Answer to Question #323709 in Finance for Jen

Question

Need to name agents, please choose one choice that can be used to name these related agents correctly?

1. The simple way is to use the agent's name, e.g., Name the controller agent David Edwards if this name is his official name.
2. It is good to use the job position to name the agent. This general description can help the conceptualization.
3. It is good to only use two names for the agents: internal agent and external agent.

The supplier master data is important in the internal controls in this business cycle. Please illustrate why the supplier master data is essential to manage risks.

Answer 1

• It is good to only use two names for the agents: internal agent and external agent.

• Empowers organizations to manage 100% of their vendors and gain complete visibility over them, which helps in strengthening relationships between vendors and the company. Helps in guaranteeing the quality of data and removes the risk of storing inaccurate or inconsistent information.