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Risk Management
Understanding Internal Controls:
Internal controls feature prominently on an organisation’s risk
register, yet one of the major weaknesses of AS/NZS ISO 31000:2009 Risk
management – Principles and guidelines is the lack of guidance around
internal controls and in particular, the different types of controls and
how they work to mitigate risks.
InConsult take a close look at the role of internal controls, the
various types and their limitations.
Source: inconsult.com.au
What to Put on Your Risk Radar Screen:
IT security, global expansion, and excess cash top the list of 10 risks
companies should be particularly concerned about in 2012, according to
the Corporate Executive Board (CEB).
Source: cfo.com
Damage Control:
Do you know what the reputation of your organisation is? Where are its
reputation risks? How do you manages those? How you would manage a
reputational crisis?
Source: reputationreport.com.au
Country Risk -- What You're Overlooking:
Natural disasters, political uprisings, trade policy changes and
economic crises can have devastating impacts on supply chain operations.
Why? Because it is difficult to say where and when they will strike
next.
Source: industryweek.com
5 Ways to Address New Challenges in Risk Management:
Confronted with the recent financial crisis and emerging regulations of
the U.S. Dodd-Frank Act, companies are facing a thickening regulatory
web that is increasing the risks and costs associated with compliance.
Source: businessfinancemag.com
Risk and HR Managers: No Talking!:
With risk management having bloomed, for many companies, into an
essential competency over the past decade, it only makes sense that
enterprise risk managers would eventually begin spooning human-capital
risk onto their plates. And that is happening — but very slowly, with
relatively few yet digging in.
Source: cfo.com
Risk Management in Practice
Risk Management Meltdowns: A Look at Some
Real-World Examples:
Risk management should be a top priority when working on complex or
untried projects. Why, you ask? Necessity is the mother of invention and
in risk management, often inventions, ideas and projects go awry when
the forethought and the what ifs aren’t asked, explored and properly
managed.
Source: Brighthub.com
Governance & Compliance
Corporate Governance Matters: Lessons for Practitioners:
Our purpose is to examine the choices that organizations can make in
designing governance systems and the impact those choices have on
executive decision-making and the organization’s performance.
Source: business-ethics.com
Consultation Paper - Review of Not-for-profit
Governance Arrangements:
The Assistant Treasurer, has released a consultation paper on current
governance arrangements for the not-for-profit (NFP) sector. The
outcomes of the governance review will help form the governance
requirements for registered entities in the Australian Charities and
Not-for-profits Commission legislation, starting from 1 July 2012.
Source: business-ethics.com
Compliance and Ethics in Risk Management:
Today I would like to address two related topics that are growing in
importance: the heightened role of ethics in an effective regulatory
compliance program, and the role of both ethics and compliance in
enterprise risk management.
Source: harvard.edu
Financial Services
27 North American Insurance Chief Risk Officers Form Council:
Chief risk officers (CROs) from some of the largest life and P&C
insurers in North America are the first to join a new association formed
to develop and promote leading practices in risk management throughout
the insurance industry.
Source: insurancenetworking.com
The role of internal audit in financial services firm:
Opening remarks by Governor of the Reserve Bank of Australia, to the
Institute of Internal Auditors Financial
Services Forum, Sydney.
Source: bis.org
Basel III: Impacts of the reform on banks’
internal control activities:
The Basel III reform comes into force in 2013 with a gradual
implementation of new standards that should spread out until the end of
2019.
Source: sia-partners.com
Occ Health, Safety & Environment
Bayswater death causes outcry over work safety laws:
The death of 37-year-old
worker at a stone masonry company in
Bayswater yesterday has sparked renewed calls for the state government
to strengthen workplace safety laws.
Source: smh.com.au
The new OHS regime shock:
Some businesses in Victoria or Western Australia who are breathing a
sigh of relief that they have a further 12 months to get their systems
into order for the new Work Health and Safety laws may in fact be
covered by those laws in relation to some of their work from January 1,
2012.
Source: smartcompany.com.au
Bullying costing business up to $36b per annum:
The tragic suicide
of a man, whose
death was linked to extreme workplace bullying, has resulted in changes
to the law classifying bullying as a criminal offense in Victoria, with
prison terms of up to 10 years. These legislative changes also have
wide-ranging implications for business owners.
Source: dynamicbusiness.com.au
Financial Management
An Accident Waiting to Happen:
How many times have you heard of something — or someone — being an
"accident waiting to happen"? This common idiom is applied to
individuals, collective activities like industrial manufacturing, and
even specific locations like traffic intersections.
Source: cfo.com
The Olympus Fraud Scandal
Analysis: Olympus scandal puts auditors
under scrutiny:
The Japanese maker of cameras and medical equipment shocked investors on
Tuesday, admitting it had used payments to merger advisors and venture
capital funds to cover up securities losses dating back decades.
Source: reuters.com
A history of audit failures:
The admission by Olympus Corp that it falsified financial reports for
more than a decade should not shock anyone. The shock is that, for
years, auditors failed to detect such massive fraud.
Source: reuters.com
Serious Fraud Office to launch inquiry into
Olympus scandal:
The Serious Fraud Office has become the latest regulator to launch an
investigation into Olympus as it emerged that the scandal-hit camera and
endoscope maker has vowed to take legal action against any executives
involved in the corporate cover up.
Source: independent.co.uk
The Shame File
Public servant sought over $16m fraud:
A public servant has allegedly ripped off Queensland Health for $16
million. He is on the run after it was discovered he had been
transferring millions of dollars into private accounts. The 36-year-old
was the manager of the finance division of the Community Services Branch
at Queensland Health.
