31 Days to a More Effective Compliance Program - Implementing internal controls

Thomas Fox
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Next, I consider some ways in which a compliance professional can work to implement internal controls in a multi-national organization. The first step is to convert your company’s compliance risks into internal control objectives. The internal control objectives are then given to each business unit with instructions to develop controls, which meet the objectives. This process should allow more of a fine-tuning approach within existing systems than the development of specific controls by corporate which all business units must adopt See more +
Next, I consider some ways in which a compliance professional can work to implement internal controls in a multi-national organization. The first step is to convert your company’s compliance risks into internal control objectives. The internal control objectives are then given to each business unit with instructions to develop controls, which meet the objectives. This process should allow more of a fine-tuning approach within existing systems than the development of specific controls by corporate which all business units must adopt and will give the business unit a sense of buy-in and participation in the process.

Three key takeaways:

1. Convert your compliance risks into internal control objectives.

2. As with many components of a best practices compliance program, tone at the top is critical.

3. If you receive pushback from the business folks, always remember, good internal controls make for a better, more efficient and more profitable business. See less -

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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