Control Management in Risk Management Cloud

What is a Control?
A control defines measures to address risks. It describes actions taken automatically in other systems or manually. For example:

• Ensure segregation of duties within payroll functions
• Review changes to master data, including change owner.

Relating Controls to a Risk

As you create risks, you can relate them to controls.

• The relationship indicates that a control mitigates the risk it is related to
• you can relate any number of controls to a risk, or a control to any number of risks.

A control requires only two values:

1. A Name, which should suggest what the control does to mitigate risk. You may choose to add a description that expands upon the name.
2. A Method. Either Manual or Automatic:

• Manual Indicates the control requires human action.
• Automatic indicates the control runs in a system external to Financial Reporting Compliance.

As you create a control, you can create a test plan for it. Completed as part of a control assessment, it test whether the control is effective in alleviating the related risks.