Internal Controls for Better Compliance
Internal Controls are Critical to Maintaining Organizational Compliance Programs
Organizations are tasked with providing proper preventative and detective internal controls and control procedures for organizational operations to ensure all corporate compliance obligations are met and to maintain the integrity of financial information. Executives and compliance teams must institute and maintain effective corporate compliance programs, including promoting a heightened awareness of compliance issues including data security, financial regulations (internal and external), accounting practices, human resources, legal requirements and more.
Any time there is an opportunity to make procedures more compliant using workflow systems, they should be considered. In many cases, simply applying a workflow system to an existing procedure drastically increases the likelihood of those procedures being compliant. We'll cover how this occurs in a later section. In addition, auditing capabilities ensure that all activities are documented and time stamped with who, what, when and why.
An internal control a process for consistently meeting organizational goals for operational effectiveness and efficiency, accurate reporting, and compliance with laws, regulations and policies. While often referred to in a financial setting, internal controls are used across all horizontals within an organization from finance to IT to marketing.
There are several internal control mechanisms that need to be in place for effective compliance:
Companies often employ workflow automation to provide a framework for processes in need of internal controls. Workflow automation provides consistent control procedures, checkpoints, approvals, and structure that force process users to comply with established rules. As a process user moves through a process, internal controls govern the information provided, when a process can proceed (if requirements are met), when a part of a process requires review, etc. The process works the same for everyone, ensuring consistency.
No matter the platform, Integrify can help improve and streamline your business workflow.
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