According to our study conducted in partnership with the polling firm Selvitys, 9 out of 10 professionals say they have an internal process to fight fraud. By putting in place robust procedures and supervisory mechanisms, businesses can strengthen their financial and operational security. But what exactly do we call internal control? What are the essential steps for successful internal control? We take stock with you in this article.
To find out more about our study with Selvitys: our anti-fraud investigations
Internal control plays a crucial role in businesses. This system is based on rigorous standards. and allows you toIdentify potential risks associated with non-compliance with internal procedures.
In large companies, it is often managed by the department ofinternal audit while in smaller organizations, this is often an individual dedicated to this position.
We therefore call internal control the Definition of rules to follow, the setting up control systems And the verifying their application And of their effectiveness.
The objective is to ensure that the organization respects:
The whole thing? In order to master the management of its risks!
Need to learn more about setting up an anti-fraud project: How do you sell a documentary anti-fraud project internally?
Example:
For example, poor expense management can affect bookkeeping of a company, but also its solvency And her legitimacy.
With standards-based internal control, the organization reduces the risks to which it is exposed as a business.
It is important to note that with The evolution of technologies And the digitalization of working methods, internal control must adapt to monitor new risks. The challenge is now high for companies: they must secure their organization to support their overall performance and development.
Internal control starts with the implementation of a structured approach adapted to the specific challenges of the organization. Whether it is a large listed company or an SME, each organization must analyze its resources.
How should she do it?
The business can start with Define responsibilities. Once this has been decided, it can adapt control systems to the size, nature and activity of its organization.
After defining the framework of your business, you need to assess the risks your organization faces and set up a action plan.
In this action plan, do not forget to include:
That's it, is your strategy in place? Now it's time to rely on the operational teams to deploy devices within your business.
For your internal control to be most effective, it is essential that each employee understands and applies the control mechanisms. So the most important thing will be the communication And the cooperation between teams.
For more information: set up an internal anti-fraud unit
As a business, you face a variety of risks. To better understand them, it is important to know them and to become aware of them. These risks can be:
Successful internal control must adapt continuously to respond to changing risks.
It is therefore crucial to regularly check the compliance of control procedures with the initial objectives. This reassessment ensures that the devices remain relevant in a constantly changing environment.
The aim? Responding to changing risks, follow the constraints of the field And the new regulatory requirements.
Effective internal control should extend to all departments in a company. Faced with digitalization and the digital age, it is becoming necessary to automate controls.
To successfully automate internal control, businesses can integrate control and compliance tools. These cutting-edge technologies, supported by artificial intelligence, allow continuous monitoring of financial transactions and operational processes.
Thanks to these systems, anomalies and deviations are immediately detected. They not only ensure the securing financial flows, but also a optimization of internal audits.
This automation offers financial managers several advantages:
To continue reading on the subject: 7 signs that indicate the need for a counterfeit document detection solution
To achieve the goals set by internal control and thus optimize their risk management, companies can use softwares Or SaaS solutions.
In this context, Finovox offers an advanced solution based on artificial intelligence combined with mathematical algorithms. The aim? Offer a tool capable of continuously monitor internal processes businesses, identify anomalies in real time And so reduce risks linked to human errors.
In addition to detecting fraud, the Finovox solution is also designed to be easily integrated into existing systems. We thus ensure a smooth transition to automated management internal control.
By investing in such tools, businesses reinforce their safety, but they also optimize their resources by freeing up time for tasks with higher added value.
Thanks to Finovox, internal control is not only becoming safer, but also more effective and profitable. Want to learn more? Contact our experts!
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