KnowledgeLeader Blog

Risk Assessment Maps and Prioritizing Business Processes

Posted by Protiviti KnowledgeLeader on Fri, Nov 17, 2017 @ 08:39 AM

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.

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Topics: enterprise risk management, performance management, risk assessment, governance risk & compliance, performance measurement

Improving Controls Through Integrated Business Planning

Posted by Protiviti KnowledgeLeader on Mon, Nov 13, 2017 @ 08:49 AM

Most organizations are struggling with a disconnect between financial planning and the planning that goes on in operations/production, which leads to challenges in execution of strategy and errors in planning. This makes it difficult for businesses in general (and CFOs in particular) to deliver predictable results. The goal of integrated business planning (IBP) is to connect these disjointed teams, currently planning in their own silos with limited regard for the business realities of the other teams. 

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Topics: performance management, internal controls, performance measurement, accounting/finance

Do You Have Adequate Documentation for Your Business Processes?

Posted by Protiviti KnowledgeLeader on Fri, Oct 27, 2017 @ 07:07 AM

Good process documentation doesn’t just describe how things work—it tells a story of an organization’s modus operandi (MO). As with any storytelling, it’s possible you might sit down to document your process and encounter writer’s block. There it is, the dreaded blank page taunting you as you struggle to decide how to get started.

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Topics: performance management, internal audit, performance measurement, process-level control, document retention

Is Your Financial Close and Reporting Process Too Manual?

Posted by Protiviti KnowledgeLeader on Fri, Aug 25, 2017 @ 11:47 AM

Most organizations continue to invest a significant number of hours every month in a particular set of activities related to calculating, manipulating and validating critical financial reporting data using spreadsheets. Organizations should be asking whether this level of effort represents incremental value to the financial reporting process and whether this actually does needs to be done in spreadsheets.

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Topics: performance management, performance measurement, accounting/finance, financial reporting, close the books

Guide to Managing Large-Scale Business Projects

Posted by Protiviti KnowledgeLeader on Thu, Aug 10, 2017 @ 03:24 PM

It seems like everybody is wearing a lot more hats these days and finance leaders are no exception. Of course, this means that they are finding it increasingly difficult to balance the multitude of responsibilities and non-routine initiatives facing the finance function.

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Topics: performance management, project management, performance measurement, ERP, accounting/finance, change management

Close-the-Books Guide: Reduce Financial Close Risk

Posted by Protiviti KnowledgeLeader on Fri, Aug 04, 2017 @ 07:30 AM

A fast, close-the-books process provides multiple benefits for the finance function and for the company. First, a fast close process creates more time for finance professionals to focus on strategic activities for the company, such as identifying warnings in financial data and providing the corporation's financial direction. It also reduces the cost of the finance function, since fewer hours are needed to close the books. And it demonstrates that the company's controls and systems are well organized; the company sends the message to its competitors and to the investment community that it is expert at performing business processes.

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Topics: performance management, risk assessment, performance measurement, accounting/finance, financial reporting, close the books

Signs That Your Organization Needs Business Intelligence Solutions

Posted by Katrina Opgenorth on Mon, Jul 10, 2017 @ 08:08 AM

|Busi*ness In*tel”li*gence|, n. - the capacity to acquire and apply business knowledge, the act or state of knowing about your business; to understand and profit from experience; the internal development and sharing of information to create a competitive advantage.

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Topics: performance management, performance measurement, IT strategy, data analytics, business intelligence

Business Intelligence Competency Centers Overview and Guide

Posted by Lark Scheierman on Thu, Jun 29, 2017 @ 09:08 AM

The objectives of a business intelligence competency center (BICC) are to provide the organization with better control over operational and financial reporting, reduce reporting costs, improve consistency, and provide the organization with more complete information for management decisions. BICCs are often business-led cross-functional teams that provide organizational support and guidance for implementation and usage of business intelligence processes and technology. They can live within the IT organization, but more often are business driven.

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Topics: performance management, performance measurement, IT strategy, data analytics, business intelligence

Internal Audit’s Performance – Raising the Bar

Posted by Sharise Cruz on Fri, Mar 21, 2014 @ 11:04 AM

The internal audit function’s position within a company is unique. It provides its principal stakeholders (audit committee members and management) valuable and objective assurance on governance, risk management and control processes, as well as consulting services to improve operations. With this critical responsibility to fulfill, implicit in executing those duties is internal audit’s continuous improvement to its own practices.

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Topics: performance management, Hot Issues, internal audit, risk assessment, Dan Swanson, audit committee & board, quality assessment review, audit planning, performance measurement

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