Identify Objectives: The first step is to identify the strategic, operational, and financial objectives of the business. This provides a framework for developing relevant controls. Assess Risks: Conduct a risk assessment to identify potential threats to achieving these objectives. This helps in prioritizing the controls that need to be implemented. Design Controls: Develop specific controls to mitigate the identified risks. This could involve developing new processes, implementing new technologies, or enhancing existing procedures. Implement Controls: Once designed, the controls need to be implemented. This involves training employees, deploying technologies, and integrating the controls into daily operations. Monitor and Review: Continuously monitor the effectiveness of the controls and make necessary adjustments. Regular audits and reviews are essential to ensure that the controls remain effective.