Controls Practices

About the study

As a key element to managing operational risks, controls remain an important topic of interest for members. In 2021-2022, we developed the Reference Control Library, which provided an industry-first framework of the typical control types used by financial firms. As part of this work, we extensively examined industry practices around this topic, culminating in the publication of our Controls Practice Paper. This revealed a strong appetite to standardise and automate controls, but control library developments were in their infancy.  

Against the background of an external environment characterised by increased volatility, third-party reliance, fast-paced technological developments and wide-reaching regulatory change, ORX felt that now is a good time to revisit this topic. Therefore, this study aims to explore updated practices in terms of control library development, control automation, and firms’ strategies for control monitoring, testing and management.