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Internal audit action is overdue
Internal auditors pointed out many deficiencies in a logistics audit. Management recommended 3PL replacement to the board audit committee.
A new SCM professional was hired to replace the existing head, who felt the heat and had resigned.
Functional GM gave the mandate to the new manager to improve the situation in next ninety days. Stock inaccuracy, delayed orders, wrong delivery were some of the main issues.
Over the next few weeks, the new manager shared the action plan and also got the buy in for change of warehouse premises, as this was the biggest problem which needed to be attacked.
After shifting to the new premises and other changes, the logistics performance improved. In four months, the new manager was able to earn his medals from functional GM, CFO and CEO.
The logistics problem was solved but audit closure action - 3PL change was still open. The commitment made to the board was yet to be completed.
How will you respond to the board audit committee on the open audit action point?
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The mistakes we make in our everyday life
We human beings engage in thinking and decision making in our daily life. It is our ability to solve problems and choose the best course of action, which leads to better outcomes. But we also make systematic errors when we think and at times we don’t even realize. We fail to think clearly because of our emotions such as anger or fear and this leads to wrong decision making as well as avoidable harm.
These systematic errors are known as biases. We can learn, understand to notice these biases within us and around us. Once we know, then we can also take action to avoid these biases, prejudices and beliefs and act to avoid the harm. Biases are systematic and predictable errors we make.
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