KnowledgeLeader Blog

Guide to Records Management

Posted by Protiviti KnowledgeLeader on Thu, Jun 28, 2018 @ 01:24 PM

Technology has greatly expanded the methods of creating, editing, maintaining, transmitting and retrieving records. From creation to disposition, records in electronic recordkeeping systems may now utilize a variety of media. An example of an electronic recordkeeping system is one in which a personal computer generates the original records, which are subsequently stored on a secondary electronic resource. While paper copies of the electronic records may be printed for distribution, the original records are transferred electronically.

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Topics: fraud, risk assessment, IT risk, strategic risk, document retention, performance management/measurement, electronic discovery

What is IT Performance Risk?

Posted by Protiviti KnowledgeLeader on Thu, Jun 21, 2018 @ 01:49 PM

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.

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Topics: IT audit, IT infrastructure, IT risk, change management, performance management/measurement, KL Tools

What is Affiliations Risk?

Posted by Protiviti KnowledgeLeader on Thu, Jun 14, 2018 @ 03:55 PM

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.

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Topics: risk assessment, supply chain, purchasing & accounts payable, vendor management, performance management/measurement, KL Tools, inventory and materials management, outsourcing/co-sourcing/shared services

The 3 Components of a Successful Systems Design

Posted by Protiviti KnowledgeLeader on Thu, Jun 07, 2018 @ 09:19 AM

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.

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Topics: IT audit, IT governance, IT infrastructure, IT strategy, IT risk, IT controls, performance management/measurement, KL Tools

How to Build an Effective Business Process

Posted by Protiviti KnowledgeLeader on Fri, Jun 01, 2018 @ 01:35 PM

Key Performance Measures Improving the Process

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. In fact, 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: laws & regulations, accounting/finance, financial reporting, performance management/measurement

How to Successfully Manage Supply Chain Distribution Channels

Posted by Protiviti KnowledgeLeader on Thu, May 10, 2018 @ 02:11 PM

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.

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Topics: risk assessment, supply chain, strategic risk, vendor management, accounting/finance, performance management/measurement, KL Tools, inventory and materials management

How Does Opportunity Risk Apply to Financial Business Processes?

Posted by Protiviti KnowledgeLeader on Thu, May 03, 2018 @ 10:08 AM

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?

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Topics: risk assessment, strategic risk, performance management/measurement, KL Tools, budgeting, cost management

How Can Human Resource Risk Be Managed?

Posted by Protiviti KnowledgeLeader on Thu, Apr 05, 2018 @ 10:01 AM

“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. 

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Topics: laws & regulations, human resources, risk assessment, strategic risk, performance management/measurement, KL Tools

How To Minimize Customer Fraud Risk

Posted by Protiviti KnowledgeLeader on Thu, Mar 22, 2018 @ 04:41 PM

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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Topics: fraud, ethics, risk assessment, strategic risk, performance management/measurement, KL Tools, customer satisfaction

What is Process Accounts Receivable, Credit and Collections?

Posted by Protiviti KnowledgeLeader on Thu, Mar 08, 2018 @ 10:47 AM

In recent blog posts, we’ve discussed KPIs for various processes and even gave a concise description of what they are (see Guide to Managing Mergers and Acquisitions KPIs). In this post, we’ll be looking at KPIs again and this time it’s for Accounts Receivable (AR), Credit and Collections and we have a great document on KnowledgeLeader that goes more in-depth.

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Topics: accounting/finance, accounts receivable,, cash and treasury, performance management/measurement, KL Tools, credits and collections

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