Source: 7news
Can we help?
If you have any risk management, governance, internal audit or business
continuity matters you would like to discuss, contact InConsult on 02
9241 1344 or email your query to
info@inconsult.com.au |
Season’s
Greetings
Wishing all our clients, friends and readers a Happy Christmas, safe
holidays and a prosperous 2012.
Welcome!
We recently welcomed a number of new clients to InConsult:
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Aged Community Services Association
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Armidale Dumaresq Council
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Calliden Group
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Guyra Shire Council
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Hurstville Council
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Mobile Embrace
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New England Weed Authority
Risk Management Technology
GuardianERM.net releases latest version – v.6.1!
Highlights include:
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A number of enhancements to Risk Profiler and Extended Heat Map
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New Attestation function
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Configurable Residual Risk rounding
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Incident management module enhancements
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New Breach Form
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New Issues Log
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A number of new reports and enhancements have been made to the Incident
Management Function.
GuardianERM.net
is a web-based Governance, Risk and Compliance (GRC) system that allows
people across an organisation to better collaborate, streamline
processes and integrate risk, control, audit and incident data to manage
risk and improve resilience. It supports best practice standards
including AS/NZS ISO 31000, AS 8000, AS 3806, HB 292, ISO 9000. If you
would like to find out how guardian can help you better sustain your
risk management framework,
click here
or
contact
InConsult to arrange a demonstration or trial.
Upcoming Training
16 February 2012
GIPA in Practice (half-day)
The Government Information (Public Access) Act 2009 (GIPA) has come into
effect. The new Act will have a significant impact on the way in which
NSW Government agencies provide public access to government information…more
5 March 2012
Introductory Risk Management (one-day)
This down-to-earth and ‘entertaining’ training program helps to ensure
that all people involved in risk management activities in your
organisation understand the key concepts of risk management (using ISO
31000), internal control and audit. This full day course includes an 8
chapter Introductory Risk Management workbook, case studies, a
certificate of attainment and 6 hours CPE points can be claimed…more
Fraud Risk
Beware of staff fraud: KPMG Forensic:
Some Australian companies overlook internal security and rogue employees
are getting away with millions of dollars.
Source: computerworld.com.au
Most Corporate Fraud Is an Inside Job:
Fraud cost organizations 2.1 percent of earnings in the past 12 months,
which is equivalent to a week of revenues over the course of a year.
Source: cfoworld.com.au
How to Protect Yourself from Fraud and
Identity Theft Offline:
Shred Sensitive Documents Before Disposal: This is probably the easiest
and best thing you can do to make sure your bank statements or credit
card statements don't wind up in the hands of anyone unintended..
Source: lifehacker.com
Ex-Countrywide Exec Blows The Lid Off The Systemic
Fraud At The Company:
A former senior executive at Countrywide Financial, told 60 Minutes that
mortgage fraud was a way of business. "From what I saw, the types of
things I saw, it was — it appeared systemic. It, it wasn't just one
individual or two or three individuals, it was branches of individuals,
it was regions of individuals,"
Source: businessinsider.com
Ten early warning signs of fraud in organizations:
Fraud is an increasing enterprise risk but many organizations don't
notice the early warning signs that a problem exists. A new checklist
provides some help...
Source: continuitycentral.com
Fraud Management Health Check
No organisation can assume that its safeguards against fraud are
adequate…you need to know the gaps. Our Fraud Management Health Check is
a structured, independent review of your fraud management framework to
help provide you peace of mind. If you would like to find out more
click here
Business Continuity and Resilience
Future
trends in ICT:
Gartner has released a list of predictions outlining the changes we can
expect to see in ICT over the next few years.
Source: continuitycentral.com
Many business continuity and disaster
recovery strategies are out of date: survey:
Many UK businesses are still ill-prepared to deal with downtime and
unexpected disruption to operations.
Source: continuitycentral.com
How to Handle a Corporate Crisis:
A new management role often proves tricky. But things get tense when a
big corporate crisis soon erupts.
Source: wsj.com
Is Business Continuity Management a
Misnomer?:
For more than ten years business continuity management (BCM) has been on
the priority list of senior managers because of events such as Y2K, the
implementation of the Euro, terrorist attacks, natural disasters like
hurricanes, earthquakes, floods and tsunamis, and pandemic outbreaks
such as SARS, H1N1 and Mexican Flu.
Source: continuitycentral.com
Internal Audit
The next generation:
Internal auditors are in a unique position to become the canary in the
mineshaft of corporate culture.
Source: auditandrisk.org.uk
An Eminent Governance Authority Speaks Out on the Role of Internal
Audit:
The greatest risk to any organization is the behaviour of the executives
and believes internal audit should be alert to this risk; monitor it;
and be ready, willing, and able to let the audit committee know as soon
as it becomes of concern.
Source: theiia.org
Internal auditors to the rescue:
From the very start of 2011, the almost Biblical succession of snow,
tsunami, nuclear meltdown, revolution in the Middle East, phone hacking,
the sovereign debt crisis and rioting across the UK, brought into even
sharper focus the myriad of different forms risk can take.
Source: accountancyage.com
Government
Public inquiry:
The ICAC’s latest report on corruption risks in NSW Government
procurement.
A key reason procurement remains vulnerable to corruption is that the
corruption controls of agencies often do not extend beyond written
documents and associated training.
ICAC found that public sector managers are not using the many other
tools, apart from policies and training, that are available to change
and influence staff behaviour in a way that enhances corruption control.
Source: icac.nsw.gov.au
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