In growing companies, risk is a central concern. CFOs, management teams, and board level audit committees pay careful attention to designing, implementing, and reviewing risk management measures across the entire company. Companies that are publicly traded—or hope to be one day—must meet extensive control requirements to comply with Sarbanes Oxley legislation.
As companies scale and reach toward financial maturity, implementing Spend Management as a comprehensive process, from requisitioning through invoicing and expense management, yields opportunities for implementing controls across many of the risk areas. Unlike controls implemented outside day-to-day business processes, which may simply be ignored or avoided, Spend Management is an easily mandated business process that touches every supplier and often every employee in the company. And that means that risk management measures can be much more far-reaching and effective.
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