System, method and software application for creating and monitoring internal controls and documentation of compliance
OwnerKevin McCrearyinventor
Life of this patent
Estimating the term…
Abstract
A software application enables a user to create and monitor internal controls for compliance with one or more compliance regimes by an entity. The software application is used for analyzing risks associated with deficiencies in compliance and for generating reports related to the compliance status. The software application enables the user to specify one or more master structures for the entity, wherein specifying the master structure includes specifying one or more processes associated with the master structure, specifying one or more objectives for the processes, identifying one or more risks associated with the objective, and identifying one or more controls to mitigate the risks.
Claims24
A computer implemented system having a software application for creating and monitoring internal controls for compliance with one or more compliance regimes by an entity, the system enabling the entity to document and test compliance, the system comprising:
- a processor enabled to receive a plurality of user inputs, the inputs being related to the monitoring of compliance and risks;
- a memory connected to the processor and being responsive to the processor to store data received from the processor and to provide data to the processor;
- the software application being operable to generate a control structure for:
- enabling the user to specify one or more master structures for the entity, wherein specifying the master structure comprises:
- specifying one or more processes associated with the master structure;
- specifying one or more objectives for the processes;
- identifying one or more risks associated with the objective, the risk carrying a potential to prevent achieving the objectives;
- identifying one or more controls to mitigate the risks, the control including one or more control steps executed to mitigate the risks.
A software application having computer readable program code to enable a user to create and monitor internal controls for compliance with one or more compliance regimes by an entity, the software application enabling the user to document and test compliance, the software application generating a plurality of data structures for:
- enabling the user to specify one or more master structures for the entity, wherein specifying the master structure comprises:
- specifying one or more processes associated with the master structure;
- specifying one or more objectives for the processes;
- identifying one or more risks associated with the objective, the risk carrying a potential to prevent achieving the objectives;
- identifying one or more controls to mitigate the risks, the control including one or more control steps executed to mitigate the risks.
A computer program product comprising a computer usable medium having computer readable program code for enabling a user to create and monitor internal controls for compliance with one or more compliance regimes by an entity, the computer readable program code enabling the user to document and test compliance, the computer readable program code comprising:
- a first computer readable program code enabling the user to specify one or more master structures for the entity, wherein specifying the master structure comprises:
- specifying one or more processes associated with the master structure;
- specifying one or more objectives for the processes;
- identifying one or more risks associated with the objective, the risk carrying a potential to prevent achieving the objectives;
- identifying one or more controls to mitigate the risks, the control including one or more control steps executed to mitigate the risks.
Dependencies are inferred from the claim text.