Is your control environment costing too much?
Find the balance between cost and risk to improve control efficiency
Our consumer products CFO is one of many global executives questioning the effectiveness of their company's internal controls.
“I feel constrained,” the CFO of a global consumer products company explained. “My control environment is costing me money and it's so darned complex that it makes any adjustments to changes in the competitive landscape slow and cumbersome. There has to be an untapped opportunity to automate and radically simplify.”
Increased reporting requirements, first under regulations such as the Sarbanes-Oxley Act (SOX) and now under the Dodd-Frank Act in the US and IASB regulations in Europe, have forced internal controls functions to do much more.
In the wake of the global recession, these functions are being asked do it with less. Regulators globally are demanding greater accountability, while investors and shareholders are seeking improved performance.
Our series, 5: insights for executives, explores the questions:
| The answers in the issue are supplied by:|
| ||Robert F. Cullen III |
Internal Controls Leader
+1 314 290 1000
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Answers to your questions, at a glance