Many businesses today exchange goods, services, information and knowledge using network-enabled technologies. Within such business, the proper protection of confidential information is essential to achieve the desired benefits and mitigate the associated risks. Failure to adequately restrict access to critical business information from outsiders (intruders) may result in unauthorized knowledge and use of confidential information by inappropriate parties.
Topics: IT Audit, Governance, Risk & Compliance, IT Infrastructure, IT Security, IT Risk, Performance Management/Measurement
Why are we meeting? What are the objectives of the self-assessment meeting?
Defining the meeting objectives is the most important aspect of planning a self-assessment meeting. This requires members of the audit team to meet with the auditee in advance to determine their needs and wants. For example, the auditee may ask the auditor to facilitate a self-assessment meeting at the organizational level designed to:
Topics: Audit Planning, Self-Assessment, Performance Management/Measurement
A budget is a systematic method of allocating financial, physical and human resources to achieve strategic goals. Companies develop budgets in order to monitor progress toward their goals, help control spending, and predict cash flow and profit.
Topics: Accounting/Finance, Cash & Treasury, Performance Management/Measurement, Budgeting
Data integrity is the assurance that information can only be accessed or modified by those authorized to access the system. Measures taken to ensure integrity include controlling the physical environment of networked terminals and servers, restricting access to data, and maintaining rigorous authentication practices. Data integrity can also be threatened by environmental hazards, such as heat, dust and electrical surges.
Topics: IT Audit, IT Infrastructure, Cloud Computing, IT Risk, IT Controls, Data Security, Data Analytics, Performance Management/Measurement, Customer Satisfaction
Project management risk is significant because of its lasting implications. By definition, a project is a “temporary endeavor undertaken to create a unique product or service and involves doing something that has not been done before.” Thus, it is reasonable to expect projects to involve a high degree of risk, and statistics support that expectation.
Topics: Project Management, IT Strategy, Performance Management/Measurement
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.
Topics: IT Governance, IT Infrastructure, IT Strategy, IT Risk, Energy & Utilities Industry, Performance Management/Measurement, Robotic Process Automation
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.
Topics: Laws & Regulations, Compliance, Risk Assessment, Performance Management/Measurement
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.
Topics: Supply Chain, Vendor Management, Accounting/Finance, Performance Management/Measurement, Inventory & Materials Management, Accounts Payable & Purchasing
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:
Topics: Accounting/Finance, Financial Reporting, Close the Books, Performance Management/Measurement
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.
Topics: Enterprise Risk Management, Risk Assessment, Strategic Risk, Data Security, Performance Management/Measurement, Intellectual Property
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