In this issue: +++ Internal Auditors Move Towards Continuous Monitoring +++ Fraud, Waste and Error: Hope Is Not A Strategy +++ Webcast: The BP Experience – Foundation Stones of the P2P GPO +++ 5 Priorities for Shared Services Leaders in 2017 +++
As technological advances make it easier to provide more timely information, it is encouraging to hear that a recent survey found that 40% of internal auditors said they are now using a combination of continuous and annual risk assessment processes and more than half expect to be moving to this combination style of assessment within the next two years.
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Fraud, waste and error are not going away. In many respects, they are getting worse due to unrelenting pace of change in processes, systems and technology. The most diligent manual reviews and reconciliations simply cannot completely eliminate fraud, and significant exposures can occur at any company, regardless of size. It is time that ‘I hope so’ is no longer the response to the management question ‘are our SoD risks effectively managed?’
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Global Proccess Ownership (GPO) is the ‘role de jour’ of the transformational business. As in school, “everyone is talking about it, a few people are doing it, but no-one is doing it very well”. Purchase to Pay (P2P) represents the lowest hanging fruit for any organisation to drive value in hard cash terms. But it is not an easy road.
Dan French of Consider and Mark Miles, former P2P Director at BP share experiences and insights and offer guidance for the S2P/P2P Journey.
After attending the Shared Services Leaders’ Summit, we wanted to share the five priorities that need to be embraced for success in a changing landscape. They provide food for thought and include perspectives on leadership, scope, process, technology (including RPA and Machine Learning) and talent, with case studies from global businesses.
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