In the MENA region, a company renowned for its commitment to quality and innovation in the beverage industry faced significant internal challenges. As a producer of a wide range of liquid refreshments and a franchise bottler for a leading brand, the company operated a vast production facility. This facility was equipped to handle PET and glass bottles, cans, and various beverage packaging materials, catering to a diverse clientele with its top-quality beverages.
Challenges
Despite seeming successful in operations, the company was grappling with critical issues in governance, risk management, and compliance (GRC). These challenges were multi-faceted and impacted various aspects of the company’s operations:
- Lack of Visibility in SoD and Sensitive Access: The business had no clear insight into the actual Segregation of Duties (SoD) and sensitive access granted to users, creating potential security and compliance risks.
- Inconvenient User Access and Roles Review Process: The process to review user access and roles was manual, inefficient, and time-consuming, leading to delays and potential errors.
- Absence of Periodic ITGC and ITAC Review: There were no systematic reviews of IT General Controls (ITGC) and IT Application Controls (ITAC), essential for ensuring the integrity and reliability of the IT infrastructure.
- Inadequate GRC Application Configuration: Crucial configurations and functionalities for efficient GRC management were not enabled, hindering effective risk management and compliance.
- No Process for Identifying Control Leakages: The company lacked a formal process for identifying control leakages and system weaknesses, leaving them vulnerable to unforeseen risks.
Solution
To address these challenges, the company embarked on a comprehensive improvement strategy:
- TRPGLOBAL Analysis: They initiated an analysis using the TRPGLOBAL in-house tool to thoroughly assess their GRC framework.
- Gap Reports Preparation: Detailed gap reports were prepared for User and Roles Review, along with a GRC Review, to identify and understand the discrepancies.
- Did-Do and Can-Do Analysis: This analysis was performed to understand the actual versus potential capabilities of users within the system.
- Development of ITGC and ITAC Dashboards: Custom dashboards were created for continuous monitoring and review of IT general controls and application controls.
- Functionality Gap Analysis: A thorough analysis was conducted to identify the missing functionalities crucial for an efficient GRC process.
- Impact Analysis Reports: These reports were generated to assess the potential impacts of identified gaps on the organization's risk profile and compliance status.
Results
The implementation of these solutions brought about significant improvements:
- Identification of System Loopholes and Anomalies: The analysis helped uncover previously undetected system vulnerabilities and procedural anomalies.
- Enhanced Control Assessments: There was a marked improvement in the management of separation of duties, IT general controls, and IT application controls.
- Maximized ROI on GRC Investment: The company leveraged their existing GRC solution more effectively, ensuring a maximum return on investment.
- Efficient Periodic Review Processes: The new processes and tools enabled more efficient, accurate, and timely periodic reviews, saving resources, time, and cost.
- Effective Enterprise Risk Monitoring: The company gained the ability to effectively monitor and respond to enterprise risks.
- Regulatory Compliance: The improvements ensured the company’s adherence to regulatory standards, enhancing its corporate compliance posture.
Conclusion
This case study highlights the transformation of a company in the beverage industry in the MENA region. By addressing critical gaps in their GRC framework and leveraging innovative tools and analyses, they not only fortified their risk management and compliance capabilities but also set a benchmark for operational excellence and regulatory adherence in a challenging market. The strategic improvements not only safeguarded their existing systems but also paved the way for sustainable growth and competitiveness.
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