Converting Completed Action Plans Into Control
Converting completed action plans into control typically involves a process of reviewing the actions taken to address identified risks and determining whether they were effective in reducing the likelihood or impact of those risks. Once the actions have been completed, the organization may need to establish ongoing controls to monitor the effectiveness of the actions and ensure that the risks remain at an acceptable level.
This process may involve the following steps:
- Review the completed action plan: This involves assessing the effectiveness of the actions taken to address the identified risks and determining whether they have been successful in reducing the likelihood or impact of the risks.
- Identify ongoing monitoring requirements: Once the action plan has been completed, the organization may need to establish ongoing monitoring procedures to ensure that the risks remain at an acceptable level. This may involve the establishment of new controls or the modification of existing ones.
- Assign responsibility: Identify who will be responsible for monitoring the ongoing effectiveness of the control measures.
- Establish metrics: Define metrics or performance indicators to track the effectiveness of the controls.
- Establish reporting requirements: Establish reporting requirements to ensure that the relevant stakeholders are kept informed of the effectiveness of the controls.
- Review and update: Review and update the control measures regularly to ensure they remain effective in addressing the identified risks.
By converting completed action plans into ongoing controls, organizations can ensure that they continue to effectively manage their risks and maintain a strong internal control environment.