4.1.3. Efforts to meet new regulatory requirements
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Compliance Challenge
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Strategy
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Enabler
|
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CEOs and CFOs must personally certify Financial reports
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Provide complete and accurate information with confidence
- Access information in real-time to proactively address issues
that may arise
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Visibility
-Setup transparent integrated
processes across the enterprise -Enable executives to access
relevant and timely information
|
|
Disclosure of internal controls and processes for Financial
Reporting; Auditors must verify Adequacy
|
Setup better controls that work
and enable regulatory
compliance
Make audits easy, fast, and effective
|
Control
- Establish centralised internal audit processes and controls
across the enterprise that are documented, secure, and easily accessible
- Train employees and monitor skills to maximize compliance with
policies
and procedures
|
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Aggressive deadlines for Financial reporting
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Close books quicker
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Efficiency
- Roll up and reconcile financial data quickly and accurately
- Implement centralised, low cost, error-reducing processes as
a
backbone to ensuring consistent, error-free data across the
enterprise
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4.1.3.1. Visibility
Enterprise visibility is imperative to give you immediate
access to high-quality business information. In most companies, the best
information executives have about the state of their business comes from the
close of the preceding quarter. However, without access to the current state of
your business, you risk making decisions that solve yesterday's problems, not
today's. To exercise good governance and meet regulatory demands, you need
access to timely, relevant, and accurate information across your organization.
Only a business system with a complete set of integrated business intelligence
and analytics can provide managers with continuous, current, customised
information about their business which can enable them to:
- Access a complete and accurate view of financial data for
quicker reporting and meaningful disclosure.
- View global enterprise information that is timely, relevant,
consistent, and available in realtime. Obtain a complete view of your business
with global information from a single source of truth.
4.1.3.2. Control
Enterprise control is necessary to accurately provide
information based on standardised processes and procedures. With effective
control, you can avoid careless accounting actices, enable compliance through
documented business practices and procedures, implement your vision and
business strategies, and find and fix discrepancies proactively. To control
your enterprise more effectively, you need to centralise and secure policies,
processes, and procedures across your organisation. Business systems can help
you streamline the transparency of policies and procedures,
enforce them, reduce the risk of malfeasance and errors, and
improve confidence in your business data:
Support the audit department in enforcing corporate compliance
with documented policies and procedures, risk and process control management,
visibility to business process workflow, and improved project management.
Keep your employees informed - document and track critical
business processes, determine workflow, and develop and deploy applicable
training to ensure compliance. Manage and document corporate communications and
data with an integrated suite of enterprise level applications that focus on
managing all of the communications between individuals and teams, the content
they create, as well as the information for supporting them.
Centralise and automate processes and controls for information
consistency. Eliminate duplicate processes, reduce overhead, and cut costs.
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