Employees need to undergo training on compliance. The training is important as it involves imparting of knowledge regarding the rules, regulations and legalities that these employees need to accede. But the common practice is that the staff often put up deaf ears to such mandates. Such a thing decreases operational efficiency thus putting the organization at risk. Top digital marketing companies in Kolkata suggests adoptable measures to counterfeit this problem.
- Practical automation technologies are required to be implemented. It enables gathering data for multiple applications across the organization. Application of genuine algorithms helps identification of appropriate population the data would help for transactional and control testing. Adoption of the method helps the organization gain assurance of mass data in place of sample transactions and controls.
- Continuous monitoring of key risks and control processes ensures accuracy over processing of transactions. This also facilitates monitoring of exceptions as and when felt required. Risk officers can minimize the risks of error and frauds as they can take measures as an immediate effect.
- Critical transactions can be monitored continuously. It helps in managing process compliance thereby reducing the fear of financial losses. It also helps in keeping up the level of reputation.
- Fraud risks can be assessed and measures can be adopted to manage fraud. Risk officers will be at a position to test anti-fraud controls in a continuous process. This is also helpful in identifying fraudulent transactions and embracing corrective actions.
- Identification and implementation of automated controls will provide dual benefits. This will help in reducing effort and provide strong control environment. Compliance is made possible even with a single checking when there is scope to execute automated control.
- GRC technology solutions may also be applied to provide access rights in line with the company policy. It will also be helpful in minimizing instances of conflicting rights that could be provided to a single user.
- Cyber-security threats can be assessed and addressed by implementing strong policies and processes. It may help in increasing awareness across items. The entire processes should be subjected to continuous audit in order to check the effectiveness of policies and processes.