Developing Internal Controls - BerryDunn

berrydunn.com | GAIN CONTROL

Developing Internal ControlsTo Address the Top Security Risks

AGENDA

Developing successful internal controls

Using risk to create and strengthen controls

Internal control monitoring

The top 10 security risks you should address now

WHAT ARE INTERNAL CONTROLS?

A process for assuring achievement of an organization’s objectives for:

• Operational effectiveness and efficiency• Reliable financial reporting• Compliance with laws, regulations, and policies

THE PROCESS

• Set the foundation with a strong control environment• Perform a risk assessment• Develop and implement control activities• Communicate pertinent information• Monitor the internal control system

CONTROL ENVIRONMENT

ASSESSMENT

• Technology

• Human capital

• Financial

• Operational

• Legal

• Strategic

• Reputational

A 2015 study on the state of 1093 organization’s risk management practices found that 72% of organizations do not have a standardized scale and/or approach to complete risk assessments

72%NO RISK

MANAGEMENT PRACTICES

Source: Poole School of Management, NC State University

RISK LIKELIHOOD TO OCCUR IMPACT OF RISK OVERALL RISK

RATING

Financial Security Operational

Low likelihood: 1

Low impact: 1

Low overall risk:4 - 5

Medium likelihood:

Medium Impact:

Medium overall risk:6 - 8

High Likelihood: 3

High Impact: 3

High overall risk:9 - 12

CONTROL ACTIVITIES

INFORMATION AND COMMUNICATION

MONITORING

Evaluate Control Environment

Perform Risk Assessment

Implement ControlsCommunicate

Monitor

AN ONGOING PROCESS

Putting this to practical use – the Top 10 IT Security Control Risks and what you can do

#10 Segregation of Duties

#9 Finding and Maintaining Qualified Security Personnel

#8Lack of Management Support

#7IT Diplomatic Immunity

#6Data on User Owned Mobile Devices

#5Lack of Encryption

#4Outdated Operating Systems

#3Inadequate Event Log Monitoring

#2Inadequate System Logging

#1 Overreliance on Security Monitoring Software

QUESTIONS?

INTERESTED IN MORE? CONTACT US.

Miles Smith, MCSEmsmith@berrydunn.com

Tina Papadopoulos, CISAtpapadopoulos@berrydunn.com

Developing Internal Controls - BerryDunn

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Transcript of Developing Internal Controls - BerryDunn

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