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    How to Manage Your Lender Relationships

    Posted by Protiviti KnowledgeLeader on Thu, Sep 20, 2018 @ 01:44 PM

    Is The Treasury Function Ensuring Superior Financial Services for Your Company?

    The treasury function at a company bears responsibility for managing financial transactions, safeguarding deposits, earning a return on reserves and obtaining credit. At a minimum, the staff of the treasury function selects and supervises providers of financial services, such as bankers and lenders, who will produce superior results at a fair price. In companies that apply leading practices, the treasury function staff develops relationships with bankers and lenders who provide more than simple banker-to-customer services: the relationships progress into collaborative business partnerships where the bankers help the company manage financial risk and develop the resources worldwide to meet its strategic financial objectives.

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    Topics: Accounting/Finance, Cash & Treasury, Performance Management/Measurement, Credit & Collections

    Measure Cost-of-Quality to Track Conformance and Non-Conformance Costs and Support Resource Allocation to Improve Product Quality

    Posted by Protiviti KnowledgeLeader on Thu, Sep 06, 2018 @ 12:06 PM

    Total quality management requires commitment and persistence. Quality will always have a cost, but many companies are demonstrating that investments in quality always provide returns. Cost-of-quality reporting essentially views costs of quality as "good" costs and "poor" costs. The "good" costs are those incurred by the company in delivering customer satisfaction. The "poor" costs arise from:

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    Topics: Supply Chain, Vendor Management, Performance Management/Measurement, Inventory & Materials Management

    Best Practices for Developing Strong Public Relations

    Posted by Protiviti KnowledgeLeader on Thu, Aug 23, 2018 @ 11:30 AM

    Are you using strong strategic communication processes that build great relationships between your organization and the public?

    Public relations has gained importance and visibility in the recent years as our marketplaces become more competitive and the exponential growth in proliferation of media. The importance of a well-crafted public relations campaign has never been greater. This includes not just generating coverage and visibility, but also fostering meaningful relationship with customers, clients, business partners, employees and the public.

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    Topics: Human Resources, Disaster Recovery, Business Continuity Management, Performance Management/Measurement

    How to Monitor and Manage Legal and Ethical Issues

    Posted by Protiviti KnowledgeLeader on Tue, Aug 07, 2018 @ 01:05 PM

    Globalization, increased transparency of business activity, pervasive media coverage, and the growing complexity of business and business relationships have increased the ethics and compliance risks for organizations. There is greater likelihood of wrongdoing being exposed by the media, watchdog groups or government agencies or through a firm's internal systems. Illegal or unethical acts can be done intentionally by people of bad character or unintentionally by people who made decisions without full knowledge of what they were doing. The damage to a firm's reputation and the huge costs associated with fines and litigation can destroy a company. Therefore, managing for legal and ethical excellence has emerged as a critical as well as morally imperative function for all organizations.

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    Topics: Laws & Regulations, Ethics, Performance Management/Measurement

    What is Sourcing Risk?

    Posted by Protiviti KnowledgeLeader on Thu, Jul 26, 2018 @ 09:33 AM

    Outsourcing has become a keystone of major business operations to the point that it’s almost a given that large companies will move certain expensive business processes and labor-intensive activities to a third-party. Is this always the best option?

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    Topics: Internal Audit, Supply Chain, Vendor Management, Performance Management/Measurement, Outsourcing/Co-sourcing/Shared Services, Accounts Payable & Purchasing

    Guide to Records Management

    Posted by Protiviti KnowledgeLeader on Thu, Jun 28, 2018 @ 01:24 PM

    Technology has greatly expanded the methods of creating, editing, maintaining, transmitting and retrieving records. From creation to disposition, records in electronic recordkeeping systems may now utilize a variety of media. An example of an electronic recordkeeping system is one in which a personal computer generates the original records, which are subsequently stored on a secondary electronic resource. While paper copies of the electronic records may be printed for distribution, the original records are transferred electronically.

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    Topics: Fraud, Risk Assessment, IT Risk, Strategic Risk, Document Retention, Performance Management/Measurement

    What is IT Performance Risk?

    Posted by Protiviti KnowledgeLeader on Thu, Jun 21, 2018 @ 01:49 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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    Topics: IT Audit, IT Infrastructure, IT Risk, Change Management, Performance Management/Measurement

    The 3 Components of a Successful Systems Design

    Posted by Protiviti KnowledgeLeader on Thu, Jun 07, 2018 @ 09:19 AM

    What is design risk? To “design” is to create, fashion, execute or construct according to plan. The term design as used here refers to the entire scope of a project. A business system design is a collection of design documents and supporting materials which define the system functionality that supports one or more business processes and in the process, creates, retrieves, updates and deletes data.

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    Topics: IT Audit, IT Governance, IT Infrastructure, IT Strategy, IT Risk, IT Controls, Performance Management/Measurement

    How to Build an Effective Business Process

    Posted by Protiviti KnowledgeLeader on Fri, Jun 01, 2018 @ 01:35 PM

    Key Performance Measures Improving the Process

    An effective business process is built on a set of well-defined and clearly-stated business objectives. These key objectives articulate the ideal performance results that the company expects from that process. To monitor a business process so that it stays focused on reaching the key objectives, the company chooses appropriate performance measures. In fact, careful selection of the performance measures takes a company a long way toward improving a business process. Thus, to build and then continually improve an effective business process, a company establishes:

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    Topics: Laws & Regulations, Accounting/Finance, Financial Reporting, Performance Management/Measurement

    How Does Opportunity Risk Apply to Financial Business Processes?

    Posted by Protiviti KnowledgeLeader on Thu, May 03, 2018 @ 10:08 AM

    Opportunity risk occurs whenever there’s a possibility that a better opportunity may become available after having committed to an irreversible decision.

    We all experience opportunity risk at its most basic level several times a week. For example, imagine you have enough cash on you for lunch in a new town and you’re trying to decide between two restaurants you’ve never tried. What if you spend your time and money on the first option and it’s terrible? Or even maybe it’s not terrible, but the second option is just so much better?

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    Topics: Risk Assessment, Strategic Risk, Performance Management/Measurement, Budgeting, Cost Management

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