As promised we will soon follow our first entry on Segregation of Duties with a case study. But in light of the recent developments a quick guide on legal obligations for business owners may be in order first. With the spread of the #CoronaVirus (COVID-19) companies are obligated to look out for employee safety. We [...]
Segregation of Duties - What is that? Let’s suppose your company runs branch offices or subsidiaries in different locations or even countries around the world. With rising income and expenditure bills security concerns will rise as well. The need for risk management is then due to the widespread nature of the company. Sooner than later [...]
Now have a look at how you can manage to make mandatory SOX-guidelines help your company to profit rather than being hindered by them. Your best option for implementing these guidelines is to set up rules and methods for the verification of financially relevant transactions. That means to incorporate workflows that guarantee adhering to the four-eye-principle [...]
This weeks blog entry: a short introduction to SOX compliance before we continue working our way towards the next video. So: let’s suppose your company runs branch offices or subsidiaries in different locations or even countries around the world. With more and more local headquarters on the way business becomes increasingly complex. And accounting errors [...]
Welcome back! We hope you enjoyed the holiday break. Now let’s continue with something new! Something that concretizes how standardized workflows are worked into a company. As we established last time an example for implementing Third Party Due Diligence as a Shared Service can be the following: customers with questionable motives get sorted out by [...]
Talking about Shared Services always means talking about the simplification of processes. So, let’s do that with our Third-Party Due Diligence (TPDD) topic now. Like established last week, summarizing available customer information prevents possible fraud or product abuse and allows you to identify between credible and non-credible customers. How exactly do you accomplish that? Let’s [...]
Last week our excursion on Corporate Culture treated implicit company rules. We did this because it is essential to what we’re gonna do now: since the basics of SSC are well established at this point, we’re gonna look at the individual work processes and how they fit inside the Shared Service Management. First: Risk Management [...]
In order to successfully implement a shared service center, the concept has to be widely spread. This includes the management level as well as every individual employee. New interfaces emerge, cooperation between the different levels and departments evolves, and everybody has to keep track – at least to a certain extent, in order to make [...]
Like promised last week it’s all about productivity this time. In other words: Which kind of advantages does an SSC offer when used correctly? We already established that the mere implementation of Shared Service Management offers the difficulty of constantly having to compare processes between local headquarters and the SSC. So let’s start this one [...]
Did we change the rational order in which aspects of the Shared Service topic are normally presented to catch your interest? Yes, we did. But don’t worry, we’ll get to the features of a fully functioning SSC – right now! As of now the main aspects of a company’s work on achieving regulatory compliance are [...]
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