Assessing Payroll Risks

Assessing Payroll Risks

Given the current framework of constantly changing threats, increasing regulations, data protection and challenging global megatrends, such considerations are becoming increasingly vital.??

To tackle them effectively, it is necessary to understand the four main areas involved in security management - people, processes, technology, and compliance.?

Key Questions to ask yourself:?

· Are processes properly documented??

· Are roles and system access defined/segregated??

· Have skills and competencies been assessed recently??

· Has a risk assessment of the IT landscape been carried out recently??

People are...?

Simultaneously the greatest strength and weakness in a company.?

Well-trained, motivated employees are a great asset, whilst unsupported employees can prove to be exactly the opposite.?

As a result, it is important to ensure that every role with access to data has their responsibilities and accountabilities clearly laid out, documented, and agreed.??

Processes are...?

Crucial in terms of quality to ensure that actions are documented from end to end.??

They provide an accurate view of the impact of any potential changes introduced, and where and whom they would affect.?

Bear in mind, that security measures should always be proportionate and never prevent users from actually doing their jobs.?

Technology is...?

Key in terms of removing manual effort and human error. Review the quality of automated processes and controls to ensure you are not automating bad ones.?

Be aware of how payroll systems link to other systems such as HR and Finance.?

Consider whether security and levels match the appetite for risk and if they are being appropriately protected and updated.?

Compliance is...?

Country or industry-specific, there may be a need to comply with certain standards relating to income tax, pensions, or benefits when processing payroll.?

Laws do not just cover data processing, they also cover data retention, protection, and accuracy.??

Maintain accurate records, keep data safe and securely destroy it when appropriate.?

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