Risk assessment helps identify and document critical business processes and the internal controls within each process. Combined with facilitated management meetings, this approach can help gain company-wide consensus by including key process owners in risk and controls analysis.
Corporations today are thinking about how to protect assets. A few of the white collar crime problems include hacking/intrusions (cyber vulnerability), insider/outsider trading (convergence of cyber and financial crimes), the Foreign Corrupt Practices Act (FCPA), spear fishing (email compromise) and economic espionage. They must consider the possibility of internal corruption or external corruption, and environmental factors such as culture and competition contributing to these crimes. As protection, organizations can use cyber security, pen testing and data loss prevention tactics.
In 2013, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued a comprehensive update to its original 1992 Internal Control - Integrated Framework. This COSO framework is the de facto framework used by more than 99 percent of the organizations required to comply with Section 404 - Internal Controls over Financial Reporting (ICFR) requirement of the Sarbanes-Oxley Public Company Accounting Reform and Investor Protection Act (SOX).
Risk oversight and risk management are high priorities on the agenda of most organizations. Here are popular KnowledgeLeader tools that focus on risk management:
One of my favorite things to see on KnowledgeLeader is the Weekly Top 5, showing the top viewed items on our site in the last week. Each year, we publish the Top 25 pages of the prior year and every quarter, we publish the Top 10 items. We are all about letting you know what is trending on our site.
At the beginning of each year, the KnowledgeLeader team publishes its top 25 pages from the previous year, as determined by subscribers like you. Not surprisingly, the Risk Oversight and Risk Management Questionnaire was the most viewed page in 2014.
Over the last year, we've seen unemployment rates decrease and consumer confidence make a comeback, but that doesn't mean that business risks have evaporated. In fact, as the global business environment rapidly evolves, new opportunities and challenges present themselves, bringing new risk dialogue topics to boardrooms and executive offices around the world.
We all know that change is inevitable, but what can an organization do to keep its strategies and risk management capabilities on the same course as the ever-changing business environment?
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