⏱️ 40 seconds
The Control Plan feature helps you to set up a schedule to check specific elements of your firm’s compliance activities.
The areas to check are given by the chapters in a Control Plan-enabled report template. Each chapter in the report template is a Theme in the Control Plan.
Within the Control Plan, you can give each theme a risk weighting and a periodicity of review. For example, you may want to monitor high-risk themes quarterly, and low-risk themes annually.
To create a report from a Control Plan, the Control Plan must be activated – a report can’t be created based on a draft Control Plan.
After you have activated a Control Plan, when the user creates a Compliance Monitoring report, they select which period they are about to analyse, and the software will then generate the report with the required themes. This saves the user from having to hide themes that don’t apply.
When such reports are completed during the course of the full cycle (usually an annual cycle), the Control Plan tracks events to ensure that themes have been adequately monitored. This can serve as a high-level summary of the compliance monitoring activities that have taken place.