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Inside Internal Controls

News and discussion on implementing risk management

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Backup and Disaster Planning

Department of Finance Canada issues consultation paper on open banking

On January 11, 2019, the Department of Finance Canada released a consultation paper seeking the views of Canadians on the potential benefits and risks of an open banking system.

 

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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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Top 10 most-read Inside Internal Controls posts for 2018

This year on the Inside Internal Controls blog we’ve been covering some of the hot topics in internal controls, governance, information technology, not-for-profit, and business management.

 

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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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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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Security breach notification and reporting requirements are now in force under Canada’s PIPEDA

Canada’s long-awaited federal private-sector data breach notification and reporting requirements came into force on November 1, 2018.

 

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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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Ten considerations for a cybersecurity incident response plan

If you ask a group of cybersecurity experts what should be included in a Cybersecurity Incident Response Plan (“CIRP”), you will get a wide variety of answers. Happily, many of those answers contain similar themes including these ten important considerations your organization should be aware of when creating and managing a CIRP.

 

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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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What can employers do to prevent security breaches from the inside?

Until employers start to prioritise information security, then the culture won’t change and employers will continue to make mistakes. But if those mistakes do happen and data is breached, then employers need to be smart and act quickly to ensure the best possible defence is available.

 

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