Processes and Controls
Robust processes and effective controls are the backbone of sustainable growth, ensuring every action is consistent, compliant, and aligned with business goals.
How can your business grow without you?
Internal Financial Controls
Regardless of whether a company qualifies to mandatorily carry out IFCR, we recommend every growth-aspiring organization to develop internal controls. This involves identifying processes, risks involved, building strategy for mitigation of the identified risks, and developing controls for the same. The first step towards this involves creating a Risk-Control Matrix (RCM).
How can you ensure your business has no gaps?
Internal Audit
Once the IFC Framework is ready, the next step is to test IFC Controls and report exceptions. A typical internal audit is portrayed as routine vouching carried out on a monthly basis. However, Internal audit is actually one of the most critical mechanisms that involves testing processes, identifying gaps and offering recommendations which may be automation, delegation or segregation.