Write a memo, give a summary of the elements of an effective internal control system.

As part of our ongoing commitment to ensuring the security and reliability of our financial operations, it is essential that we have in place a comprehensive internal control system. The following outlines each component of such a system and how they interact with one another to maximize the effectiveness of our organization’s risk management efforts.

The first element is the establishment of proper internal controls for resources, information systems and processes. This includes policies and procedures governing employee access to confidential data as well as procedures related to data entry/handling/storage in order to prevent errors or fraud from occurring. Additionally – there should be adequate safeguards against computer viruses/hacking attempts from external sources in order to protect sensitive information from being compromised.

The next step involves implementing appropriate levels of segregation among different departments within the company; so that no single individual has control over all aspects of a transaction at any given time (e.g. – having separate individuals responsible for authorizations, record-keeping and reviews). This helps ensure that employees are held accountable if they fail follow standard operating protocols or commit improper activities.

Finally – companies must also maintain effective communication channels between senior managers & staff members; so that everyone can stay informed about regulatory changes or new developments affecting their day-to-day responsibilities. In summary – these three elements are key components for ensuring successful operation & maintenance when it comes designing efficient internal control systems