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Inside Internal Controls

News and discussion on implementing risk management

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How effective is risk management today?

If you want to know how effective risk management is, you should ask the customer and not the provider.

 

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What will 2020 risk & compliance benchmarks look like?

It’s that time of year again when risk and compliance professionals from around the world contribute to an industry-defining resource – the annual Definitive Risk & Compliance Benchmark Report.

 

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Did risk management fail?

Every so often, something bad happens to an organization and people say that risk management, perhaps governance, failed.

 

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Amazing insights on cyber

A couple of recent pieces shed some light, some amazing light, on how cyber-related risk is perceived by executives and the board.

 

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KPMG studies ERM and gets some things right but misses the key point

There’s some good material in KPMG’s Enterprise Risk Management Benchmarking Study, subtitled Evolving to an active, integrated and agile approach amidst change and disruption.

 

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Risk and the lemonade stand: how it matters in the simplest settings

This is a ‘risk management’ challenge. What are the parents’ objectives and how would you go about assessing whether the likelihood of achieving them is acceptable and, if not, what actions to take?

 

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The core principles for effective internal auditing

The IIA has published a new Practice Guide (PG), Demonstrating the Core Principles for the Professional Practice of Internal Auditing.

 

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Cyber and the board

There’s an interesting article in the Harvard Law School Forum on Corporate Governance and Financial Regulation. What the Capital One Hack Means for Boards of Directors has some interesting insights that merit the attention of risk, cyber, audit, and governance practitioners.

 

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How to assess the effectiveness of risk management

Internal auditors are expected, according to the IIA Standards and some governance codes, to assess the effectiveness of risk management.

 

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The next generation of internal auditing

I want to congratulate Workiva and Jose Tabuena for Internal Audit’s Guide to Planning, Managing and Addressing Risks. I want to focus on the first piece in that publication, Planning to Do the Right Audits: An Effective Internal Audit Risk Assessment. Here are some excerpts, with comments by me:

 

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Insight into effective risk management

I need to draw your attention to a provocative piece by his firm (presumably by him): The risks of risk management. (My thanks go to Tim Leech for tweeting about it.)

 

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CEOs are not idiots when it comes to risk management

If you consider the small number of organizations where risk management is considered as providing a strategic advantage, one of these alternatives must be true:

 

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If risk management is the answer, what is the question?

We need to stop coming up with new words and phrases when all we need to address is the effectiveness of management. So stop talking about ERM, IRM, or even objective assurance, and start thinking about how to obtain reasonable assurance that the management of the organization, including how it sets objectives and makes related execution decisions, is effective.

 

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Understanding the challenges in risk management

My good friend, Michael Rasmussen, has written what I consider a special blog post on the topic of Challenges in Risk Management.

 

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Time (again and still) for the IIA Standards to be correct

Internal audit can assist management by facilitating a fraud risk assessment. Management should make the decision both on the level of risk and whether it is acceptable. Internal audit can provide their opinion and advice on both.

 

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