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Developing Internal Control and Risk Assurance Frameworks for Compliance in Supply Chain Finance
Subject area: Management and Commerce · Area of research: Supply Chain Finance
Abstract
This paper develops comprehensive internal control and risk assurance frameworks to enhance compliance in supply chain finance, a domain characterized by complex financial transactions and multifaceted risk exposures. Utilizing a mixed-methods research design, the study integrates quantitative survey data and qualitative insights from interviews and case studies to capture the intricacies of control mechanisms and risk management practices in supply chain finance. The findings underscore the necessity of tailored internal controls that align with organizational objectives and regulatory mandates, complemented by dynamic risk assurance processes involving continuous monitoring, reporting, and feedback loops. Emphasizing technological integration, the proposed frameworks leverage automation and advanced analytics to improve transparency, accuracy, and compliance efficiency. The research highlights critical implications for practitioners and policymakers, advocating for adaptable, scalable, and technology-enabled governance structures. Recommendations for implementation and directions for future research address emerging technologies and cross-sector considerations, contributing to the advancement of robust compliance frameworks that safeguard supply chain finance ecosystems against evolving risks.
Keywords
Supply Chain Finance, Internal Control Framework, Risk Assurance, Regulatory Compliance, Financial Risk Management, Automated Monitoring
How to cite this paper
@article{1709010,
author = {John Oluwaseun Olajide, Bisayo Oluwatosin Otokiti, Sharon Nwani, Adebanji Samuel Ogunmokun, Bolaji Iyanu Adekunle; Joyce Efekpogua Fiemotongha},
title = {Developing Internal Control and Risk Assurance Frameworks for Compliance in Supply Chain Finance},
journal = {Iconic Research And Engineering Journals},
year = {2021},
volume = {4},
number = {11},
pages = {459-467},
issn = {2456-8880},
url = {https://www.irejournals.com/formatedpaper/1709010.pdf},
abstract = {This paper develops comprehensive internal control and risk assurance frameworks to enhance compliance in supply chain finance, a domain characterized by complex financial transactions and multifaceted risk exposures. Utilizing a mixed-methods research design, the study integrates quantitative survey data and qualitative insights from interviews and case studies to capture the intricacies of control mechanisms and risk management practices in supply chain finance. The findings underscore the necessity of tailored internal controls that align with organizational objectives and regulatory mandates, complemented by dynamic risk assurance processes involving continuous monitoring, reporting, and feedback loops. Emphasizing technological integration, the proposed frameworks leverage automation and advanced analytics to improve transparency, accuracy, and compliance efficiency. The research highlights critical implications for practitioners and policymakers, advocating for adaptable, scalable, and technology-enabled governance structures. Recommendations for implementation and directions for future research address emerging technologies and cross-sector considerations, contributing to the advancement of robust compliance frameworks that safeguard supply chain finance ecosystems against evolving risks.},
keywords = {Supply Chain Finance, Internal Control Framework, Risk Assurance, Regulatory Compliance, Financial Risk Management, Automated Monitoring},
month = {May},
}