1. Implementation of a Segregation of Duties Policy: We will develop and implement a comprehensive policy outlining specific roles and responsibilities within financial processes to ensure that no single individual has control over all aspects of a financial transaction. 2. Increasing Oversight: We will enhance monitoring and oversight of financial operations by introducing regular audits and reviews of financial transactions. This will include establishing a committee responsible for oversight to ensure compliance with the segregation of duties policy.
3. Staff Training: We will invest in targeted training programs for our staff to ensure they are equipped with the knowledge and skills necessary to effectively fulfill their roles while adhering to established financial controls and procedures. 4. Addressing Staffing Issues: We will evaluate our current staffing levels and make necessary adjustments to hire and retain qualified personnel. We aim to reduce turnover rates by improving employee engagement and satisfaction. 5. Continuous Evaluation: We will periodically assess our financial processes and the effectiveness of the segregation of duties. Feedback loops will be established to refine our approach and address emerging challenges promptly.