Businesses face many risks every day. One major risk relates to managing and deploying large amounts of money while creating value for shareholders. Business property, equipment and assets represent a significant investment of money. Management of this investment depends partly on getting the right data at the right time and in the right format to make it useful.
However, there never seems to be enough people, reliable processes or sufficient automation to make this manageable. Necessary data must be gleaned from what are commonly considered “low-value, seemingly trivial tasks” further impacting the quality of the financial reporting. These factors, and more, contribute to poor risk management.
One result of poor risk management was the creation of the Sarbanes-Oxley Act (SOX). SOX require companies to comply with corporate disclosure policies and auditing stipulations.
Verasset solves risk mitigation problems directly through education and by generating useful information. We help to reduce exposure through our business process re-engineering service, which focus on streamlining and improving information flows. We generate useful information through our reconciliation service. A key component is validating finance records by conducting physical verification of fixed assets by conducting end-to-end physical inventory and fixed asset appraisals.
Our strategy is designed around two core elements; cure and sustain. Our initial effort is to cure the immediate problem(s). However, we never lose sight of the fact that our primary objective is to enable the business to sustain reliable results ongoing.