Tag: Internal Audit

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…

3 Governance Strategies for Organizational Success & Growth in 2018

As T.S Eliot rightly said “Last year’s words belong to last year’s language and next year’s words await another voice”, it’s now time to proactively restrategize your Governance processes for 2018. The Business models globally are getting digitized, and so Companies would need to undergo similar transformations in Risk, Regulatory Compliance and Governance processes. As…

$185 million fine : Is this price sufficient for poor Sales Process Compliance and lack of Transparency in the world’s largest Bank ?

Frauds in big Corporate houses and Organizations have been making headlines since last decade and as you read this, world’s largest bank Wells Fargo has been charged $185 million fine for illegal sales practices that included opening of 2 million fake customer accounts. Following the allegations, the bank fired over 5,300 employees who engaged in…

5 Pivotal Ways Internal Audit Will Transform In Next Decade : Part 2

Continuing our discussion on the top 5 ways Internal Audit will be leveraged in next decade, today we will discuss about the Automation of Internal Audit Processes using Emerging Technologies. This year IIA will be celebrating it’s 75th year of Establishment, and so it becomes even more relevant to gain insights on the dynamic changes brought…

5 Pivotal Ways Internal Audit Will Transform In Next Decade : Part 1

As we are drafting this post, our social media handles are buzzing with news on Brexit, Chilcot Report and many more International Current affairs. At this time when International economy is getting transformed and Technology is reaching new forefronts, it becomes imperative to gain insights on how Businesses around the globe are going to be impacted. In an environment where…