United States

Spend Authorization in Financial Services

Dec 23, 2013
From the Advisory Institute

A Benchmarking Survey Report

Spend authorization thresholds and related approval standards are among the more difficult policy elements for a company to determine. Who within the organization is allowed to make incremental decisions to commit the bank’s precious resources and bind the enterprise to external commitments is an essential question.

For many banks, this question requires renewed consideration given recent industry trends, including:

  • Industry consolidation
  • Expanded use of third parties
  • Cost pressure and risk management
  • Budget and spend management maturity

Within this dynamic environment, there is a strong interest in how peers are governing spend authorization. This document reports on findings from a targeted set of benchmarking exercises carried out across several banks and financial service companies.

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