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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, risk, KL Tools

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, risk, KL Tools

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, risk, KL Tools

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, performance management/measurement, KL Tools, Robotic Process Automation, IT Asset Management

How to Evaluate Your Corporate Culture

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

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Topics: KL Tools, communication, culture

How to Develop an Effective Code of Conduct

Posted by Protiviti KnowledgeLeader on Thu, May 30, 2019 @ 05:14 PM

Executives often cite an ability to adapt to change as the most important factor for success in today’s dynamic business environment; however, there is another equally important factor: an unwavering commitment to ethical and responsible business behavior. As many organizations already understand, a formal, written code of conduct is critical in order to transform ethical behavior into something more tangible for employees. Such a code is now a requirement for public companies, as mandated by the Sarbanes-Oxley Act and by the listing requirements of major stock exchanges.

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Topics: ethics, KL Tools, communication

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, KL Tools

What You Need to Know About Compliance of GDPR

Posted by Protiviti KnowledgeLeader on Thu, Apr 04, 2019 @ 06:04 PM

Are You Familiar with GDPR?

The General Data Protection Regulation (GDPR) became effective May 25, 2018, and introduced strict rules for the protection of the personal data of EU citizens. GDPR expanded the scope of previous EU regulations to include any data processor or data controller that processes the personal data of EU residents. Under this law, U.S. companies have to employ data transfer mechanisms (such as Privacy Shield) if they want to continue doing business – even online – with EU data subjects.

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Topics: Data, analytics, business intelligence, KL Tools

Exploring the Big Picture of IT Risk Assessment

Posted by Protiviti KnowledgeLeader on Thu, Mar 28, 2019 @ 05:26 PM

Most, if not all, business transactions executed today touch the information technology (IT) environment at some point in their lifecycle. As organizations plan for the next calendar year, it’s logical to regard the IT risk assessment as a critical component that should be reviewed through the internal audit function.

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Topics: laws & regulations, compliance, risk assessment, performance management/measurement, KL Tools

How to Use the 5 Best Practices of Inventory Management

Posted by Protiviti KnowledgeLeader on Fri, Mar 15, 2019 @ 02:20 PM

Inventory planners and managers today find themselves engaged in a delicate balancing act. On one hand, they strive at all costs to stay competitive in a marketplace that continues to demand more customized products and faster delivery services. On the other hand, they are still obliged to keep the actual cost of maintaining such complex inventory down to a minimum. Despite the dilemma, however, companies that apply best practices know firsthand how an efficient inventory management system can transform a business. Some have even reported improvements of up to 90 percent in throughput times and defect levels.

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Topics: supply chain, vendor management, accounting/finance, performance management/measurement, KL Tools, inventory and materials management, accounts payable & purchasing

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