Creating an agile control environment
The impact of tighter internal controls on a company’s bottom line is all too easily overlooked.
Despite controls often being inefficient, or misplaced, many companies have simply not taken the time to rethink their controls as the business has developed. But as pressures from rivals, customers and stakeholders mount, there is growing urgency for action.
Furthermore, businesses must now accept that the control regimes in which they operate won’t be shrinking soon. If there is to be no respite on controls, companies must work far harder with the systems they use to ensure compliance.
Working with colleagues such as the CFO and CRO, the COO is well placed to support risk, control and compliance issues. As the executive with overall responsibility for ensuring that company processes offer the best chance of profitable growth, the COO is accountable.