Naval Research Laboratory’s (NRL) Space Wireless Energy Laser Link (SWELL) surpassed 100 days of successful on-orbit laser operations on June 29, 2023, coinciding with the NRL’s 100th birthday celebration. With documented controls in place, it’s time to close the loop on the controls environment by developing an effective monitoring program that can help you sustain, monitor, and rationalize the controls over time.The U.S. Control owners-those people responsible for performing the control activities-will only be effective if they have a clear understanding of the process related to the control and the internal control design itself. This can vary according to the assessed level of risk and other factors.Īs you implement the controls, don’t underestimate the importance of clear and detailed documentation. Once risks or risk areas have been identified, categorized, and prioritized, it’s important to consider what type of internal controls could best mitigate those risks-i.e., preventive or detective, manual or automated. After performing a risk assessment and identifying specific areas of risk (subjects of the first point of view in our series), you should try to gain a clear picture of “what could go wrong” in each area-a prerequisite to understanding your company’s risks and designing effective internal controls. Deploying internal controls: What private companies can learn from public entitiesĭesigning and implementing internal controls is a multistep process.
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