Keeping control of your business when cash is king

As financial markets become tighter and funds more scarce, companies can struggle to keep control of their financial systems. A breakdown in controls can cost a lot of money to rectify and damage your company’s reputation, if not the very survival of the company itself.

You cannot anticipate every risk that arises but you can position yourself on a solid controls platform from which to manage your business in an effective and efficient way, with a controls environment which can help you identify and address risks as they emerge.

An organisation with controls embedded within its processes and operations is not only compliant with regulations, but it can predict and deliver performance more reliably and manage its ever-changing risk landscape with greater speed and certainty.

What can you do to regain control?

1. Take a closer look – is your controls platform good enough? – Do you have the sound controls platform you need to respond effectively to emerging issues and risks?
2. Focus on what really matters – responding to a changing risk profile – The current economic climate brings with it new risks such as increased pressures to protect profit, risk of breach in covenants, risk of fraud etc.
3. Remember ‘cash is king’ – cash management is vital - There has never been a more important time to challenge the controls over cash and related activities in your business.
4. Reliable and timely information is key – The need for reliable information to make timely decisions is critical, now more than ever.
5. The right controls at the right costs – Establishing a sustainable control environment in which to operate is essential.