The Effect of Financial Control System on Performance of Banks in Rwanda

Abstract

Financial control is defined as the procedures designed to protect assets and insure that all financial transactions are recorded to prevent and reduce errors and fraud (Block& Geoffrey, 2008).The goal of having a strong system of financial control is to promote the institution's ability to reach its objective, providing reliable financial data, safeguard assets and records, evaluating operational efficiency through budget, organizational control and encouraging adherence to prescribed policies and regulations (Wachira, et al, 2014). Financial Control is an integral part of the Financial Management the later deals with planning, organizing directing and controlling the financial activities in a firm (Daniel Mulinge Nthenge, 2017) Eduard Alexandrovich Osadchy, (2015), through his study ''The development of Financial Control System in the Company in crisis in Russian'' defined Financial control as a system of observation, inspection, evaluation and correction of the situation on the basis of developed criteria (indicators), He further suggests that financial control should be implemented primarily in interest of the organization, its owners and the employees, it is important for the manager to know the dynamics of situational changes to be able to join the management of the workflow from the top in time of repeated failures or warn employees about the impending threat of collapse. Management control involves the joint from Top and bottom elimination of random negative situations that constantly arise in the work. Precisely He asserts that Financial Control is a management function that allows to quickly identify and eliminate conditions and factors that are not conducive to efficient administration and achievement of the goals; it makes it possible to determine what services and parts of the organization and activities contribute to the efficient achievement of the goals. The same study asserts that an effective Financial Control System allows the management to delegate powers over cost management to subordinates who in fact can know the facts in details. Financial Control plays a significant role to the decision making of any organization as it manages flow of resources, monitors the use of these resources, participate in formulation of performance standards, Controls the performances standards, track the deviations of the performance

A New Skin for the Wounds of History: Fanon’s Affective Sociogeny and Ricœur’s Carnal Hermeneutics

“…Its explanatory power is unrealizable, radically canceled, wherever processes of racialization have objectified the black body'. 29 In nonrepressive circumstances, she continues, the formative relation between body and world '"creates a genuine dialectic [une dialectique effective] between my body and the world". The distinct corporeality of the black, which arrives as an unfortunate malediction, troubles the fundamental aspect of this dialectic'.…”