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The Best of KnowledgeLeader: Q2 2017

Posted by Protiviti KnowledgeLeader on Fri, Jul 21, 2017 @ 04:44 PM

In case you missed them, these were the ten most popular tools and publications on KnowledgeLeader last quarter:

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Topics: KnowledgeLeader tools, KL Top Ten

Electronic Discovery Risks, Challenges and Procedures

Posted by Protiviti KnowledgeLeader on Mon, Jul 17, 2017 @ 09:10 AM

Electronic discovery (eDiscovery) refers to the process of searching, locating and securing electronic data for the purpose of using it as evidence in a legal case.

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Topics: laws & regulations, IT audit, IT security, IT controls, investigations/forensics, eDiscovery

What is IT Performance Risk?

Posted by Protiviti KnowledgeLeader on Fri, Dec 14, 2012 @ 02:59 PM

Performance is defined as the throughput of business transactions compared to user needs, expectations or requirements. IT performance risk is the risk that a company’s IT infrastructure will be unable to perform at required levels due to inferior internal operating practices, technology and/or external relationships that threaten the demand for the organization's products or services.

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What is Involved in "Closing the Books"

Posted by Protiviti KnowledgeLeader on Wed, Dec 12, 2012 @ 02:57 PM

Leading companies have taken advantage of recent innovations in technology and process design to ease the burden imposed by the financial close and reporting process. Regrettably, many companies continue to rely on inefficient processes plagued by decentralization, aging technology and over reliance on manual activities. The end result includes an extensive close cycle time, inadequate analysis of results, high turnover and costly errors in reporting. Migration to the next plateau of maturity – “closing the books” completely and efficiently – is typically not an easy leap. This is understandable in high-growth scenarios, where already–scarce time is focused on increasing revenues, expanding operations and integrating new business units.

Reluctance to resolve these issues is generally attributed to one or more common culprits – budgetary constraints, cultural adversity to change, and lack of resources. Often left unaddressed – “we’ll focus on the close process after the IPO…” – these issues are heightened with the increasing scrutiny and reporting requirements that come with being a public company. It can easily be carried over into the public environment, escalating the severity of the risks and limiting the ability of finance to focus its time on value-adding activities. 

Our experience shows that significant risk mitigation can be achieved by building (and managing against) a detailed close activity checklist. Pre-IPO and newly public companies have the most to gain, as they can least afford to have a bumpy ride on the road to their first filings.


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What Are the International Finance Reporting Standards?

Posted by Protiviti KnowledgeLeader on Fri, Dec 07, 2012 @ 02:54 PM

International Financial Reporting Standards (IFRS) are accounting standards and interpretations adopted by the International Accounting Standards Board (IASB). They include IFRS issued by the IASB since its formation on July 1, 2000, and International Accounting Standards (IAS) previously issued by the International Accounting Standards Committee (IASC) and adopted by the IASB upon its formation.

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Topics: IFRS

Business Continuity Planning and Disaster Recovery: Lessons Learned from Recent Disasters

Posted by Protiviti KnowledgeLeader on Mon, Dec 03, 2012 @ 10:30 AM

Well thought out business continuity plans help organizations minimize the risks of a disaster and restore vital business functions without significant detrimental effects. This article, examines the fundamentals of business continuity management (BCM) planning, while highlighting critical lessons learned from a variety of recent disasters, providing actionable steps you can take to create a customized plan.

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Potential Risks of Cloud Computing

Posted by Protiviti KnowledgeLeader on Fri, Nov 23, 2012 @ 10:43 AM

The use of cloud computing does pose risks to the enterprise; but if key risks to the business are understood and planned for from the outset, they can be managed.

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What is Intellectual Property Risk?

Posted by Protiviti KnowledgeLeader on Wed, Nov 21, 2012 @ 10:29 AM

Copyright pirates, brand impersonators, patent flouters, and trade secret thieves are a major threat to businesses, given their increased aggressiveness towards intellectual property theft. These, and any other original creative works that have economic value and are protected by law, can be categorized as Intellectual property (IP).

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What Are the Risks Involved with Customer Service?

Posted by Protiviti KnowledgeLeader on Fri, Nov 16, 2012 @ 10:51 AM

The focus on customer relationship management (CRM), also known as customer care or customer service, has been growing steadily for the last few years. Companies must implement robust CRM solutions to ensure they are competitive now – and in the future. Customer service entails every aspect of selling and servicing a customer in both the pre-sale and post-sale stages, from merchandise questions to credit card security, and delivery status to processing refunds, exchanges, and returns. CRM concentrates on the retention of customers by collecting data from every interaction each customer makes with a company from ‘all’ access points, whether they are phone, mail, web, or field. The company can then use this data for specific business purposes, such as marketing, service, support, or sales, while concentrating on a customer-centric approach rather than a product-centric approach.

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More on Performing SOC Report Evaluations Comparison and Differences

Posted by Protiviti KnowledgeLeader on Mon, Nov 12, 2012 @ 10:51 AM

There is certainly overlap between SOC 1 and SOC 2 reports. For example, the security principle in a SOC 2 report refers to the protection of the system from unauthorized access (logical and physical), and limited access to the system to prevent potential abuse of the system, theft of resources, misuse of software, improper access or usage, and the alteration, destruction and disclosure of information. Key elements for the protection of the system include granting authorized access based on relevant needs and preventing unauthorized access to the system in all other instances. Some of this language is seen in a general computer control objective in a SAS 70 and will continue to be seen in a SSAE16/SOC 1 report. Abuse of the system and theft of resources are not often an ICFR concern or a SSAE16/SAS 70 risk.

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Topics: SOC Report Evaluations

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