Process and Controls Optimisation
'The value of internal audit to senior executives is like a hidden gem – not always realised for the asset that it is'. – Carmen Abela (Board Chairman at Institute of Internal Auditors Canada)
5 Essential Truths
- Too much control is just as bad as too little control.
- Changing businesses proactively realign processes and controls to unlock value/ protect margins.
- Successful companies maintain the right balance between control and risk to stay agile and competitive.
- Companies are aligning processes and controls to operations and strategy.
- Good controls allows business leaders to be in control of their business.
5 Immediate Check Points
- Do you focus on what must go right or what can go wrong? - What are the critical controls in your business and are they working effectively at any point in time?
- Is your organisation is “getting the basics right” or is a “back to basics” approach required?
- When was the last time your business processes were reviewed to promote efficiency and do you have optimal controls?
- Do you identify indicators that suggest the need to review processes and controls – increased fraud and theft, high staff turnover, wastage, lower than expected profitability, evolving business processes etc.?
- Did you consider the design of process and controls in any new transaction or activity requiring significant spend?