Controls help them do just that. Controls are the lifeblood of a company. Whether it’s how your data is backed up, how suppliers are identified and paid, or how expenses are approved, those Controls can be difficult to implement and maintain when your company is in constant flux or acquiring new companies who have different or less mature Controls environments or finance systems. The company was already very-forward thinking in its approach to a Controls program. However, with a range of beauty, well-being and personal care; food, home care and other products – plus the acquisition of 20 new companies over the last five years – the task at hand was becoming more and more complex. It found that its various businesses were working in silos and that what it was actually creating were piecemeal frameworks, technologies and approaches which solved or answered the current risks or regulations, but didn’t give it a centralised risk overview for it to monitor its Controls more effectively.
Partnering with Deloitte, the company sought to move to the Future of Controls: creating an integrated controls framework, bringing greater efficiency and automation. Before embarking on the journey, senior leadership and other stakeholders at the organisation needed to see the value of it, and why the status quo wouldn’t serve the business well over the long-term. Deloitte helped them build a case for change identifying the opportunities for positive change. Clear success criteria were outlined for the programme based on goals the organisation wanted to achieve.