People Management Processes for Internal Controls: Calculating the Human Error

 

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Internal controls always have been an essential part of corporate financial management. But such controls gained greater significance in the wake of the Sarbanes‐Oxley Act of 2002, which sought to address glaring weaknesses at many large, public corporations. Since then, organizations have invested vast sums to improve the processes, procedures, and tools that ensure compliance with governance standards. One would expect to see equivalent investments on the people side. Yet, according to recent data from APQC’s Open Standards Benchmarking in internal controls, the human development aspects of internal controls management is a lingering weakness for a significant number of organizations.

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