Is your control environment costing too much?
Leading organizations demand agility and efficiency to support rather than hinder their growth aspirations.
The typical control and compliance environment is complex, inflexible and expensive, reflecting layers created to meet the needs of multiple stakeholders.
Organizations have typically made adjustments and adopted certain tactics to improve performance.
In some cases these adjustments have created new challenges that impact the risk landscape and the controls that are needed:
- Mergers, acquisitions and divestitures that have not fully been integrated from a management reporting and operations perspective
- Financial operations that have been excluded from cost-savings efforts because the cost reductions could not be quantified and therefore the impact of such efforts could not be measured
- Organizations that have existing ERP systems have not fully leveraged them to respond to the new risk landscape
- Fundamental organizational changes such as off-shoring or shared services or changes in personnel that have introduced inefficiencies or weaknesses in the effectiveness of existing controls
- Misstatements in financial reporting that have arisen from an inadequate control environment
- IT systems that have not been successfully assessed for new business risks, or that have not implemented appropriate controls when adapting to organizational changes
- SOX controls rationalization that has met with limited success.
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