4 Steps to a Holistic Risk Management Framework
How Confident are you in your Financial Controls?
One of the most critical pieces of the financial close is an organization’s comprehensive controls and compliance framework. The effectiveness of an organization’s compliance framework depends entirely on the organization, its tools and the processes they’ve implemented towards their compliance considerations.
The Office of Finance has typically relied on tools such as spreadsheets and manual processes for financial reporting and risk management. These manual workflows create fragmented financial close operations and ERP (Enterprise Resource Planning) environments that compromise data supplying teams with little visibility and transparency into how these processes affect financial data. Finance teams cannot operate with these tools in a digital world with additional complicated risk factors.
To help you jump-start the process with a clear path and guidelines, our tip sheet provides 4 steps to a holistic risk management framework.