RGP consultant, Jason Chiang, recently wrote:
“A narrative provides mid-level detail of the transactions and internal controls within a business process and includes who, how frequent, and in what location the transactions and controls are being performed…
…Narratives should be updated as changes are implemented in the organization. The updates should follow a workflow where there is a review process for significant changes.”
For many clients, automating the process of updating compliance documentation is a critical but often overlooked part of their practices. Each year, various aspects of controls may change, such as steps of the control procedure, the control description, or control ownership. As these critical bits of information are updated, it is important, as Mr. Chiang stated, that the associated narrative pages are also updated to reflect the latest information.
Who wants to avoid redundant effort and rework?!
If you haven’t already implemented policyIQ or you have policyIQ and you haven’t taken advantage of this feature, this is a good time to tune in and make a note: policyIQ has a “linked field” option that allows you to update control language (or other documentation) in one place and present the updated language in related documents—here’s the key: without redundant effort or rework!
Displaying all related Controls in the Narrative is probably the most common request, but you can also display Risk language in Controls, Control language in Tests, and the contract review conclusions in a management summary page, among a seemingly infinite number of options! No more hunting down related documents to make small tweaks–it’s already done!
To learn more about how reduce redundant effort and rework, contact our team at Support@policyIQ.com.