Internal audit (IA) reporting may be the biggest challenge in the audit process next to scheduling the audit itself and implementing recommendations in today’s complex and competitive corporate environment. An audit report presents results of an examination or review within the organization and is considered by many to be the core deliverable of audit services. Therefore, the importance of good reporting cannot generally be exaggerated.
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:
Business and government have long maintained an adversarial relationship. The business community objects to any government interference in commerce, and government believes it has a duty to protect the public interest with laws and regulations that promote fair competition and force the business community to be a good citizen. In recent years, government efforts to protect the public have drastically increased the cost of doing business. As a result, many companies are rethinking their government relations strategies and identifying ways to improve their relationships with government and the general public.
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.
An affiliation is often referred to as a person, organization or establishment associated with another as a subordinate, subsidiary or member. An affiliation can be a social or business relationship and is essentially the act of being formally connected or joined. Examples of affiliations in the business environment include sourcing partners, vendor relationships and alliances.
Topics: KL Tools, inventory and materials management, purchasing & accounts payable, supply chain, risk assessment, outsourcing/co-sourcing/shared services, performance management/measurement, vendor management
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.
What Is Channel Effectiveness Risk?
Channel effectiveness risk is the risk that poorly performing or positioned supply chains or distribution channels may threaten a firm's capacity to effectively and efficiently interact with suppliers and inhibits the ability to access current and potential customers and end users.
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?
“All of the blame and none of the praise”
This was how one Human Resource professional described their job in a forum on tech recruiting recently. Human Resources (HR) can be a bit of a mine field full of potential hazards and risks while searching for that perfect candidate to fill a company’s needs.
Fraud is the intentional perversion of truth in order to induce another to part with something of value or to surrender a legal right. In the business community, the ultimate goal of fraud is to gain money. There are numerous frauds within the business world.
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