Are You Properly Approving High-Risk Transactions? 🚨

Lack of oversight on high-value or unusual transactions can expose your business to serious financial risks. Here’s a common scenario:

Example:

A company does not require management approval for large or unusual transactions. An employee authorizes a high-value purchase from an unverified vendor, resulting in the acquisition of substandard goods or inflated costs.

Impact:

Without proper oversight, businesses can suffer from financial losses, poor vendor relationships, and even potential fraud. High-risk transactions without review can lead to long-term damage to both finances and reputation.

Remediation:

To avoid these risks, establish clear approval workflows for high-value or unusual transactions, requiring management review and authorization before any processing. This ensures accountability and protects your company from preventable errors.

Does your business have an approval system in place for high-risk transactions? Let’s connect and discuss how you can strengthen your controls!

#RiskManagement #InternalControls #FinancialOversight #BusinessSecurity #ApprovalWorkflows #VendorManagement #FraudPrevention

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