Frequently asked questions
Q - My organisation is highly likely to use the COSO framework because it is the universally recognised standard. Does your solution support COSO?
A - Yes. RVR Internal Control is fully compliant with the COSO framework, and supports methodologies and projects based on the PCAOB’s Auditing Standards.
Example of methodology supported by RVR Internal Control
Q - My organisation has to comply with more than one set of corporate governance regulations. Some of the requirements are common between the different regulatory regimes but some are unique to just one. How can we maximise the efficiency of our efforts to comply with multiple sets of regulations, both now and in the future?
A - RVR Internal Control’s advanced capabilities enable you to run a multi-regime project.
- Risks, processes, controls, etc., which overlap both regulatory regimes can be linked to both whilst those unique to just one are linked to the appropriate regulatory regime.
- Appropriately configured reports, activities, etc., can be set up for each regulatory regime.
Q - My organisation has complex structures, diverse operations in many countries and has shared service centres. Can an ‘off the shelf’ solution fulfil our needs?
A- Yes.
- RVR software is designed for complex, multinational companies with a large number of business units.
- RVR has a proven track record with organisations with up to 400 business units, many with multiple activities and with shared service centres.
Q - My organisation has to roll out a complex global project in a short timescale and with only limited resources. Can your solution be deployed quickly enough to enable us to achieve this goal?
A - Yes. Based on our experience with our existing customers we believe that, if your internal control framework has already been designed and the scope of your project is clearly identified, then the implementation of RVR Internal Control should not take more than 4-6 weeks. We also suggest that, if time allows, you run a pilot project for one business unit or one business process and then replicate it across the organisation. The suggested options are:
Pilot project option 1 - One process across all business units
Pilot project option 2 - All processes for a limited number of business units
