KnowledgeLeader Blog

Keeping Pace with Change: Five Questions Directors Should Ask

Posted by Sharise Cruz on Wed, Dec 11, 2013 @ 02:59 PM

We all know that change is inevitable, but what can an organization do to keep its strategies and risk management capabilities on the same course as the ever-changing business environment?

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Topics: Protiviti, enterprise risk management, corporate governance, Board Perspectives, audit committee & board, strategic risk

ISO/IEC 27001 and 27002: What Are the Significant Changes?

Posted by Sharise Cruz on Wed, Oct 30, 2013 @ 12:27 PM

In November 2013, the International Organization for Standardization (ISO) and the International Electrotechnical Commission (IEC) will formally release long-anticipated updates to ISO/IEC 27001 and 27002. The last time these standards were updated was in 2005. 

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Topics: Protiviti, information technology risk, IT audit, IT governance, IT infrastructure, security, flash report

AML Transaction Monitoring Governance: Challenges and Opportunities

Posted by Sharise Cruz on Wed, Oct 16, 2013 @ 03:54 PM

Expectations for transaction monitoring (TM) governance are quickly evolving due to the complexity of detection systems, the demand for additional operational oversight, increased regulatory scrutiny, and the need for an adequate control framework to guarantee proper risk management.

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Topics: Protiviti, enterprise risk management, laws & regulations, fraud, Foreign Corrupt Practices Act, compliance, financial services industry

Applying the Five Lines of Defense in Managing Risk

Posted by Sharise Cruz on Wed, Sep 25, 2013 @ 10:04 AM

Many lessons were learned from the financial crisis. For example, if a chief executive ignores the warning signs posed by the risk management function, resists contrarian information suggesting the corporate strategy is either not working or losing relevance, or fails to consider critical risks when evaluating whether to enter a new market or consummate a complex acquisition, the shareholders and other constituents can end up paying a high price.

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Topics: Protiviti, enterprise risk management, internal audit, audit committee & board, strategic risk, The Bulletin

Mining Internal Audit’s Capabilities and Needs

Posted by Sharise Cruz on Wed, Aug 21, 2013 @ 09:51 AM
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Topics: Protiviti, Hot Issues, internal audit, IT audit, social media risk, audit committee & board, audit planning, webcasts, benchmarking

Risk Management Beyond Borders: Protiviti's Tips for Country Risk

Posted by Sharise Cruz on Wed, Aug 14, 2013 @ 11:10 AM

Country risk comprises the various risks of investing in a foreign country that can lead to either investment impairments or reductions in returns on investment (ROI). Investment impairments may arise from confiscatory actions by a sovereign (e.g., nationalization of the business or expropriation of assets). ROI reductions may arise from discriminatory actions by a sovereign directed to the company, a targeted industry (say, energy or banking) or companies from certain countries (e.g., additional taxation, price or production controls, exchange controls, currency manipulation, expansion controls, performance requirements and other regulations). Both may arise from destructive or disruptive acts by others (e.g., violence, terrorism, war, strikes, infrastructure deficiencies, kidnappings or physical phenomena). The primary objective of managing country risk is to protect company investments in foreign markets and sustain acceptable investment returns.

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Topics: Protiviti, enterprise risk management, risk assessment, Cross-border & Non-US issues, Board Perspectives, country risk, investments and foreign exchange, asset management

Building an Effective Compliance Program: Hallmarks and Insights

Posted by Sharise Cruz on Tue, Aug 06, 2013 @ 11:47 AM

In November 2012, the criminal division of the U.S. Department of Justice (DOJ) and the enforcement division of the U.S. Securities and Exchange Commission (SEC) jointly released A Resource Guide to the U.S. Foreign Corrupt Practices Act (“the Guide”). While the 130-page guide is packed with useful information and written in an approachable style free from legalese, it provides perhaps its best and most useful information beginning on page 57 in the section titled, “Hallmarks of an Effective Compliance Program.” In the in introduction to this section, the authors note that there is no such thing as a one-size-fits-all compliance program, and that it is expected that small to midsize companies’ compliance programs will very likely differ from those in place at much larger organizations. They also point out that companies may consider a variety of factors in tailoring a compliance program to their specific organizations.

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Topics: Protiviti, laws & regulations, fraud, Foreign Corrupt Practices Act, compliance, ethics, white papers, corruption

Audit Committee Reporting: Leading Practice Examples and Insights

Posted by Sharise Cruz on Tue, Jul 30, 2013 @ 11:48 AM

Chief audit executives and audit teams may be comfortable with the fact that their approach to audit committee reporting has followed the same unwavering path for the past decade. But are they shortchanging themselves by not communicating results as clearly and engagingly as possible?

Three Protiviti executives – David Brand, managing director, Chicago; Jason Maslan, director, Chicago internal audit practice; and Ari Sagett, director, Chicago internal audit practice – addressed the all-too-frequent issue of stale audit committee reporting by offering some eye-opening leading practice examples in a recent webcast.

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Topics: Protiviti, internal audit, risk assessment, audit committee & board, quality assessment review, audit reporting, chief audit executives, dashboards, webinars

Auditing Lessons Learned from Natural Disasters

Posted by Aspen Plummer on Mon, Jul 08, 2013 @ 11:21 AM
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Topics: Protiviti, Hot Issues, internal audit, risk, natural disasters, business continuity, supply chain

Auditing Travel Stories: The Good, the Bad, and the Risky

Posted by Aspen Plummer on Mon, Jun 10, 2013 @ 02:18 PM

In more than 20 years of experience as an auditor, I have had the good fortune to go on audit assignments and client meetings throughout the U.S. and in many countries of the world. Some trips were spectacular, landing me in the midst of great cities like New York, New Orleans and San Francisco. Others, however, put me in danger zones amidst civil war and natural disaster. If you’re a well-heeled auditor like me, you’ll appreciate the stories and advice I share in this article. If you have ever dreamed of getting that plum auditing role that includes travel, take note: it isn’t always what you imagined it to be. This article will help you understand the pros and cons of the traveling auditor’s life.

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Topics: Protiviti, information technology risk, Hot Issues, internal audit, Cross-border & Non-US issues, audit, project management, travel, audit assignments, network & internet security, Paul Pettit

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