Management needs to understand the status of the entity’s IT systems to decide what safeguarding mechanisms should be deployed to meet business requirements. When IAP monitoring is built into the entity’s operating activities, and process performance is reviewed on a real-time basis; control degradation can easily be ascertained for expeditious remediation. Characteristically, productive monitoring activities dynamically adapt to environmental factors with each control assessment being performed according to an authorized plan reflecting the evaluation type, assurance level, and information classification.
Monitoring and evaluating the current state of implemented controls may take a variety forms, including control self-assessments and IT audits. Furthermore, an IT auditor may not be the individual who executes an entity’s information security internal control review (ICR). However, an IT auditor may subsequently assess an ICR for effectiveness and/or efficiency. In the regulatory arena, a negative finding, coupled with prompt corrective actions can mitigate civil and criminal enforcement penalties, thereby potentially reducing or avoiding legal risks.
“View Part I of the Control Assessments series here“