ISO 9000 & AUDITS WORLD CONFERENCE ABSTRACT
Are There Limitations to the Financial Services Industry?
Edward Gardner, President, Value Management Services, LLC, Fort Myers, FL, USA
Limitations, Modifications, Review, Approval
In excess of one-hundred years the Financial Services Industry has provided key financial information for organizations to encompass the health and welfare of the organization, and if applicable, provide potential risks and shortcomings for the organization to consider. The financial services area does seem to be stove-piped, that is, somewhat limited by organizational boundaries.
Conversely, ISO 9001, an international quality standard, and a known facilitator of good business practices for organizations, keys on process controls, process performance metrics, process improvement, customer satisfaction, independent auditing to assure compliance, and other manageable areas that is unbounded within an organization.
It can easily be seen that the financial services industry has limitations or constraints where its reporting may not identify the true health or integrity of the organization.
What can be done? We have two well-respected, historically-based disciplines. Based upon factual evidence, it may be time to consider, and possibly enforce, the two disciplines to operate concurrently within an organization to provide better insight into the global status and nature of the organization, its defects, shortcomings, and cross-pollination/exchange of ideas and enhancements between the two disciplines.
It can be recognized by many that we need to consider a review of the disciplines, possible modifications, and eventually approval of a change in organizational implementation. It seems that either discipline by itself may not or does not provide the organization with the feedback it needs to successfully operate its business.