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Inside Internal Controls

News and discussion on implementing risk management

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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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An ERM horror story

Does it make sense to aggregate risk levels for a variety of risk sources, including cyber, compliance, credit, liquidity, competitor, and internal control over financial reporting?

 

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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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Top Canadian charity law issues by Mark Blumberg

Here is our list of the Top Canadian Charity Law Issues by Mark Blumberg. Hopefully, it provides a good overview of the most common charity law compliance issues for Canadian registered charities with an emphasis on concerns from the Charities Directorate of CRA.

 

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How often should you assess risk?

I recently listened to a new video by my friend, Alex Sidorenko. In How often [should] the risk assessments be performed, he makes some solid points, including:

 

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The positive side of risk

So how should we talk about the good stuff if we reserve the word ‘risk’ for the bad?

 

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Excellent advice for all of us involved in managing risk

The International Federation of Accountants (IFAC) has published a first class document, Enabling the accountant’s role in effective enterprise risk management.

 

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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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Internal audit is your third line of defense

In a perfect world, internal controls would be 100% effective once implemented. In reality, organizations needs multiple lines of defense or barriers to guard against the risk that they will not achieve their objectives. The internal audit function is the last of three lines of defense recommended by the Institute of Internal Auditors (IIA) in […]

 

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Concerned about risk? #MeToo: A discussion on civil liability, sports and the #MeToo movement

The ever-changing landscapes of political, social and technological advances mean that risk factors for organizations are constantly evolving.

 

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We’re at a tipping point for third-party risk management

If indeed creating a culture of ethics, integrity and respect is the top objective of more than two-thirds of organizations, we could start seeing the results very soon when it comes to a new wave of investing in third-party systems.

 

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Good decisions take time and more

Do risk, governance, and audit practitioners consider the problem of decisions where insufficient time was taken to obtain the necessary information, consult with all affected parties, and THINK about the options?

 

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The role of internal audit in risk management

If we are stressing that risk management is really all about effective, informed and intelligent decision-making, shouldn’t internal audit start focusing on the quality of decision-making processes?

 

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So what if the risk is high?

Most organizations cannot afford to reduce every single risk to what some practitioners would deem acceptable. Providing actionable information about all the things that might happen, not by using terms like High, Medium, or Low, but in specific business terms will help evaluate which risks to take.

 

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