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Understand Where You are at Risk

Risk and Control Matrices have become critical tools for several corporations working toward Sarbanes-Oxley compliance. Start understanding how your controls influence your business, financial, and information technology procedures. Take a close look at the risks and potential gaps in your processes to avoid issues that could jeopardize compliance.

Identify all risks with corresponding controls and identify the objectives, control types, frequencies, and importance for each. Look closely at the validity of these risks and controls and note if they need improvements and/or changes to ensure compliance. Make sure you look for accurate answers to the question "What could go wrong?"

Narratives

Make sure that concise narratives explain the controls and processes that need to be compliant. Anyone looking at the process flow diagrams should be able to reference descriptions that simply and accurately describe the controls in each diagram. Keep it simple and keep it clear and concise.