by clicking the arrows at the side of the page, or by using the toolbar.
by clicking anywhere on the page.
by dragging the page around when zoomed in.
by clicking anywhere on the page when zoomed in.
web sites or send emails by clicking on hyperlinks.
Email this page to a friend
Search this issue
Index - jump to page or section
Archive - view past issues
Connexus : Issue 42
Show tim Do you have a new product or service of interest to mutuals? We’d love to hear about it. Please email your submission to: connexus@abacus. org.au Achieving more with less Given business is constantly looking for ways to work smarter and achieve more with less, it's surprising the 'aggregated ser vice' model isn't more common, says Shared Ser vices general manager Ross Stone. The model is often used by major corporations and government departments where a group of companies wins the right to be included on a ser vices roster. Stone says the process to determine the preferred suppliers is usually managed by procurement, so cost rather than expertise is often the success criteria. "A company that has secured a position on a roster can become lazy because those using the ser vice are locked in.” Stone says a tr ue aggregated ser vice model that achieves the best results should include some guiding principles: • Suppliers must exhibit expertise and a level of professionalism. Financial benefts are important but specialist knowledge is critical. • Choose brainpower. Businesses that surround themselves with smart businesses are twice as likely to succeed. • Suppliers should be fexible enough to adapt to future needs and be able to tailor solutions to individual organisations • There is truth in the axiom; you get what you pay for. Shared Ser vices is the provider of an aggregated ser vices model for the beneft of mutuals. For more information go to www. sharedser vices.com.au or phone 02 4860 4004. 44 Connexus Showcase Fit and proper reporting The biggest threat of material disruption to a fnancial institution is from material misreporting, according to Solutions4Strategy managing director David Jordan. "Systemic and systematic risk are infrequent, but material misreporting affects organisations every day,” he says. With 30 years experience in mergers and acquisition, strategic reporting and working in multinationals, Jordan says he knows how easy it is for decision makers to be misled by either error or intent. There are four major areas where errors in reporting are possible, he says. “The frst two are complexity and over worked staff. The third is spreadsheet risk. “Research has identifed that, on average, 90 per cent of an organisation's spreadsheets will have an error in them, some of which are material. As spreadsheets are a foundation of board papers, nine out of 10 board papers will have some form of error and sometimes this will be material. These are sobering facts backed by evidence and publicised misfortune," says Jordan. Finally, excessive manual inter vention to manipulate data for reports increases the risk of misreporting. Intentional misreporting is also a serious concern with white collar crime estimated at more than $300 million each year. Tackling material reporting is not expensive if organisations take the right approach, says Jordan. “The frst thing is to remove manual manipulation from the whole process through to the board and regulatory reporting, including stress tests. The other is to examine the audit trails and transparency," Jordan says. For more detail on this, see the whitepapers on www. solutions4strategy.com or phone 1300 320 486