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Sunday, February 7, 2016

Financial Doctors and their importance to the Business Environment

Frances Ouano Ponce

Since the start of the 19th century, business transactions are becoming complex. The concept of
Capitalism has led several businessmen to venture into different kinds of businesses to accumulate wealth.

One the other hand, the rise of the information technology and the world wide web (WWW) has raised the complexities of doing business. Although, information technology and the internet made significant contributions in processing voluminous business transactions we do everyday-- it had also brought with it several security risks and other risks inherent in doing business the automated way.

In the meantime, business executives and stakeholders nowadays make their business decisions based on information provided from the information systems they installed in their businesses. These information are very vital for the success of their organization and businesses.

Due to certain risks (e.g., inherent risks, control risks and information risks) present in a business information system, these stakeholders require and seek the services of qualified professionals who will do the risk assessment and provision of valuable opinion that would help them manage critical decisions.

These professionals are like financial doctors. They are called doctors in a way that they find indications of weaknesses and risks present in an information system. These doctors are very knowledgeable to different business processes from different industries.

Furthermore, they can also provide valuable opinions and possible remedies that could help businesses grow and improve their operations. Businesses cannot grow without the aid of these financial doctors.

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