May 30, 2024

Let’s be honest – having rock-solid internal controls isn’t just a box to tick for compliance. It’s the backbone that keeps your operations running smoothly and your assets protected. But we all know how easily things can slip through the cracks. Lack of segregated duties, absent or weak monitoring mechanisms, poor documentation practices, and fragmented communication can all leave a company unnecessarily vulnerable to human error, fraud, compliance breaches, and a loss of credibility.

Forward-thinking leaders understand that high-performing internal controls are a potent competitive advantage, not a burden.

Organizations should develop applications or policies that should cater to the following key features:

  • The system should maintain Segregation of Duties (SOD) and only the relevant data should be visible/updatable to the stakeholders.
  • It should support multi-level authentication.
  • An audit trail should be readily available for every transaction, and it should be tamper-proof and easily accessible.
  • There should be a single system of truth, ensuring that every stakeholder can view the same status.

By Sankaran Krishnan,
Assistant Vice President- Delivery,
Path Infotech

Organizations can deliver that trusted stamp of quality from the inside out by hardwiring robust internal controls into their corporate DNA. Those who masterfully design, implement, and automate internal controls will outpace competitors who muddle through with antiquated, haphazard procedures.

Imagine a future where your operations run like a well-oiled machine, with seamless segregation of duties, airtight monitoring mechanisms, and impeccable documentation practices. A future where every transaction leaves an immutable audit trail, ensuring transparency and accountability. A future where a single, unified system of truth empowers stakeholders with real-time visibility and eliminates fragmented communication.

This future is within reach, but only for those who recognize the urgency of investing in intelligent, integrated internal controls. It’s not just an expense – it’s a strategic investment in long-term success, sustained growth, and unwavering stakeholder confidence.

Disclaimer: The content presented in this blog post is sourced from Sankaran Krishnan’s original LinkedIn blog. To read the full blog click here.