Quality control in financial operations: Best practices for risk mitigation and compliance
1 Department of Econometrics and Quantitative Economics, Western Illinois University, Macomb, Illinois, USA.
2 Department of Econometrics & Quantitative Economics, Macomb, Illinois, Western Illinois University, USA.
3 Department of Economics, Bowling Green State University, USA.
Review Article
World Journal of Advanced Research and Reviews, 2024, 24(01), 735–749
Article DOI: 10.30574/wjarr.2024.24.1.3100
Publication history:
Received on 30 August 2024; revised on 06 October 2024; accepted on 08 October 2024
Abstract:
This paper examines the critical role of quality control in financial operations, emphasizing best practices that organizations can adopt to ensure regulatory compliance, minimize errors, and enhance the reliability of financial data. With increasing regulatory scrutiny and the complexity of financial transactions, implementing robust quality control measures has become essential for organizations striving to maintain accuracy and integrity in their financial reporting. The study explores various quality control techniques, including process automation, regular audits, and risk assessment protocols, that can help identify potential discrepancies and mitigate financial risks. It also highlights the importance of a strong internal control environment, emphasizing the need for employee training and continuous monitoring of financial processes to uphold compliance with industry regulations and standards. By reviewing case studies and industry benchmarks, the paper provides actionable insights and recommendations for integrating quality control into financial operations, ultimately fostering a culture of accountability and precision. The findings suggest that a proactive approach to quality control not only enhances the reliability of financial data but also builds stakeholder confidence, leading to improved decision-making and long-term organizational success.\
Keywords:
Quality control; Financial operations; Regulatory compliance; Risk mitigation; Financial data reliability; Internal controls
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Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0