Posted on 11/14/2019 2:47 PM By Sari Maritzer
In recent years, a spate of mergers across Canada has allowed Local Distribution Companies (LDC) to cut costs, improve service to local communities and drive operational efficiencies. To unlock the full value of a merger, however, the merging companies need to integrate their processes—and that starts by standardizing their internal controls.
Without a streamlined internal controls environment, employees may struggle to understand which processes to follow, which can heighten enterprise risk—especially if key activities fall through the cracks. To mitigate these risks, LDCs may want to begin by automating their controls. In addition to reducing the errors associated with manual processes, automation typically delivers significant efficiencies, including speeding up routine processes while minimizing the unsanctioned workarounds that sometimes lead to fraud.
At the same time, it’s important to recognize that this isn’t a “once and done” exercise. To keep pace in a ...