Financial & Operational Control

Course Introduction

This course focuses on the principles and practices of financial and operational control in an organization. Participants will gain a deep understanding of internal control systems, financial oversight, performance monitoring, and operational efficiency. It provides tools and techniques for maintaining control over both financial assets and operational activities to ensure alignment with organizational objectives and risk management.

Objectives

•Develop a comprehensive understanding of financial and operational control systems.
•Implement internal controls to mitigate risks and improve financial accuracy.
•Monitor and evaluate financial performance and operational efficiency.
•Align financial control with strategic and operational objectives.
•Enhance decision-making processes through effective reporting and analysis.

Target Audience

•Financial controllers
•Operational managers
•Internal auditors
•Accountants
•Business owners and directors
•Professionals in finance and operations roles

Daily Topics

Day 1: Introduction to Financial and Operational Control
•Overview of Financial Control Systems
Definition and purpose of financial controls
The role of financial control in organizational governance

•Operational Control Concepts
Key elements of operational control systems
Integrating financial and operational controls for business success

•Internal Control Frameworks
COSO framework for internal controls
Implementing control activities, monitoring, and reporting

Day 2: Financial Control Mechanisms
•Budgetary Control Systems
The role of budgeting in financial control
Monitoring and controlling expenditures
Budget variance analysis and corrective actions

•Cost Control and Reduction
Techniques for cost control in operations
Activity-based costing (ABC) and standard costing systems
Controlling overhead costs and improving cost efficiency

•Cash Flow Management
Monitoring and controlling cash flow
Working capital management techniques

Day 3: Operational Control Systems
•Operational Control in Business Processes
Monitoring operational performance
Key operational metrics and performance indicators

•Lean Management and Continuous Improvement
Principles of lean management for operational control
Process optimization through lean techniques

•Inventory and Supply Chain Control
Managing inventory levels and optimizing the supply chain
Controlling procurement and production processes

Day 4: Risk Management and Compliance in Financial and Operational Control
•Risk Management and Internal Controls
Identifying and managing risks in financial and operational areas
Developing and implementing risk control measures

•Compliance and Regulatory Controls
Importance of regulatory compliance in financial control
Implementing controls to meet legal and regulatory requirements

•Audit and Assurance
Role of internal and external audits in control systems
Preparing for audits and ensuring control effectiveness

Day 5: Performance Monitoring, Reporting, and Decision-Making
•Performance Monitoring and KPIs
Identifying and tracking key performance indicators (KPIs)
Using financial and operational data for decision-making

•Financial Reporting and Analysis
Developing financial reports for control purposes
Techniques for analyzing financial statements and operational data

•Integrating Financial and Operational Control
Aligning financial control with operational goals
Case studies of successful control implementation

•Final Workshop: Building an Effective Control System
Group exercise in designing a financial and operational control system
Q&A and course conclusion

For registration & more information please contact

NAYEL Training Centre 

T: +971 4 379 7245 | M: +971 50 249 6876 |WhatsApp:  +971 50 249 6876

Email [email protected]