Don’t let a lack of information and visibility leave your organization open to compliance problems. While often left until the end of core financial close processes, having a solid compliance framework is crucial for every Office of Finance. Without an effective control process in place, organizations may experience far-reaching consequences from reporting and auditing.
5 Questions for Evaluating Your Compliance Framework
No matter your journey, it’s time for the next step: analyzing your compliance framework. Once you have visibility into your pain points, you can work toward building speed and accuracy in your financial processes. Before we go any further, let’s consider these five key questions:
- Does your company have clear financial policies in place?
- Are your IT controls updated and effective?
- Are your company’s legal and ethical principles evident in your daily processes?
- Are your company’s employees aware of their role in the overall control process?
- Are standardized operating procedures being implemented?
Download the Compliance Framework infographic to explore this resource in detail.
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