KnowledgeLeader Blog

How to Monitor Transaction Governance for Anti-Money Laundering

Posted by Protiviti KnowledgeLeader on Tue, Mar 17, 2020 @ 11:00 AM

Expectations for transaction monitoring (TM) governance are quickly evolving due to the complexity of detection systems, the demand for additional operational oversight, increased regulatory scrutiny and the need for an adequate control framework to guarantee proper risk management.

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Topics: Enterprise Risk Management, Laws & Regulations, Fraud, Foreign Corrupt Practices Act, Compliance, Financial Services Industry

How to Conduct an Up-to-Date Information Security Audit

Posted by Protiviti KnowledgeLeader on Tue, Mar 17, 2020 @ 10:00 AM

The point of the article, of course, was that people must focus their attention in the correct places when considering what would most influence their quality of life. That same exact issue exists within organizations where the board and management must ensure that they build and sustain the long-term health of the company.

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Topics: Enterprise Risk Management, Internal Audit, Audit Committee & Board, IT Infrastructure

Important Roles You Need to Be Aware of During Enterprise Risk Management

Posted by Protiviti KnowledgeLeader on Thu, Mar 12, 2020 @ 03:45 PM

The chief audit executive (CAE) and internal audit can play one or more of the following roles in conjunction with the implementation of enterprise risk management (ERM) in an organization.

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Topics: Enterprise Risk Management, Internal Audit, Risk Assessment, Audit Planning, Strategic Risk

Five Components of the COSO Framework You Need to Know

Posted by Protiviti KnowledgeLeader on Thu, Mar 12, 2020 @ 08:00 AM

WHAT DOES COSO STAND FOR?

In 1992, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) developed a model for evaluating internal controls. This model has been adopted as the generally accepted framework for internal control and is widely recognized as the definitive standard against which organizations measure the effectiveness of their systems of internal control. 

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Topics: Enterprise Risk Management, Corporate Governance, COSO, Audit Committee & Board

Enterprise Risk Management: How to Effectively Raise the Bar

Posted by Protiviti KnowledgeLeader on Tue, Mar 10, 2020 @ 08:00 AM
Everyone talks about the need for good risk management programs, but nobody seems to know how to audit them to ensure that they work. The people that bear responsibility for setting the parameters of an enterprise risk management (ERM) program is pretty clear: the board of directors and the C-level executives. They decide what the risks are, what level of risk they’re willing to tolerate and what risks they do not want to tolerate. They are responsible for monitoring and responding to ERM outputs and obtaining assurance that the organization’s risks are acceptably managed within the specified boundaries.
 
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Topics: Enterprise Risk Management, Internal Audit, COSO, Risk Assessment, Audit Committee & Board, Governance, Risk & Compliance

How to Efficiently Create Agile Risk Management Solutions

Posted by Protiviti KnowledgeLeader on Thu, Mar 05, 2020 @ 02:02 PM

Many organizations have failed to keep pace with changing trends in risk and compliance. Resource allocation for many risk and compliance initiatives implemented under pressure of a crisis to demonstrate urgency and prioritization or regulators has proven to be unsustainable.

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Topics: Enterprise Risk Management, Risk Assessment, Governance, Risk & Compliance, Strategic Risk, Agile Auditing

What You Need to Integrate Risk in Your Business Planning Process

Posted by Protiviti KnowledgeLeader on Tue, Mar 03, 2020 @ 08:00 AM

While strategy-setting defines an enterprise’s overall strategic direction, differentiating capabilities and required infrastructure, a business plan lays out how an organization intends to execute a strategy during an annual period or, if longer, the operating cycle. Organizations should ask themselves: How should risk be integrated into the annual business planning process?

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Topics: Enterprise Risk Management, Risk Assessment, Governance, Risk & Compliance, Business Continuity Management

Five Essential Lines of Defense You Need to Know for Managing Risk

Posted by Protiviti KnowledgeLeader on Fri, Feb 28, 2020 @ 08:00 AM

Organizations have learned many lessons over the years from specific financial crises. For example, if a chief executive ignores the warning signs posed by the risk management function, resists contrarian information suggesting the corporate strategy is either not working or losing relevance, or fails to consider critical risks when evaluating whether to enter a new market or consummate a complex acquisition, the shareholders and other constituents can end up paying a high price.

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Topics: Enterprise Risk Management, Internal Audit, Audit Committee & Board, Strategic Risk

Five Important Questions on How to Effectively Keep Pace With Change

Posted by Protiviti KnowledgeLeader on Wed, Feb 26, 2020 @ 08:00 AM

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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Topics: Enterprise Risk Management, Corporate Governance, Audit Committee & Board, Strategic Risk

Second Line of Defense: What Needs to Be Present

Posted by Protiviti KnowledgeLeader on Thu, May 02, 2019 @ 04:19 PM

What is the Second Line of Defense?

Essential to effective risk management, the lines-of-defense model is implicit in COSO’s internal control framework through the control environment, control, activities, monitoring and other components of an internal control system. It provides assurance to the board of directors, as the elected representatives of the shareholders to oversee the organization’s operations on their behalf, that risks are reduced to a manageable level as dictated by the organization’s appetite for risk. Much more than “segregating incompatible duties” and “ensuring checks and balances,” the lines-of defense model emphasizes a fundamental concept of risk management: From the boardroom to the customer-facing processes, managing risk is everyone’s responsibility.

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Topics: Enterprise Risk Management, Corporate Governance, Internal Audit, COSO, Audit Committee & Board, Strategic Risk

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