Risk Assessment

Electronic Information Deluge Putting a Strain on Records Management

Joe Mont May 22, 2012

Despite increased resources and good intentions, companies are still fumbling when it comes to executing a comprehensive information management program that balances the unique needs of physical and electronic documents. A recent survey from Iron Mountain found that nearly three-quarters of respondents said they lacked a cohesive, multi-year strategy for records and information management. More survey results inside.

Enterprise GRC Systems: Ready When You Are

Todd Neff May 01, 2012

After years of industry consolidation, integrated enterprise governance, risk, and compliance systems are ready for prime time. The systems can produce sophisticated risk analytics, real-time reports, and alerts on control failures. To take advantage of these GRC system features, however, internal processes must be thoroughly understood and cataloged. Details inside.

International Compliance Programs: Think Globally, Act Locally

Brendan Sheehan April 24, 2012

Squaring the need for a single global ethics and compliance program with the diverse range of cultures around the world has never been easy. Monitoring and reporting tools help, but there's no substitute for in-person visits. "All too often compliance teams make themselves unapproachable. You have to avoid that at all costs," says Greg Triguba, principal at Compliance Integrity Solutions.

Many Struggling With Risk Disclosures

Jaclyn Jaeger April 03, 2012

Two years after the Securities and Exchange Commission enacted new proxy disclosure rules requiring companies to reveal more about how their boards oversee risk, many companies are still struggling with how to communicate aspects of their risk-management programs effectively. According to a recent study, disclosures are too basic and lack details on the company's approach to risk.

Boards Continue to Struggle With Oversight of Risk Management

Jaclyn Jaeger September 27, 2011

A new report suggests that boards haven't done all they would like to tackle risk-management issues. More than half of those surveyed say they don't spend enough time on them, and about the same amount say their companies still don't have a chief risk officer. Meanwhile, more than 60 percent say that personal liability risks for directors are increasing. More survey results inside.

PCAOB's Hanson on Audit Reform

Compliance Week June 28, 2011

Jay Hanson and his fellow members of the Public Company Accounting Oversight Board are considering a number of measures to improve quality of external audits. Inside, he answers questions on such topics as reforming the audit report, the role of corporate issuers in audit reform, and the audit inspection process.

Improving Risk Assessments and Audit Operations

Tammy Whitehouse June 07, 2011

OK, you've been managing Sarbanes-Oxley compliance for years and your internal controls over financial reporting are solid. What's next for the internal audit team? How do you monitor other risks? Audit and compliance executives from Disney, Office Depot, Timken, and elsewhere gave attendees at Compliance Week 2011 a glimpse into their programs. Full coverage inside.

Survey: Companies Unhappy With Vendor Risk Assessments

Jaclyn Jaeger January 25, 2011

New research finds that supply chain risk assessment continues to confound companies. More than half of those polled say they are unhappy with their current approach. Top difficulties include a lack of good data on vendors, poor visibility into the use of sub-contractors, and limitations to comparing vendor risks. More details inside.

PCAOB Adopts Eight New Standards on Risk Assessment

Tammy Whitehouse August 10, 2010

In one fell swoop, the Public Company Accounting Oversight Board adopted a slate of new auditing standards that tell auditors how to assess risk, doubling the number of standards in the board’s rulebook.The board adopted Auditing Standards No. 8 through No. 15, giving auditors a detailed roadmap for assessing and...

PwC Survey Highlights Shift in Internal Audit Focus

Tammy Whitehouse April 13, 2010

A recent annual survey on the state of the internal audit profession provides new evidence that internal auditors are looking to redefine their role in how organizations assess and manage their risks.A study of 2,000 internal auditors in late 2009 revealed assessing risk for the board of directors is among...

Risk Standard Comments Tread into PCAOB Process

Tammy Whitehouse March 05, 2010

As audit regulators review comments on their reworked proposal for seven new risk assessment standards, they’re also getting some pretty forthright advice on how to write audit rules.Even the U.S. Government Accountability Office has weighed in on where the Public Company Accounting Oversight Board may be inviting trouble with its...

PCAOB Revamps 7-Standard Package on Risk Assessment

Tammy Whitehouse December 17, 2009

Based on initial comments to seven proposed standards on assessing and responding to risk, the Public Company Accounting Oversight Board has reworked the package and is asking for public comment on the revisions.The board unanimously approved the revisions suggested by the staff of Chief Auditor Marty Baumann and agreed to...

Internal Auditors Share Tips on Addressing Emerging Risks

Tammy Whitehouse August 31, 2009

Internal audit departments straining to stay ahead of rapidly emerging risks might benefit from a peek into how other companies are coping with it.The Institute of Internal Auditors has published an alert that summarizes how internal auditors are handling five areas of risk that organizations are facing: credit risks, cost...

Internal Auditors Offer Guidance on Risk Management

Tammy Whitehouse August 11, 2009

The Institute of Internal Auditors has issued two new practice advisories that remind internal auditors to take a broad, holistic view of risk management to assure there are no gaps or redundancies in the assessment.The IIA developed the two new pieces of guidance to help internal auditors have a more...

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Compliance Week LinkedIn Group

Compliance Week now has a companion group on LinkedIn, where members can network and discuss the compliance and governance news of the day. Open to all compliance professionals, free to join.

Survey of the Week

Deloitte is conducting their annual Look Before You Leap: Managing Risks in Global Investments survey to better understand the approaches companies are taking to address compliance and integrity-related risks in emerging markets.