Public sector organizations are known for using antiquated practices and technologies, resulting in siloed, disconnected processes and disparate data. Oftentimes, these entities “over-control,” resulting in red tape that brings work to a crawl.
Adding complexity, finance and budget departments tend to divide responsibilities into segments, such as internal audit, enterprise risk management, internal controls, financial reporting, and data analytics—each of which can span individuals, teams, and even departments.
This approach makes it nearly impossible to unify data, define tolerances, or communicate coherent organization-wide governance, risk, and controls (GRC) strategies—making individuals, organizations, and the communities they serve susceptible to unnecessary risk.
So, what is the answer? Systematic, centralized, and transparent processes, enabled by purpose-built, database-driven technologies, for seamless collaboration across an organization.
Systematic, Centralized, Transparent Processes
Purpose-built Database-driven Technologies
When you define and coordinate your organization's objectives, risk appetite, and risk tolerances with a centralized software solution, you ensure that everyone is working with a clear and common purpose. Decide on a unified definition of risk, gauge of risk likelihood and severity, and the level of procedures needed to meet the organization's objectives.
Establishing clear and consistent communication processes prevents things from "slipping through the cracks." And access to real-time reporting provides the information needed to make decisions and ensure identified items are being addressed. Eliminate reliance on potentially overlooked email or forgotten phone calls.
Less manual work means time saved and freedom to focus on high-risk areas. Redundant control testing is a thing of the past.
Once you've reduced the risk of costly errors and oversights, rest in the assurance that your controls are addressing your risks.
The bonus for us was their (FHB's) knowledge and understanding of the internal processes municipalities experience during year-end preparations and the audit. This meant that we didn’t need to spend time explaining how we operate. (read more...)
FHB had a comprehensive understanding of GASB requirements and the process needed to build a compliant report. FHB was able to provide great suggestions as to format as well as ensure we were able to keep the spirit of the report we provided previously. (read more...)
CaseWare represents a huge improvement over our old reporting process. It allows us to be more efficient, eliminating the manual data entry and the opportunity for errors that come with manual processes. (read more...)
FH Black exceeded our expectations. From day 1, their project manager (Darryl Parker) made us believe we were his one and only client. With his deep knowledge in governmental accounting, he had a clear understanding of our practices and challenges. (read more...)