A few months ago, I ran a survey on the top challenges of internal control professionals within my professional network around the globe.
Three of the top challenges reported were a “lack of understanding of the importance of internal controls”, a “lack of understanding by the management of their risks and controls responsibilities” and “finding win-win solutions”.
We, as internal control professionals, know that implementing sounding controls is vital to mitigate risks and ultimately to ensure that companies thrive.
We are also clear that we are facilitators of the risk management process and that the ultimate responsibility of managing company risks lies with the process owners and control owners.
But the challenge is to explain these concepts in a way that not only is understood by the business, but it also prompts them to take concrete actions towards managing risks.
So, how to effectively explain the importance of internal controls?
What can we do to reach win-win solutions?
Today Marcel Scholte talks precisely about that.
Marcel has 30 years of experience in the world of risks, controls and audit and held a variety of roles in the GRC field: from senior positions in multinational companies to opening his own consultancy company, InControl.
In today’s episode, Marcel shares:
- his top tips on how to explain why internal controls are vital
- an easy technique you can use to be persuasive when explaining the importance of internal controls
- how to explain to management their responsibility on risks and controls
- the most effective thing you can do to reach win-win solutions
Watch the episode NOW – and learn how to explain internal controls and reach win-win solutions.
Now, we would love to hear about your experience!
Based on your experience, what are the most effective ways to explain the importance of internal controls?
Do you have any tips to share on how to be persuasive in doing so?
Think back to a time when you were able to find a win-win solution. How did you achieve it?
Leave a comment below and let us know. Your experience might help other internal control professionals to improve the way the explain internal controls and reach win-win solutions.