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Why is governance and compliance important for effective financial management?
Governance, risk and compliance for effective financial management can lead an organization to success if used appropriately. This approach promotes educated decision-making, which can aid in reducing risk and the prevention of reputational and financial losses.
Effective financial management necessitates good governance, which encompasses the development and implementation of unambiguous policies, procedures, and guidelines for financial management, and their consistent adherence. This also entails the establishment of a robust internal control system to oversee and manage financial activities while averting fraudulent practices, mistakes, and the misuse of funds. Moreover, a reliable system of checks and balances is crucial to guarantee that financial decisions are made objectively and autonomously.
In contrast, compliance pertains to following applicable laws, regulations, and industry norms that govern financial activities. Compliance ensures that organizations are well-informed about their legal and regulatory duties and are implementing measures to fulfill them. It also serves to safeguard organizations against legal and financial sanctions, harm to their reputation, and the loss of business prospects.