ABB - Tri Risk

CHALLENGE

ABB operates its Internal Control Framework in line with the COSO Integrated Framework and SOX 404 regulations. Deloitte & Touche LLP (DTT) was charged with reviewing >5K internal controls across 7 key processes (R2R, O2C, P2P, H2R, Tax, TR, ITGC) in >37 locations globally. As SOX Testing Lead, I coordinated remote and on-site evaluations in diverse regions, including Switzerland, Sweden, KSA, UAE, Argentina, USA, and Mexico. I oversaw 3 SOX teams totaling 45 Auditors and Analysts based in Switzerland, India, and Bosnia Herzegovina. We rigorously tested >350 process-level controls within P2P, O2C, R2R, and ITGC to boost control process efficiency for ABB’s group finance and business process owners.

APPROACH AND RESULTS

Identified and Addressed Deficiencies: Uncovered design and operational control weaknesses in 40% of evaluated controls, pinpointing 270 deficiencies – 25% of which were significant. This discovery initiated a thorough revision of ABB’s internal control documentation and procedures.

Implemented Remediation Strategies: Developed and executed corrective measures for key deficiencies, strengthening ABB’s compliance with regulations and enhancing fraud risk management. This reinforced the company’s internal control structure.

Advised on Compliance and Risk Management: Offered guidance on US-GAAP and SOX compliance, promoting a culture of strategic risk management and compliance across various departments.

TESTIMONIAL

“ABB engaged Deloitte to conduct the testing of internal controls worldwide: My interaction – as Business Process Owner – with Constantine occurred within the context of Management Testing of Internal Controls in accordance SOX 404. The breadth of Constantine’s audit & compliance and finance experience, coupled with his strong business acumen, earned him respect and appreciation in our organisation. Constantine demonstrated empathy towards his customers while remaining focused on finding solutions to challenges that emerged from his assignment. It was a pleasure to work with him.”

Tomas Andersson, Regional Division Controller, Large Motors & Generators Regional Division Controller, Large Motors,  Generators, ABB