financial or Operational.

Certifying the Controls

Owners can participate in the assessment and certification of controls. In case of failed controls, owners can provide Action Plan and timelines to mitigate them. Reviewer can review and change the status of controls with remarks.

Attachments

Proof of evidence related to Controls uploaded by the owners are placed at a central location, thus giving confidence to the reviewer to certify the status of the controls. Audit team can easily review the controls and the evidence.

Action Plan

All pending action plans across locations can be tracked and monitored at real time.

Testing of Controls

Auditors can check the controls for Operation Effectiveness and Design Effectiveness on response of the Auditee, and raise an observation if any exceptions are found.

Reminders & Escalations

Automatic reminders to Process Owners to update status on pending action plan. Automatic escalation of incomplete activities after predetermined number of days from due date of activity. Automatic reminders and escalations result in completion of assigned activities within the target date of completion and increases implementation of recommendations by auditors.

Reports

Generate ready-to-present reports for Risk/ Controls across the organization on different filters such as owners, location, process, sub process, department and SBU. Create special reports to assure senior management about the state of controls in the company.

Get real time status of Internal Controls across the organization. Review the progress of all open action plans at a single glance. Get the status of all controls based on Key Controls/Financial Control, and by Location, Process, Sub Process, department and SBU.

Effectively assign CSAs to owners. Owners can update the status of controls and update evidences. Keeps track of failed controls and timeline for Action Plan. Track open Action Points. Create duplicate CSAs for different locations easily.

Create a complete repository of Risk and classify the risk for fraud. Assign a risk number to each risk. Categorize the risk as critical, high or low.

Create a laundry list of controls for an organization that are mapped to the 17 principles under the 5 components of COSO 2013 framework. Controls are classified as Key, Financial or Operational.

Owners can participate in the assessment and certification of controls. In case of failed controls, owners can provide Action Plan and timelines to mitigate them. Reviewer can review and change the status of controls with remarks.

Proof of evidence related to Controls uploaded by the owners are placed at a central location, thus giving confidence to the reviewer to certify the status of the controls. Audit team can easily review the controls and the evidence.

All pending action plans across locations can be tracked and monitored at real time.

Auditors can check the controls for Operation Effectiveness and Design Effectiveness on response of the Auditee, and raise an observation if any exceptions are found.

Automatic reminders to Process Owners to update status on pending action plan. Automatic escalation of incomplete activities after predetermined number of days from due date of activity. Automatic reminders and escalations result in completion of assigned activities within the target date of completion and increases implementation of recommendations by auditors.

Generate ready-to-present reports for Risk/ Controls across the organization on different filters such as owners, location, process, sub process, department and SBU. Create special reports to assure senior management about the state of controls in the company.

Benefits

  • Enhance internal control process and assurance through the LICM®
  • Real time information about Internal Controls across the organization
  • Get real-time completion status of ongoing open action plans at all locations
  • Effectively plan Audits for Internal and Financial Controls based on control self assessments location wise

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