A large international pharmaceutical company was looking for a flexible software solution for managing internal controls. With a minimum of effort controls are now in place within finance and soon to be followed by Tax and Treasury.
It is an independent, research-based old pharmaceutical company, that has more than 100 years of experience within the pharmaceutical industry. With its headquarter in Denmark, the company develops, manufactures and markets pharmaceutical drugs to patients in more than 100 countries. The company has its own sales forces in more than 60 countries and employs around 5,000 employees worldwide.
In 2016 the company took on a project identifying risks in core processes. On top of this work a catalogue of internal controls was created within Finance Group Accounting, Fixed assets, Inventory, Order to Cash, Payroll, Procure to Pay and Tax. With the risks identified and a control catalogue in place, the company started the process of finding a software solution that could not only match requirements from the management and audit team, but as important, also match the expectation of end-users when it comes to good user experience.
After settling on Impero, the control catalogue was swiftly uploaded and in September the first internal controls was pushed to the organization. Controls are currently being implemented in an iterative pace taking one process at a time. To ensure a solid organizational adoption getting feedback from the users and on this basis adjusting controls in Impero has played an important role.
By visualizing the risks and mapping these to mitigating controls, companies are able to understand the actual residual risk and thereby utilize the opportunities that comes with taken risks.