Is striving for perfection holding us back? It is widely acknowledged that it is virtually impossible to guarantee financial statements are 100% accurate, nor is it required. Yet, Financial Services firms continue to spend millions in their quest for control, and many still fall short of the requirements. So we find ourselves asking; “when does the cost outweigh the benefit?”
The Financial Services sector has seen many years of investment with the aim of achieving a more stable control environment. However, increased business complexity, greater scrutiny on data and reported metrics, as well as ever-evolving regulations has led us to question whether Finance’s current approach to controls is working and or sustainable in the long run.
Over the course of this blog series, we will explore the impact of market and regulatory developments that present opportunities for a new wave of controls thinking which seeks to better weigh up the cost versus benefit of control; significantly reducing reliance on downstream control activities, releasing capacity across processes and ultimately enabling risk to be mitigated in a more effective, efficient and sustainable manner.
