Optimising financial processes

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Survey exposes ICFR / SOX challenges ahead…

According to a Deloitte survey, the significant challenges in ICFR / SOX compliance are accelerating.

We are seeing this also in our work with global businesses;

  • End-to-end process transformation is exposing financial risk in new ways.
  • The new “hub and spoke” digital application landscape is creating new requirements for risk management and control, both financial and operational.

The survey observes. . .

  • 69% of companies report significant deficiencies in their past two financial years.
  • 15% of companies report material weaknesses in their past two financial years.
  • Automated controls are rarely higher than 25% of the controls landscape in global businesses.
  • Approximately 70% of controls remain detective in nature.

It also reveals two key areas where skills need enhancing. . .

  1. Intimate, practical understanding of the enterprise business processes 
  2. A broad and deep understanding of analytics, GRC and control focused technologies

I have highlighted just 4 of the key research findings in this Deloitte report, there’s definitely some more food for thought…

You can read the one page management summary and the full survey results here