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If the core responsibility of the board is to generally oversee and advise management and to represent the interests of stakeholders, then it is management's responsibility to handle most of the company’s day-to-day operating decisions, albeit with the board’s participation and approval for major strategic issues.
Simple reliance on best efforts is now no longer enough and the onus is to demonstrate robust and ongoing systems control.
They need to identify the key risks and put controls in place to manage these.
They need to ensure that the information they report is complete and accurate and reflects a true picture of the state of the business.
From the top down they need to be aware of any compliance deficiencies, and need to be able to initiate corrective action - such as strengthening internal controls - as soon as possible. Speed is now becoming an important factor in their management mix.
For management the Categoric solution provides:
- Help to the business to automatically and immediately respond when problems occur
- potential problems such as control deficiencies or enhanced risk levels or moving out of operational tolerance zones
- Initiation of predetermined mitigating activities
- Automated logging and reporting of actions
- Automation of manual controls and control activities
- Greater assurance in the effectiveness of the businesses control mechanisms
- The opportunity to coordinate decision-making and risk mitigation processes across functional and geographic silos
- Potential operational benefits as a "spin off" from re-using compliance spending
- The ability to meet immediate tactical requirements while providing the scalability to meet holistic enterprise needs
- A solution that non-technical personnel can use with a minimum of training
- The opportunity to articulate and demonstrate control and best practise to their stakeholders
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