It reduces the need for compliance

It eliminates the need for reporting

It increases the number of employees needed

It helps detect control failures early and minimize operational disruptions

Internal audits

Multi-factor authentication for online transactions

Disciplinary actions for policy violations

Monthly bank reconciliations

Detective Control

Preventive Control

Directive Control

Corrective Control

Monitoring Activities

Risk Assessment

Marketing Strategy

Control Activities

To automate all business processes

To manage risks and ensure compliance with regulatory standards

To eliminate the need for audits

To increase profits

It allows for the elimination of all manual processes

It restricts risk monitoring to annual reviews

It focuses only on external regulatory requirements

It ensures risk management strategies remain effective

Open communication and regular updates to all stakeholders

Using only automated systems for reporting

Limiting communication to board members

Focusing only on quantitative metrics

It restricts risk reporting to senior management only

It centralizes risk decisions to one department

It eliminates the need for external audits

It ensures risk considerations are built into everyday decision-making

Automated alerts

Risk dashboards

Performance reviews

Manual audits

By focusing solely on regulatory compliance

By eliminating the need for ongoing monitoring

By providing a static view of risk profiles

By helping assess whether risks remain within appetite post-mitigation