Internal Controls, Policies & SOPs
Effective internal control reduces the risk of asset loss, and helps ensure that plan information is complete and accurate, financial statements are reliable, and the plan’s operations are conducted in accordance with the provisions of applicable laws and regulations, organizational standards, and risk appetite. When internal control is effective, you have reasonable assurance that your plan is achieving its strategic, operational and financial objectives. When it is not effective, you have little or no such assurance. Well defined Policies and SOPs builds an effective internal control environment.
Regardless of your organization’s size, developing formal policies and procedures can make it run much more smoothly and efficiently. They communicate the values and vision of the organization, ensuring employees understand exactly what is expected of them in certain situations.
At Outright, we help Clients to build an effective Policies and SOPs document department and activity wise while incorporating the regulatory, industry standards, and organization specific controls. We also help the Clients to define and execute this Policies & SOPs in the ERPs and systems that the organization use.