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Internal control: an approach from quality standards

Recently I wrote an article about internal control, and in it I propose an implementation and development model based on quality management systems in ISO format.

I think that for those who already know what the subject is about, it will be another point of view, and the rest will get into an increasingly present and valued subject.

No that intelligent contracts

For some years, the term smart contracts has become popular, over all closely linked to the technological field, which is where it comes from, but now it is already present in other areas due to its great potential.
The first references I had of smart contracts were in relation to blockchain technology, which is what supports the cryptocurrency structure such as Bitcoin. Nowadays, this virtual currency has a bad reputation for the speculation that it is subject to, as well as for its supposedly unethical use. I think that both accusations are debatable or, at least, not exclusive; in the end, everything that is in an open market can suffer the effects of supply and demand; and I doubt there is a physical currency which hasn’t been used to buy drugs, weapons, influences … but this is the subject of another debate.
Without going into technicalities that I do not know, one could say that smart contracts are self-executing computer programs when the conditions established in those contracts are met, and based on the aforementioned blockchain technology that would provide robustness, transparency and reliability. Maybe this doesn’t seem particularly relevant, but my impression is that its generalization would mean the simplification of agreements between parties, providing them with greater security.
However, and this is my complaint, I believe that we are not in the moment or in the environment so that we can fully benefit from this technology. Among other things, because of the following reasons:
– Greater definition and clarity of the contract: many contracts are drafted in a vague manner, especially in relation to the effects of non-compliance or breach of its articles. And that is an especially powerful element of smart contracts, which are automatically executed when there is a causality (if, them) in that contract.
Perhaps some prefer those vague texts that, in case of discrepancy, allow tricks to litigate. That is contrary to the philosophy of smart contracts.
– A new language is needed: writing these contracts will be more similar to programming than writing a document. Therefore, people who have the knowledge to program the content of the contract will be necessary.
– Lack of legal development: to expand this technological innovation it will be required minimum legal conditions that the parties assume and allow them to get involved. This may require the establishment of standards at the transnational level, which may take time.

In the absence of these conditions, I believe that only some highly interrelated sectors, such as finance, will be able to launch initiatives based on smart contracts.

Fintech: How can they impact the financial management of the company?

Firstly, I must recognize my ignorance about this subject, which is increasingly present in the media, forums or social networks. I had to investigate a little to clarify myself, and to separate the wheat from the chaff. I have no doubt that there can be a bubble, but I also believe that in an incipient way there are changes in everything related to certain areas of banking management and economic and contractual transactions between companies.
It is called as Fintech those companies with a technological base applied and developed to provide services and solutions in the financial field. I know that this sounds very generic, but the truth is that the spectrum of initiatives included in this concept is very broad. Many start-ups are applying the full potential of today’s technology to compete in markets traditionally restricted to banks. We can find non-bank companies offering payment services between companies or individuals, loans, foreign exchange operations, optimization of treasury positions … and so on to a myriad of services, usually on digital platforms, offered in a more immediate, efficient and economical way.


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