KnowledgeLeader Blog

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

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

Improving the Close-the-Books Process

Posted by Protiviti KnowledgeLeader on Fri, Mar 01, 2019 @ 10:14 AM

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 a company expects from that process. To monitor a business process so it stays focused on reaching the key objectives, a company chooses appropriate performance measures. 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: accounting/finance, financial reporting, close the books, performance management/measurement

What Is Intellectual Property and What Are the Risks?

Posted by Protiviti KnowledgeLeader on Thu, Feb 21, 2019 @ 05:15 PM

Copyright pirates, brand impersonators, patent flouters and trade secret thieves are a major threat to businesses, given their increased aggressiveness towards intellectual property (IP) theft. These, and any other original creative works that have economic value and are protected by law, can be categorized as IP.

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Topics: enterprise risk management, risk assessment, strategic risk, data security,, performance management/measurement, KL Tools, intellectual property

Communicating With Shareholders: What You Need to Know

Posted by Protiviti KnowledgeLeader on Fri, Feb 15, 2019 @ 11:36 AM

Communicating with shareholders is about capital – the ability to access either equity or debt at the lowest possible cost. By understanding investor motivation and maintaining relationships within the investment community, companies are strategically positioned to address operational funding issues proactively and thus can exercise greater control over the capital formation process. By identifying sources of capital, world-class companies can maintain capital structures through a mix of long-term debt and equity funding options at the lowest possible cost.

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Topics: investments and foreign exchange, audit committee & board, accounting/finance, financial reporting, performance management/measurement, KL Tools, Mergers & Acquisitions, communication, kpis

Audit Committee: How to Develop a Strong Self-Assessment Process

Posted by Protiviti KnowledgeLeader on Fri, Feb 01, 2019 @ 09:49 AM

The audit committee of the board of directors helps the board fulfill its responsibilities to the company and its current and potential shareholders, the investment community, and other stakeholders, with respect to its oversight of the following: 

  • The quality and integrity of the company’s accounting and reporting practices and controls.
  • The financial statements and reports of the company.
  • The company’s compliance with legal and regulatory requirements.
  • The independent auditor’s qualifications and independence.
  • The performance of the company’s internal audit function and independent auditors.
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Topics: accounting/finance, audit committee, self assessment, performance management/measurement, KL Tools

Developing Budgets: What You Need to Know

Posted by Protiviti KnowledgeLeader on Fri, Jan 18, 2019 @ 08:59 AM

In a previous blog on Managing Mergers and Acquisitions KPIs we discussed what exactly Key Performance Indicators are:

“KPIs are generally defined as quantifiable measures used to evaluate the success of an organization, employee or process in meeting the objectives for performance. In other words, you can only really know if you did well if you know how success is measured.”

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Topics: accounting/finance, cash and treasury, performance management/measurement, KL Tools, budgeting

Key Performance Measures for Improving the Internal Audit Process

Posted by Protiviti KnowledgeLeader on Thu, Jan 03, 2019 @ 10:21 AM

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. Careful selection of the performance measures takes a company a long way toward improving a business process. Thus, to build and continually improve an effective business process, a company establishes:

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Topics: internal audit, risk assessment, quality assessment review, performance management/measurement, KL Tools

Currency Risk: The Purpose and Risk of Money

Posted by Protiviti KnowledgeLeader on Fri, Dec 14, 2018 @ 01:14 PM

What is Money?

People may say that “money is the root of all evil,” but is it? It may be best to point out that the original quote is better expressed as, “for the love of money is the root of all evil,” which more properly conveys the idea that money is just a thing and not evil itself, but greed and excessive desire for money can be judged morally.

Enough philosophy – let’s get down to brass tacks. Money is useful.

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Topics: enterprise risk management, risk assessment, investments and foreign exchange, accounting/finance, cash and treasury, performance management/measurement, KL Tools, KL Publications

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