Essentially, financial compliance means following the rules. These rules may be external laws and standards or internal policies and regulations.
We all need to comply with these rules – and UEA must be able to provide evidence to show that we are. These rules exist to ensure financial behaviour is ethical and to protect UEA, its staff, students and suppliers. More financial processes are moving online (including expenses) to make it easier for UEA to monitor compliance and spend and identify savings. As we move away from paper, there will be fewer opportunities for the HUM Finance Team to identify possible non-compliance and to provide advice on what changes or additional information is required.
It is complicated, if you look at all the different laws and standards that need to be applied. Our financial processes and systems are designed around compliance to make it easier for us to comply and there are experts in HUM Finance, FPG and RIN to answer any complex queries. To prepare for the move away from paper we’ve looked at the key things you need to know such as the best practice to use now to ease the transition. Conversations have taken place with colleagues to make sure we’re explaining this clearly and simply. We have also looked at where things tend to go wrong, how this impacts individuals and suppliers, how we can stop this happening and the most helpful things we can do if errors do occur.