Effectively manage risk and the system of internal controls across the organisation.
FlexiControl is software designed to support the performance of tasks of, among others, the management board and audit committee with respect to monitoring the effectiveness of the risk management system, internal control management system, and internal audit.
FlexiControl allows you to consistently and transparently document all information on identified risks and internal controls in business processes.
The tool also serves as an excellent repository of knowledge on risks and the controls assigned to processes and sub-processes, including dependencies between them.
What does FlexiControl offer?
- Replace siloed information on risks and controls by documenting them in a single and easy to manage system.
- Enable monitoring of effectiveness of systems of internal controls with transparent information on the quantity and quality of controls addressing the risks in business processes.
- Improve the work of business process owners and the internal auditor by serving as a repository of knowledge on controls, conducted audits and the resulting recommendations across the organisation.
- Support the internal auditor in preparing an audit plan for the next year.
- Report the results of assessment of key control procedures in processes and recommended corrective actions.
Key information on processes, risks and internal controls in one place
FlexiControl is a repository of knowledge on risks and internal controls assigned to business processes and sub-processes. All the information comes in the form of Control Matrix, which also allows you to document areas of non-compliance and define corrective actions. Advanced reporting features with the control audit planning module and audit history module enable effective management of identified risks, internal controls and their audits.
The Risk Matrix streamlines risk management across the organisation
FlexiControl stores information on all company-wide risks, which are relevant to the management board and may affect the implementation of the company's strategy and short-term goals. Based on the assessment, the management board decides on the method of managing a given company-wide risk. Specific risk response plans can be cascaded to key managers, which enables the management board to easily verify whether the undertaken actions produce the expected results.
A standard Control Matrix used consistently across the organisation or a group of companies
In FlexiControl you can create a common catalogue of processes, sub-processes and risks, which facilitates oversight of internal controls and ensures consistency and correctness of information across the organisation or a group of companies. With considerable system flexibility, the individuals responsible for addressing the risks and documenting controls can easily prepare new or update existing controls in the Control Matrix for a given business process in every company.
Simple audit planning based on identified risks and controls
Internal audit employees may quickly plan a full audit of the control. The schedule of control testing will be prepared automatically based on audit frequency. In addition, FlexiControl enables continuous monitoring of progress of audit works and quick identification of delays.
Intuitive audit form
In the audit form, you define a list of actions necessary to be performed as part of testing a single control, which takes the user step by step through the whole audit procedure. The form also allows you to attach full documentation (e.g. instructions, a list of tested documents) as a supplement to the conducted works. In addition, the form includes detailed information on the previous audit, such as size of the tested sample, test results, and recommended correction plans.
Audit history is available at one click
FlexiControl stores history of previous audits. Previous audit procedures, source documentation, assessment of control effectiveness, history of changes in controls, and the correction plans assigned to them, are stored in a single place. Complete documentation can be easily provided to the audit committee, external auditor or other stakeholders.
A wide range of predefined reports supports the assessment of effectiveness of the system of internal controls
The advanced reporting module presents results of analysis of the system of internal controls, including information on the number of effective and ineffective controls, recommendations to be implemented, correction plans assigned to controls, and audit results. Standard reports help to assess the deployed risk management system and the effectiveness of the system of internal controls across the company.
It is up to you in which areas of your operations you are going to deploy FlexiControl. The tool can be used to monitor the effectiveness of the system of internal controls in processes related to business operations, management or financial reporting, or compliance.
Repository of knowledge on processes, risks, controls and their effectiveness
FlexiControl stores full knowledge on associations, i.e. process – process owner and participants – risk – control – control effectiveness. The entire documentation and best practices can be easily used in the company's different business units or a group of companies with capital ties.
Assessment of effectiveness of existing controls
With FlexiControl you will be able to assess if the implemented controls effectively address the identified risks and whether they provide adequate protection against major errors or abuse. The system will enable you to prepare corrective actions, prioritise them, and assign responsibility for their implementation.
Diagnostics of the system of internal controls
Development of the Control Matrix typically involves analysing existing policies and procedures and documenting the course of processes. This allows you to assign controls to risks, identify new risks and areas where you need to enhance controls, and propose corrective actions.
Enhance the internal audit function
The internal audit is given a tool which allows them to plan audit frequency and prepare any procedures of testing the effectiveness of controls. FlexiControl thus becomes an essential element of process-based approach to continuous monitoring of effectiveness of the system of internal controls.
Enhance corporate governance
With robust functionality, FlexiControl supports the management and oversight of the company, which makes it an essential element of corporate governance. We have developed a system for you, which helps fulfil the requirements of "Best Practices of WSE-listed companies", "Best practices of audit committees in Poland" and "Act on Auditors" to the extent of monitoring the effectiveness of systems of internal controls, internal audit and risk management.
Do you want to know more?
If you need a dedicated IT solution for your business, leave us a short message and we will contact you!>Contact