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Inside Internal Controls

News and discussion on implementing risk management

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Author Archive - Norman D. Marks, CPA, CRMA

Norman D. Marks is an Author, Evangelist and Mentor for Better Run Business, as well as an OCEG Fellow and Honorary Fellow of the Institute of Risk Management. Mr. Marks has been a practitioner and thought leader in internal audit, risk management, and governance for a long time. He has led large and small internal audit departments, been a Chief Risk Officer and Chief Compliance Officer, and managed IT Security and governance functions. Read more

Advice for audit committees and oversight of external auditor

While it is clear that the role of the external auditor is important and that the audit committee is charged with their oversight, it is unusual to see advice on how that oversight should be discharged.

 

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Stop managing and start taking risk

Success in business is taking the right level of the right risks. It all comes down to helping leaders make informed and intelligent decisions.

 

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Why is internal audit not seen positively?

One of the findings in a new report by Deloitte, their 2018 Global Chief Audit Executive research survey, is that only 33% of CAEs believe their function is seen positively.

 

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People still don’t know how to assess cyber risk!

Why do the consultants keep advising management and the boards to consider cyber risk as if it is separate from all other business risks?

 

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Internal audit needs to perform in a way that matters to the board and top management

Internal audit can help leaders with assurance that their people, systems, and processes are able to deliver the desired results – and advice and insight on how to improve them further.

 

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Who takes cyber risk?

Who is taking cyber risk? Is it the board and top management who are deciding how much scarce resource to invest in breach prevention, detection and response? Or is it the business leaders whose initiatives are damaged or worse should there be a security incident?

 

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Costco reports a material weakness in internal control. But is it really?

In an Oct. 4th news release, Costco Wholesale announced its operating results for the 4th quarter and full year expecting to report a material weakness in internal control.

 

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The basics of risk management

I want to congratulate David Hillson (a.k.a. the Risk Doctor) for his video explaining his view of risk management basics. In Risk management basics: What exactly is it?, he takes less than five minutes to sum up risk management with six questions:

 

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UK government guidance on risk and cyber: the very good and the very bad

The National Cyber Security Center (NCSC) is a part of the UK’s Government Communications Headquarters (GCHQ). If you are like me, you may have only heard about GCHQ in an unflattering context, that of working with US intelligence agencies to spy on foreign heads of state and hack foreign agencies.

 

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Talking about risk and opportunity

Some talk about opportunity as “the other side of the coin” from risk. COSO views the two words, risk and opportunity, as one is good and the other is bad. ISO seems them differently, defining risk as the effect on objectives. That effect could be positive or harmful.

 

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SEC investigates cyber-related frauds

On October 16th, the US Securities and Exchange Commission published Report of Investigation Pursuant to Section 21(a) of the Securities Exchange Act of 1934 Regarding Certain Cyber-Related Frauds Perpetrated Against Public Companies and Related Internal Accounting Controls Requirements.

 

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Treating cyber as a business problem

Cyber risk can only be communicated to leadership in a way that is meaningful and actionable, enabling them to make informed and intelligent decisions, if it is done using business language.

 

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Deloitte Internal Audit 3.0 has major flaws

Earlier this year, Deloitte published Internal Audit 3.0, The future of Internal Audit is now. It’s great that they are encouraging internal audit departments to change so they can meet modern demands, but their presentation that they are offering something novel and disruptive is way off the mark.

 

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Uniting risk management with strategic planning

Who can argue that the consideration of what might happen (what some refer to as risk) should be part of the strategic planning process? Objectives and strategies should be set only after thinking carefully about where you are, what is happening around you, and what may happen in the future.

 

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Emerging risks: who is watching?

Who should be alert and watching for emerging risks: things that might happen (a better expression than the ‘R’ word, ‘risk’, because of its negative impression) that might affect the achievement of enterprise objectives?

 

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