Many companies find their internal data falling into the hands of competitors and fraudsters. As a result, their sales get affected. How can sensitive company internal information fall into the wrong hands? The answer largely lies in the ways internal control has been implemented in an organization. It is only when stringent measures have been put in place to implement security measures for data that it cannot be sent out of the organization and thus will not fall into the wrong hands.
How to Implement Effective Internal Controls in an Organization?
At every step of the data generation process, there must be procedures in place to ensure that such data is not transmitted to outside party through email or any other means of data transmission. The data must be generated according to laid down guidelines and after it is produced it must be checked by the authorities.
Always make sure that there is a check on what has been produced, who has created it and how it is transmitted to people in the next chain of work so that they use it for further processing. This is a key feature that was implemented by Payza, a leading online money transfer service after they came up with Firoz Patel Payza Fraud complaints.
One of the key steps to take when data is generated by so many computer systems is installing good antivirus software. The software will check the system constantly for any kind of virus and remove it as soon as it is detected. It is a well known fact that when a system is affected by virus it comes to a halt.
All the data that is stored in it becomes corrupted and the entire system cannot function anymore. It has to be fixed by taking to experts who can fix virus problem. In the course of doing this, work will stop which will affect productivity.
Another step to implement is firewall. Firewalls prevent intruders from entering into your sensitive computer system and snooping inside them for information. Without them you have not way of telling who is inside the system and trying to get information that is required for your company’s growth and use it to increase their sales figure. Key data such as important marketing and sales information or information on product production can be stolen and used by competitor if you d not have firewalls that prevent this from happening.
Needless to say internal control plays a very vital role to prevent financial frauds. Therefore, it is mandatory to put in place polices and rules for the use of laptops and mobiles in the work place. Employees should not use their cell phone to send official emails and should have their laptops password protected to prevent accidental theft of the device etc.