Managing Risk Through Financial Processes Embedding Governance, Risk And Compliance
Source: Economist Intelligence Unit
Most companies have tried at some point to automate and streamline financial processes. But these initiatives often focus more on reducing costs than on adding value. This may be a mistake. The most valuable processes do not simply stream money and data between different functions, departments and business entities; they also feed reports, tests and controls that help managers become more proactive. Are sensitive transaction processes properly segregated and monitored? How flawless is the revenue recognition process? Will business decisions still make sense after a spike in oil prices, a bank failure or a drop in demand?