The Importance of the Internal Control Specialist in the Compliance and Corporate Governance Process
In order for corporate
governance to exist, it is essential that the company has in place a structured
risk management process, which in it turns require an effective internal control
system.
Managers are primarily
responsible for the success of corporative governance process, however, because
of the complexity in the corporate environment, he needs a specialized
professional to assist in modeling, evaluating and maintaining the risk and
internal control system.
The Internal Control Specialist
has the knowledge, skill and competence to evaluate business cycles, with a
view to the dynamics of operational cash generation; to modeling new
transaction processes and its internal controls based on risk and also, in the
maintenance of risk management processes in all of its level.
An assessment of risk-based
processes and controls allows the organization to direct its resources to what
really matters in its pursuit of strategic objectives, thus optimizing the
working capital applied in its management structure.
There is a lot of talk
about compliance today, but we must not forget that the process of monitoring
whether the transactions and / or decisions are in compliance with the
guidelines is through the internal control system.
Without an effective system
of internal controls there is no complete compliance process.
The Internal Control Specialist
assists managers in meeting their responsibilities in managing the risks of the
processes for which they are responsible, in maintaining an economic system of
internal controls in response to these risks, and also in maintaining a
supportive control environment.
This specialist goes beyond
the assessment of the present situation, he, with a vision of the future,
assists the management in the adequacy of the operational processes, in order
helps the company maintains its competitive advantage, in a sustainable way, in
the day of tomorrow.
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