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Ready for strategic risk management? Start with our interactive SOD matrix

July 28, 2023 Article 1 min read
Jack Kristan Amanda Carrigan Bryan O’Neill Caroline Smythe
Significant accounting processes are prime targets for top business risks, including fraud and noncompliance. Take control with our interactive segregation of duties matrix for cash disbursements, procurement, and payroll.
Group of business professionals discussing segregation of duties.Segregation of duties (SOD) is a critical foundational concept for the accounting function of any business, whether it’s privately held or publicly traded. While that’s not exactly breaking news, that doesn’t mean organizations can afford to be complacent when it comes to SOD. In fact, given the variety of emerging risks — such as cyberthreats, supply chain disruption, economic volatility, and more — it’s especially timely to make sure you have proper SOD and compensating controls in place.

Taking a fresh look at your current risk and control environment, at a holistic organizational level, is a large undertaking. That’s why we recommend starting with your most critical accounting processes, including those related to cash disbursements, procurement, and payroll. Without the proper SOD or controls, these areas are ripe for threats like unauthorized transactions, misappropriation of funds, and fraud — all of which could have steep negative consequences at both a business and personal level.

Our interactive SOD matrix will:

  • Give you a sense of incompatible duties that may be present and potential compensating controls for cash disbursements, procurement, and payroll.
  • Walk you through the top questions you and your team should ask and answer on a regular basis as your organization grows or changes over time (e.g., when new technologies are implemented, when new staff are hired, when core processes are streamlined, etc.)
  • Highlight the key areas you should address now to reduce risk, based on your responses.

Level up your risk management strategy and opportunities with an external review

After performing your internal review, don’t stop there: stay proactive in assessing your control environment and then update your business practices accordingly. This is where a professional advisor can add substantial value. In addition to peace of mind, an external consultant can provide practical solutions or opportunities that are scalable to your organization, even if you have headcount or budget limitations.

If you’d like to discuss your results, don’t hesitate to contact us. We’d love to continue the conversation and share how our team can help your organization achieve SOD and manage risk strategically.

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