Supercars - relation to processes and controls?
If you bought a supercar, wouldn’t you like to fully enjoy it?
Whether that’s on the road sensibly, on a racetrack racing it to top speed or competing to beat the competition, going as fast as you can?
Of course, you would!
?So, what do you need, to be able to do that?
Nice one… So, what does this have to do with work?
Processes and Controls, at your organisation are very much like the supercar scenario above… What? How??
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Location:
Ensuring you have your policies, process and controls documentation, located in an easy to access location allows for reference to these whenever needed and allows for more mobility of the team to keep moving as they know where to access important “know-hows” and to have controls documentation ready for review whenever needed (whether that’s for auditors or your own reference!).
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Different situations:
Ensuring up to date policy and process documentation is key, to help guide teams with knowledge and consistency on dealing with different scenarios from a Finance point of view. Having knowledge and consistency paves the path towards best practice.
Policies and processes must be reviewed at least annually, with any updates (either as part of review or ad hoc) having a clear email audit trail of approval (if changes are significant).
Good mechanics giving us confidence:
Having a mature control environment with a mature internal control environment, provide the organisation with a safety device (like breaks or sensors on a car) and security of knowing that adequate checks are in place, in case the unexpected happens! Having a professionally sceptical and questioning mindset, helps achieve this. Along with having clearly evidenced reviews.
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In short, effective use of processes & controls can Drive growth.
Keeping on track, and ahead of the trailing pack.