Atlanta Home Loan

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Preventing the Mistake from Happening Again

We have distinguished the present controls executed at Atlanta Home Loan, a portion of the controls need enhancements with a specific end goal to keep the same issues from happening. Atlanta Home Loan ought to consider reinforcing action controls by executing the electronic connections to the processors files so you can see the whole loan application prepare remotely rather than just checking the status at the advance officer’s level. Also, Segregation of obligations ought to be authorized by having separate individual faculty taking care of loan applications, loan submissions, paying office expenses, human resources, approving payments, and signing checks. This would require the coordination of personnel controls which helps an association locate the right individuals, giving them a decent workplace and the essential assets to do their work. Atlanta Home Loan ought to have a prepared selecting chief or an accomplished staff to lead the employing and terminating process. Likewise, Atlanta Home Loan ought to keep on establishing a more viable motivational pay arrangement (through its results controls) that rewards the good deserving staff, as well as energizes cooperative energy and objective coinciding for the association. This will be supplemented through the usage of cultural controls. Atlanta Home Loan can set organization code of behaviors and proclamations of qualities, make a moral tone at the top and advance workers in deduction all the more socially dependable. An organization's way of life can join its workers or draw in new representatives as they share a comparative arrangement of qualities. The alternative controls set up could keep your past slip-ups and help with contracting and compensating reliable representatives.

Recommendations

Action, personnel, and cultural controls are three key controls that should be in place to reduce the probability of the case events reoccurring. If you can tighten the current action controls via the help of technology or an independent monitoring system, then the loan application to leads ratio could be significantly increased as it reduces the likelihood of any loan officers privately absorbing the loan applications without reporting them to the firm. A solid action control cannot be solely performed by one person, so implementation of personnel controls is essential which will allow you to recruit talented and trustworthy employees that prevent theft or fraud from reoccurring. Setting a clear mission statement and company corporate governance policy will provide an overall cultural support to the company that will complement the application of action and personnel controls. I hope the above memo can be a useful guidance for you in the future.

WORK CITED

Merchant, K., & Stede, W. V. (n.d.). Management Control Systems (Third ed.). Pearson.