In this issue: +++ SoD Refuses to Die +++ SOX Costs & Automation +++ Huntsman & the GPO +++ Fraud and more… +++
Tuesday October 11th 2016
Since the advent of Sarbanes-Oxley, most companies have implemented, refined, consolidated, automated and optimized much of their internal controls framework.
Traditionally internal controls have been the responsibility of a dedicated team reporting into Finance, yet we are now seeing Internal Controls becoming part of the Global Process Owner (GPO) mandate and Shared Services.
Join Arlene Nelson, Director of Internal Controls and Global Business Process at Huntsman and sharedserviceslink, who will share the Huntsman journey, experiences and methodologies they are taking to align Internal Controls with the new Global Process Ownership agenda.
Thursday November 3rd 2016
Waste, error and fraud is not going away! In fact, in many respects it is getting worse. Consistent ACFE estimates show that the average company loses the equivalent of 5% of its revenues to fraud, waste and error. The most diligent manual reviews and reconciliations simply cannot completely eliminate the risk, and significant exposures can occur at all companies, regardless of size.
The most effective, but basic, anti fraud, waste and error control is managing the risks related to segregation of duties (SOD). This ‘four eyes’ principle applies to all critical combinations of activities that are required to request and authorise financial transactions, purchases, credits and payments, access and maintain records for cash, valuable equipment or inventory, or reconcile accounting records.
Join us for this webcast where our experts will share the key risk exposures, SoD case studies, best practice approaches and the case for action for addressing SoD risks in a comprehensive, sustainable and cost-effective manner.
According to a recent Ernst and Young Report, despite the amount of automation and innovation available around SOX, most companies are still approaching it as a costly, manual compliance exercise. With low levels of automation, companies are spending more than necessary and exposing themselves to high levels of risk of error, waste and fraud. The full report gives a great insight into the current environment and how to utilise the latest techniques such as data analytics and continuous controls monitoring.
Read more here
Our CEO Dan French was invited to present at the joint IIA ISACA GRC Conference in Florida recently. The conference was a big success with a range of interesting speakers and topics, providing insight and education on the key issues affecting the security, risk and assurance functions. The recurring theme seemed to be that getting ‘out of control’ can be a productive state to be in…
To read the full post on what we learned, click here
According to the Kroll Fraud Report, the level of fraud has continued to increase with 75% of companies reporting they have fallen victim to a fraud incident within the past year. 51% of companies believe they are highly or moderately vulnerable to information theft risks. The findings reveal the biggest fraud threat to companies comes from within, with 81% reporting to have suffered at the hands of an insider. The report is a comprehensive, up to date guide on the differing levels and types of fraud that are most prevalent across industry and location.
To read the full report and how your company might be affected by fraud (especially in manufacturing!), click here