The internet of things (IoT) is an environment in which “things” – objects, animals or people – are given unique identifiers on the internet and are able to transfer data over a network without the need for human-to-human or human-to-computer interaction. The IoT has evolved from the convergence of wireless technologies, micro-electromechanical systems (MEMS) and the internet.
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.
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.
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:
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.
Pricing is defined as the monetary value an organization assigns to a particular product or service.
When setting prices, an organization must consider a wide variety of financial market factors in order to effectively determine prices for products and services.
These factors may include the following:
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.
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: risk assessment, supply chain, purchasing & accounts payable, vendor management, performance management/measurement, KL Tools, inventory and materials management, outsourcing/co-sourcing/shared services
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?
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