Internal Auditors meeting at Fiskars
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Sari Vuola-Vuorinen
20.1.2014
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Director Finance (FSF)
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Group Accounting (global)
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Shared Accounting Services (Europe)
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Global process owner for Finance & Accounting
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Record-to-Report
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Order-to-Cash
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Procure-to-Pay
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UP! Program business & content owner for
Finance
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Business transformation
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Fiskars ERP implementation
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UP! Program owner for GRC concept
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Authorization concept
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Process controls for Finance
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Governance for Finance
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Developing internal controls environment as part of Fiskars business
transformation
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Fiskars transformation program – UP!
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Finance operating model and FSF
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Expectations for Internal Audit and benefit from co-operative
development
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Questions?
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Need for change and change vehicle
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Fiskars Services Finance (FSF)
enabling centralized, scalable
processing of finance
transactions, and development
of finance processes &
systems
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Business transformation program
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Request to invest in controls?
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Enabler for controls improvement?
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New operating model – Matrix operations management
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Benefits
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Issues
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Role of FSF in regards developing and managing controls
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2/23/2025
2/23/2025
2/23/2025
2/23/2025
2/23/2025
2/23/2025
2/23/2025
2/23/2025
2/23/2025
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Innovation
Teamwork
Accountability
Integrity
Continuous development of finance
transacting services (processes,
systems, competences)
Solid and reliable partner for long-term
co-operation. Shared strategy &
objectives.
Responsibility to perform services and
manage controls, ensuring business
continuity.
Working according to Fiskars values,
ensuring compliance & controls.
Service partner to business by managing administrative finance
and financial supply chain to unlock working capital, manage
controls and continuous development.
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Shared Finance Services´role
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in project/program
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in developing and managing internal controls
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Expectations towards Internal Audit and benefit from co-operation
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Define common Fiskars
controls framework
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Align and implement
governance
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Design controls and
mechanisms
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Why to develop controls?
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What is the benefit for business?
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What is the focus/priorities in controls
development?
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What functions/operations to include?
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What and how to prioritize?
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Who should own the controls?
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How to ensure continuous mgmt focus?
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Relevance and connection to business
continuity
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1)Develop, 2) implement & 3) monitor
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Include in Fiskars management system
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ROLE: independent integrator between business functions
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FOCUS: due to continuous internal audit process (business & risk
reviews), ability to give guidance on focus
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IMPACT: high visibility and influence on prioritization and investments
required to improve compliance & controls
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In January 2014, a meeting was held at Fiskars with a focus on developing internal controls as part of their business transformation program. The discussion revolved around the need for change, finance transition, and the role of FSF in managing controls. The agenda included topics such as the new operating model, benefits, issues, and questions for further exploration in enhancing operational efficiency.
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Presentation Transcript
Internal Auditors meeting at Fiskars Sari Vuola-Vuorinen 20.1.2014
Introduction Director Finance (FSF) Group Accounting (global) Shared Accounting Services (Europe) Global process owner for Finance & Accounting Record-to-Report Order-to-Cash Procure-to-Pay UP! Program business & content owner for Finance Business transformation Fiskars ERP implementation UP! Program owner for GRC concept Authorization concept Process controls for Finance Governance for Finance Sari Vuola-Vuorinen Head of Fiskars Services Finance 2 Company confidential
Agenda Developing internal controls environment as part of Fiskars business transformation Fiskars transformation program UP! Finance operating model and FSF Expectations for Internal Audit and benefit from co-operative development Questions? 3 Company confidential
Fiskars transformation program Need for change and change vehicle 4 Company confidential
Finance transition is part of UP! Program organized to implement the strategic change Fiskars Services Finance (FSF) enabling centralized, scalable processing of finance transactions, and development of finance processes & systems FOCUS FOCUS GROWTH GROWTH EFFICIENCY EFFICIENCY Brand n Market Offering Sales Channel Fiskars Operating Model Finance process & system harmonization Standardization and harmonization of finance transacting processes and systems Structures People Processes IT Systems
Questions / discussion Business transformation program Request to invest in controls? Enabler for controls improvement? New operating model Matrix operations management Benefits Issues 6 Company confidential
Finance Operating Model Role of FSF in regards developing and managing controls 7 Company confidential
FSF value proposal to Service partners / customers Continuous development of finance transacting services (processes, systems, competences) Innovation Solid and reliable partner for long-term co-operation. Shared strategy & objectives. Teamwork Responsibility to perform services and manage controls, ensuring business continuity. Accountability Working according to Fiskars values, ensuring compliance & controls. Integrity Service partner to business by managing administrative finance and financial supply chain to unlock working capital, manage controls and continuous development. 2/23/2025 Page 8 2_Fiskars template.pptx
Questions / discussion Shared Finance Services role in project/program in developing and managing internal controls 9 Company confidential
Internal Audit Expectations towards Internal Audit and benefit from co-operation 10 Company confidential
Fiskars initiatives to develop controls environment COSO as reference model Objectives: Why to develop controls? What is the benefit for business? What is the focus/priorities in controls development? Organization: What functions/operations to include? What and how to prioritize? Who should own the controls? How to ensure continuous mgmt focus? 1. Define common Fiskars controls framework Align and implement governance Design controls and mechanisms Components: 2. Relevance and connection to business continuity 1)Develop, 2) implement & 3) monitor Include in Fiskars management system 3. 11 Company confidential
Internal Audit role and co-operation in managing controls ROLE: independent integrator between business functions FOCUS: due to continuous internal audit process (business & risk reviews), ability to give guidance on focus IMPACT: high visibility and influence on prioritization and investments required to improve compliance & controls 12 Company confidential
