Answer:
Lack of segregation of duties
Explanation:
Internal Controls are set of rules and guidelines that are followed to ensure effectiveness of business operations. The main risk in the business is weak internal controls. There are some organizations with strong internal controls but implementation of such controls is a challenge for organizations. There are human errors, IT security risks, fraud and compliance risk.
The risks associated with Olive limited is that there is no segregation of duties, Richard Palm is preparing journal vouchers, posts the journal vouchers and reconciles the balance himself. If he makes an error in recording a transaction there is no one who reviews his work and can identify an error. Also if Richard is involved in a fraud and collaborates with purchase department or sales department staff, he can pass a transaction without any supervision.
For response time improvement, one can use the driving strategy known as Cover Braking.
<h3>What does it mean to cover the break?</h3>
Covering brake is known to be a kind of technique that is used when the driver is said to removes their right foot out of the accelerator pedal and still holds it over the brake pedal in view to slowing down or when one need to stop fast.
Therefore, For response time improvement, one can use the driving strategy known as Cover Braking as it is the best recommendation.
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Id pick the highest because I would want everything to run 100% smoothly