If you’re not already automating your internal controls, you should be.
The cost of the technology has come way down, while its capabilities have increased. Advanced controls automation is now accessible even to smaller organizations, and the return on investment is high, says Perry D. Wiggins, CFO of APQC, in a recent article in CFO. Automation not only effectively pinpoints risk, it can free your team to focus on high-value work while providing detailed information and analysis to help you better understand many aspects of your business, he writes.
Organizations with a higher percentage of automated internal controls have better safeguards in place to protect their corporate assets and lower the risk of fraud, APQC finds. For this month’s metric, we focus on the percent of primary controls that are automated, as reported in APQC’s Internal Controls survey in June 2018. The survey collected input from 89 business entities.