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    10 Important Roles of the Audit Committee in Internal Audit

    Posted by Protiviti KnowledgeLeader on Thu, Sep 05, 2019 @ 02:54 PM

    10 Important Roles of the Audit Committee in Internal Audit

    Although the exact nature, charter, scope and reporting lines of internal audit may vary between companies, the audit committee plays a key role in supporting and overseeing aspects of an internal audit function’s activities. While needing to ensure that it does not assume day-to-day oversight activities on behalf of management or the internal audit function, the audit committee should generally be involved in the following matters:

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    Topics: Internal Audit, Audit Committee & Board

    Social Media Risk: What it Means to Your Risk Profile

    Posted by Protiviti KnowledgeLeader on Thu, Aug 29, 2019 @ 05:31 PM

    Social Media Risk: What it Means to Your Risk Profile

    Social media platforms and applications have been implemented rapidly by most organizations over the past decade. New ways to utilize social media crop up weekly and new social media tools seem to hit the market just as frequently.

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    Topics: Compliance

    Compliance: How to Position for Ultimate Effectiveness

    Posted by Protiviti KnowledgeLeader on Thu, Aug 22, 2019 @ 05:49 PM

    Positioning Compliance for Effectiveness

    Positioning the compliance function for effectiveness is a matter of first defining the roles executive management and the board want the function to play. An understanding of those roles provides a powerful context for evaluating how to position the compliance function within the organization.

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    Topics: Compliance

    A Compliance Perspective to Risk Assessment

    Posted by Protiviti KnowledgeLeader on Thu, Aug 15, 2019 @ 05:11 PM

    Making Your Risk Assessments Count: A Compliance Perspective to Risk Assessment

    The traditional approach for assessing compliance risks focuses on the severity of impact and likelihood of occurrences, often on a residual risk basis. This approach often results in a cluster of low likelihood risks with various levels of potential severity and fails to address the potential implications to the enterprise of a breakdown in established policies and procedures. For compliance risks, in lieu of mindless guesswork on probabilities, companies should consider the effects of noncompliance events in terms of the following factors:

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    Topics: Risk Assessment

    An Operational Perspective to Risk Assessment

    Posted by Protiviti KnowledgeLeader on Fri, Aug 09, 2019 @ 09:37 AM

    Making Your Risk Assessments Count: An Operational Perspective to Risk Assessment

    Operational assessment is often directed to assessing performance against quality, time, innovation and cost targets to identify gaps in process performance. Significant performance gaps lead to decisions around making appropriate midcourse corrections or analyzing root causes with the objective of determining actionable process improvements to close the gaps. Given this traditional approach to an operational review, the question of the appropriate level of focus arises when evaluating operational risks.

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    Topics: Risk Assessment

    Consider the Distinguishing Characteristics of Risk

    Posted by Protiviti KnowledgeLeader on Thu, Aug 01, 2019 @ 05:02 PM

    Making Your Risk Assessments Count: Consider the Distinguishing Characteristics of Risk

    Traditional risk assessment approaches don’t often address the unique risk characteristics most companies face. While using a common analytical framework to evaluate risks with different characteristics may make the assessment process easier to execute, it also may not be as effective as approaches that could provide more insight into how to respond to assessed risks.

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    Topics: Risk Assessment

    Looking for Digital Risk

    Posted by Protiviti KnowledgeLeader on Fri, Jul 19, 2019 @ 10:00 AM

    Many auditors are asking themselves the same legitimate question: With so much happening, where do we start?  Advancements in technology and data have been so rapid in recent years that long-standing organizations that failed to pay attention have been disrupted and displaced by so-called “born-digital” competitors. In the case of many organizations who met their fate at the hands of born-digital competitors, it was often a lack of activity – or, at least, a lack of the right activity, at the right pace – that allowed for the rise of the disruptors and led to the demise of the disrupted. It is not hyperbolic to suggest that digital risk is an existential risk for many organizations if ignored.

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    Topics: Digital Transformation

    Consider Different Approaches When It Comes to Cybersecurity

    Posted by Protiviti KnowledgeLeader on Fri, Jun 28, 2019 @ 02:58 PM

    Cybercrime is now considered a top risk to most enterprises. Many organizations seek to build security by adding tools and processes on top of their established operations. It’s important for these organizations to take different approaches and see what results in greater momentum and more effective investment.

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    Topics: Cybersecurity, IT Risk

    What You Need to Know About Robotic Process Automation

    Posted by Protiviti KnowledgeLeader on Thu, Jun 20, 2019 @ 04:30 PM

    Are You Familiar With Robotic Process Automation?

    Robotic process automation (RPA) has been gaining traction as an efficient way to automate labor-intensive and repetitive tasks across a variety of business functions, including finance, accounting, technology, legal, HR, and, increasingly, audit and compliance.

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    Topics: IT Governance, IT Infrastructure, IT Strategy, IT Risk, Energy & Utilities Industry, Performance Management/Measurement, Robotic Process Automation

    How to Evaluate Your Corporate Culture

    Posted by Protiviti KnowledgeLeader on Thu, Jun 13, 2019 @ 05:15 PM

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    Topics: Communications Industry, Culture

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