Competitors are first to market with a Researching industry trends, and providing new new service. services to customers is ongoing. Competitors find new ways of delivery Reviewing mode of service delivery to ensure their services to customers that is more services are provided efficiently and cost cost effective compared to the way we effectively (Audits Register). provide our services. Investing money in developing new products and services is ongoing. Protection of our organisation’s intellectual property assets by registering them is considered (trademarks, designs, copyright, patents). Continually monitoring competitors, including the prices they charge for same or similar services provided by our organisation. Relates to Fraud / embezzlement. Unqualified staff. Procedures for managing financial processes are specified and available to all staff (Documents Double billing of clients. Inadequate staff induction. with financial and other invested Register). Breach of regulatory / Inadequate supervision or training. management parties not following Induction program for new staff includes financial contractual / standards Inadequate procedures. procedures the organisation’s management procedures. requirements. financial management Inadequate financial management Internal and external audits of financial practices Litigation / legal action. systems. policies and procedures are scheduled (Audits Register). and recognised Loss of reputation and Staff not following organisational Contract with external auditor is managed credibility. accounting standards. policies and procedures. (Contracts Register). Lost time resulting from Inadequate oversight by management. Mandatory and contractual financial requirements the management of are scheduled (Compliance Register). litigation resulting in loss of productivity. External Auditor is an Approved Supplier, and managed (Suppliers Register). All staff are required to report non-conformances in relation to these requirements (Improvement Register).
Competitors are first to market with a new service. Competitors find new ways of delivery their services to customers that is more cost effective compared to the way we provide our services. Researching industry trends, and providing new services to customers is ongoing. Reviewing mode of service delivery to ensure services are provided efficiently and cost effectively (Audits Register). Investing money in developing new products and services is ongoing. Protection of our organisation’s intellectual property assets by registering them is considered (trademarks, designs, copyright, patents). Continually monitoring competitors, including the prices they charge for same or similar services provided by our organisation. with financial management procedures Relates to and other invested parties not following the organisation’s financial management policies and procedures and recognised accounting standards. Fraud / embezzlement. Double billing of clients. Breach of regulatory / contractual / standards requirements. Litigation / legal action. Loss of reputation and credibility. Lost time resulting from the management of litigation resulting in loss of productivity. Unqualified staff. Inadequate staff induction. Inadequate supervision or training. Inadequate procedures. Inadequate financial management systems. Staff not following organisational policies and procedures. Inadequate oversight by management. Procedures for managing financial processes are specified and available to all staff (Documents Register). Induction program for new staff includes financial management procedures. Internal and external audits of financial practices are scheduled (Audits Register). Contract with external auditor is managed (Contracts Register). Mandatory and contractual financial requirements are scheduled (Compliance Register). External Auditor is an Approved Supplier, and managed (Suppliers Register). All staff are required to report non-conformances in relation to these requirements (Improvement Register).