Robotic Process Automation (RPA) is impacting organizations by automating repetitive, rules-based tasks traditionally performed by humans. However, this technology comes with significant governance and control challenges that must be addressed to maximize RPA’s benefits while mitigating associated risks.
IMA and the COSO (Committee of Sponsoring Organizations of the Treadway Commission) studied best practices for integrating RPA governance requirements with the COSO Internal Control Integrated Framework (ICIF) and developed a guide for maximizing RPA benefits and minimizing risks.
This comprehensive approach for designing and implementing effective systems of internal controls consists of five components:
- Control Environment
- Risk Assessment
- Control Activities
- Information and Communication
- Monitoring Activities
Practitioners can use this guide to enhance their RPA governance and overall effectiveness of their internal control.