The use of electronic payments will also lead to the reduced usage of cash. To businesses, payment system providers such as banks, and the government, this translates to cost savings since cash handling and cash services entail security, transport, overhead, and other incidental costs. Economic Development Greater efficiencies in electronic channels will also bring about an accelerated velocity of payments.
In addition, it assigns responsibility to the board for monitoring the company’s risk management and internal control systems. Good corporate governance, including proper risk appetite framework, is needed in any venture. But it is even more critical in firms that have a fiduciary duty.