Future of Financial Control for FI is an informational event focused on the procedures, policies, and means by which an organization monitors and controls the direction, allocation, and use of its financial resources. Financial control is at the heart of resource management and operational efficiency in any organization. Experienced experts from international brands will share their insights on how effective financial controls should be implemented after a thorough analysis of existing policies and their implementation. It is essential for cash management, budgeting, and fraud or theft prevention. Thus, it allows the business to track and monitor its financial activities to grow and prosper.
The Challenge of Building Controls Into an Effective Process
Can a process have the right controls and produce accurate results while also being effective? Sure! Not only is it possible but an efficient process with the right controls is likely to produce more accurate results. Financial institutions are responsible for protecting the integrity of the information collected, analyzed, and reported. From the data used to make lending decisions to deposits in customer accounts to the preparation of financial statements, data accuracy is essential to most banking operations. Internal controls are the systems, policies, procedures, and processes that a bank relies on to operate safely and soundly. It is important to note that while effectiveness and efficiency are not specifically included in an internal audit or regulatory review, they are the first items to be recognized as a primary goal, as an effective and well-thought-out control framework will operate more effectively.
Understanding Financial Controls
Financial controls enable an organization to determine its financial resources' direction, allocation, and use. As a result, the company can make wise spending decisions by maintaining goal-based financial responsibility in line with its current situation and forecast. This strategy involves reviewing the actual performance of the company against the business plan and adjusting policies and procedures to deal with any irregularities or unforeseen changes. In simpler terms, financial control is necessary for the formulation of an organization's strategies and policies. It not only reduces costs but can streamline the entire process, leading to increased profits. Its absence can sow chaos in the system. In general, businesses need to monitor and control their financial resources to achieve their goals. It provides insight into identifying new business opportunities and refining processes to optimize performance while meeting regulatory and industry standards.
Realizing the Future of Checks
Long before the pandemic, the industry adopted digital processes and a mobile banking model. During this adoption, as new technologies are integrated into existing systems, new controls are often implemented in a way that leaves gaps or creates redundancies, leaving many environments with control needs that require special attention. At the same time, the industry faces an increasing focus on non-financial risks. These include security, cybersecurity, reputation, regulatory, environmental, social, and governance risks. In a recent survey, 47% of respondents said their organizations would have an extremely or very high priority to improve ESG risk management over the next two years. (Only 33% of respondents consider their organizations to be extremely or very effective at managing ESG risks.) Now is the time to determine if your controls are still appropriate to manage your organization's risks and take steps to address cost, complexity, and scope issues. microinsurance in a controlled environment.
"Force and fraud are, in war, the two cardinal virtues." — Thomas Hobbes, Philosopher
"There is a simple rule here, a rule of legislation, a rule of business, a rule of life: beyond a certain point, complexity is fraud. You can apply that rule to left-wing social programs, but you can also apply that rule to credit derivatives, hedge funds, all the rest of it." — P.J. O’ Rourke, Research Fellow, Satirist, Journalist
Innovative keynotes delivered by the industry's true heavyweights, covering practical challenges and subjects which are exclusively entailed in our agenda. Gain subject matter expertise, network, and collaborate to explore solutions that shed light on future business models impacting revenue inflows.
Boost your Business
Futurista Start-up Elevate is a dedicated platform for Startups and VCs. We offer industry-specific startups a showcasing opportunity, enabling them to connect with corresponding VCs and Mentors. A win-win dynamic is created to attain the desired exposure for startups who are looking forward to scaling up their businesses.
Intelligent Event Experience
A smart application will help you connect with key decision makers, share files, brainstorm ideas, and have a seamless networking experience. A comprehensive module covering the entire event, compiled for training purposes, to be made available post-conference, exclusively for the attendees.
A premium networking experience with a pristine venue, smart applications, and fine dining services, enabling our delegates to make the most out of their time in a business class environment.
Filtered invitations for the selected key decision makers representing the world's largest organizations across industries, academia, and government organizations, making the conference apt and productive in all aspects.
Provision of a platform to innovative start-ups, leading solution providers, and cutting-edge product developers.
Customized packages designed for the right id of exposure, for the right kind of audience.
Most creative people in business: leaders who are shaping the Future of business in creative ways.
World changing ideas: Products, concepts and policies that are perusing innovation for good.
Innovation by design: the best products, services, interfaces and design ideas in business.
Most innovative companies: The top companies in technology, media, finance and more.
Futurista Startup Elevate is a platform that transforms big-ideas into reality! The FFC2023 21st September, 2023 will fuel start-ups to take themselves to the top by providing access to VC's, Mentors, and Potential Clientele from the corresponding industries. The perks include Product Showcasing, Speaking Slots, and Campaigns running among our thoroughly researched pack of delegates.
“Although the technology allows us to develop a bot that behaves in just about any way, that doesn’t mean we should.” —Szymon Rozga