Cycle time in calendar days (including weekends) from the identification of a control violation until the violation is reported/communicated to the control or process owner

This measure calculates the number of calendar days (including weekends) that elapse from the identification of a control violation until the violation is reported/communicated to the control or process owner. Control violations here pertain to financial reporting/accounting and/or relate to security of or access to financial records. It is part of a set of Cycle Time measures that help companies analyze the duration from beginning to end of the "operate controls and monitor compliance with internal controls policies and procedures" process, which incorporates planning, management, operations, and monitoring of internal control mechanism policies and procedures in order to manage internal controls.

Benchmark Data

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Measure Category:
Cycle Time
Measure Id:
100144
Total Sample Size:
379 All Companies
Performers:
25th
– Median
– 75th
–
Key Performance
Indicator:
Yes

Compute this Measure

Units for this measure are days.

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Cycle time in calendar days (including weekends) from the identification of a control violation until the violation is reported/communicated to the control or process owner

Key Terms

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Cycle Time

Cycle time is the total time from the beginning of the process to the end. This includes both time spent actually performing the process and time spent waiting to move forward.

Median

The metric value which represents the 50th percentile of a peer group. This could also be communicated as the metric value where half of the peer group sample shows lower performance than the expressed metric value or half of the peer group sample shows higher performance than the expressed metric value.

Measure Scope

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Cross Industry (7.3.0)

  • 9.8.2.1 - Design and implement control activities (10917) - Defining and executing policies, procedures, techniques, and mechanisms and actions taken to minimize risk.
  • 9.8.2.2 - Monitor control effectiveness (10918) - Overseeing the activities for internal controls. Observe the effectiveness of policies, procedures, techniques, and mechanisms actions taken to minimize risk.
  • 9.8.2.3 - Remediate control deficiencies (10919) - Taking corrective measures for policies, procedures, techniques, and mechanisms actions taken to minimize risk. (Conduct in accordance with Monitor control effectiveness [10918] in order to determine and rectify the control deficiencies.)
  • 9.8.2.4 - Create compliance function (10920) - Developing a compliance function for internal controls. Monitor trading activity. Avoid conflicts of interest. Safeguard compliance with guidelines at brokerage houses. Avoid money laundering and potential tax evasion.
  • 9.8.2.5 - Operate compliance function (10921) - Administering operational activities of a compliance function.
  • 9.8.2.6 - Implement and maintain controls-related enabling technologies and tools (10922) - Implementing and maintaining the compliance technological systems or equipment that are control-enabled.