Year: 2018

Incorporating Agility and Innovation in Enterprise Risk Management in a Networked Economy

Businesses have always faced Risks, but recent events around Cyber Security breaches, Audit & Compliance frauds, etc.. have provided dramatic evidence that Risk is a reality which needs to be addressed with Agility and Technological Innovation. Stakeholder expectations are higher than ever and Enterprises that are more resilient will experience more rewards. In a Networked Economy, where…

Efficient Risk Management by leveraging the Rapid pace of Innovation & Emerging Technologies

Disruptive Business models are driving the need for increased risk-taking. Conventional Risk Management methodologies are focused primarily on completing mandatory, Compliance-driven processes. However, with the rapid pace of Innovation in Technology, the Boards and the C-Suite are now viewing Risks in terms of their potential to drive performance and hence become a competitive advantage. Using Automation and Analytics, Risks…

Addressing the evolving Risk Universe : Getting Actionable Insights into Risks in Real time

The Risk Universe is expanding at rapid pace and frequent headlines on Information Security breaches ,Fraud Risks, Non-Compliance Penalties etc..bring to the surface the urgency of new robust methodologies of identifying Risks and designing future ready Response Strategies. So what should Risk Managers prepare for ? With this blog series on Enterprise Risk Management, we talk…

Tracking & Monitoring GDPR Rules with Agility, Confidence and Artificial Intelligence

Efficient GDPR Compliance Management encompasses vital processes like Integrated Risk Mapping, Gap Analysis, Policy and Procedure Tracking and conducting Compliance Audits. In our previous post, we discussed about Integrated Risk Mapping and Compliance Testing. With this post we discuss how monitoring GDPR Rules and Controls is a continuous process that can be efficiently and effectively…

Key Attributes of End-To-End GDPR Compliance Management : Integrated Risk Mapping and Agile Compliance Testing

GDPR (General Data Protection Regulation) is an Exhaustive and Technically demanding Regulation around Data Privacy ever established. The inherent need of 360 degree Visibility and Strategic Enforcement presents a challenge for Companies globally wanting to be GDPR Compliant. Some of the major challenges around being GDPR Compliant is having a robust Data Handling and Data Storage…

Agile GDPR Compliance Management : An End-To-End Process leveraging Artificial Intelligence

The new EU Legislation, General Data Protection Regulation (GDPR) is a latest reform of Data Protection Rules that not only requires extensive Data Protection Security and Reporting requirements, but also surfaces the need for an end-to-end Compliance Management system. The Board, the C-Suite, the Audit & Compliance departments and the Senior Management remain responsible for Regulatory…

Risk Assessment: Requisite for an efficient Enterprise Risk Management Process

Risk Management is a rapidly developing discipline with a varied view. To attain an agile Risk management process, it is mandatory to perform risk assessment at regular intervals to obtain Organizational and Operational insights. Risk Assessment process should be simple, practical and easy to understand for it to be effective and sustainable and performed by…

$625.3 million penalty for not catching up with systemic control failures. Need of the hour : Transparency & Agility in Audit Processes

As per a recent Wall Street Journal article, a leading Big Four Company is charged with $625.3 million fine for failing to catch a fraud scheme that helped cause one of the biggest bank failures of the financial crisis. It was found that the Big Four Company had violated auditing rules by failing to design its…

Emerging Governance Trends : Aligning Enterprise Risk Management with overall Business Strategy and Performance

With new Regulations coming into action continuously, it’s time for Companies globally to adopt an innovative and agile methodology for their Risk Management Strategy. While the basic concepts of ERM best practices remain the same, the focus has now shifted from just identifying and mitigating Risks to building robust Strategy that has the potential to maximize the…

Agile Internal Audit : Shifting focus from Conventional methods to Emerging Technologies

Audit Committees are constantly challenged to provide more value to Stakeholders and at the same time enhance Organizational growth. The Board and the C-Suite are demanding deeper insights into Audit, Risk & Compliance data to align them with Business goals. The conventional methodologies to address these challenges are most of the times complex,tedious, time-consuming, inefficient and…

Unleashing Emerging Technologies like Artificial Intelligence for Agile GDPR Compliance Management

The new EU Legislation, General Data Protection Regulation (GDPR) is a latest reform of Data Protection Rules that implies new extensive Data Protection Security and Reporting requirements in addition to increased financial penalties for non-Compliance. Organizations can have strong foundations for successfully achieving GDPR Compliance by acting early and adopting a holistic approach which includes…

Non-compliance with GDPR to cost $23.4 million or 4% of Annual Global Revenue : 3 Steps for Boards to be GDPR Compliant

As Europe’s General Data Protection Regulation came into action from 25th May 2018,a new era in Data Privacy and Information Security begins wherein Companies, Multinationals and Organizations globally are compelled to change how they gather and handle Personal Data of the European Citizens. As per a recent WSJ article, many of these firms aren’t fully…

Mastering GDPR Compliance : From Mandate to Competitive Advantage

General Data Protection Regulation (GDPR) comes into effect from May 25 and it’s primary goal is to regulate how Companies protect EU (European Union) citizens’ personal data. The responsibility of complying with the mandate is on Organizations that hold and process this information. With the deadline approaching near, Companies globally are already examining their basis…

Agile Compliance Management : Keeping pace with latest Compliance Mandates like GDPR

Maintaining Regulatory Compliance is undoubtedly a priority and continuous concern for Organizations across all Industry Verticals. Looking at the recent news on non-compliance in Companies globally, the stakes involved and the magnitude of consequences,it becomes clear that it’s even more important and challenging to keep pace with the Compliance mandates. Organizations Operate under constant pressure from…

Future Ready Audit Leadership : Unleashing Three Key Elements of Agility, Innovation & Automation

For Internal Audit to be more Efficient and Effective, the Board,the C-suite and the Audit Committees need to create the right Strategy which includes proper Positioning, the right Talent and automated Processes. From our previous posts in this exciting Internal Audit Leadership blog series, we identified a number of key attributes that are must haves for…

Key Factors from Entrepreneurship put into action for Continuous Growth in Internal Audit

Internal Audit departments are in a transformative phase with increasing expectations to move beyond Compliance and Financial Reporting and focus on Enterprise Risk Assessments, Business and Operational Risks. To meet the requirements of this new role, Internal Auditors need to have specific Skill set which encompasses Communication, Reporting and Planning Skills. When we talk of…

Deriving the key element of Agility from Martial Arts for Internal Audit Leadership

Innovation, Automation & Agility are the new normal and finding ways to anticipate the unexpected Risks & Opportunities adds great value to a Business. While our previous post in this exciting Audit Efficiency blog series talked about how the key element of Innovation derived from Music can be leveraged for gaining efficiency in Internal Audit,…

Creativity & Harmony : Key Elements of Internal Audit Leadership derived from Music

From the previous post on Internal Audit landscape of 2018 & beyond, we infer that the only way to survive in the given Business scenario is to Change and to Innovate. Industry Leaders are anticipating major changes in Internal Audit Processes with the key features of Analytics and Automation Technologies. The enhanced Audit function is…

2018 and Beyond : Agility & Innovation to drive Efficiency in Internal Audit

Emerging Technologies are fueling Innovation across all Industry Verticals and are changing the way we do Business.Coupled with rapidly changing Geopolitical Landscape, Organizations globally are exposed to a Risk Universe and they need to make sure that the critical Processes and Controls stay relevant and effective.When we talk of Internal Audit for 2018 and beyond, the…