Internal financial controls are processes and systems that are implemented by organizations to ensure the accuracy, reliability, and security of their financial data. They provide a framework to help manage risk by establishing policies, procedures, and guidelines that guide how financial decisions are made. These processes can range from overseeing budgeting practices to creating segregation of duties within the company. Put simply, internal financial controls make sure finances are monitored according to set rules and expectations, with the ultimate goal of reducing errors and fraud.