Fraud Risk Management
|
|
- Francis Strickland
- 8 years ago
- Views:
Transcription
1 Fraud Risk Management Overview
2 Discussion Questions 1) Does your organization follow a specific risk management model? If so, which one? Do you think this model adequately addresses the risks your organization faces? Why or why not? 2 of 27
3 Discussion Questions 2) What are some of the risks your organization faces? Where does the risk of fraud fit into your organization s risk hierarchy? 3 of 27
4 Discussion Questions 3) Does your organization have a formal risk management function? If so, are anti-fraud initiatives integrated into the risk management initiatives? 4 of 27
5 Discussion Questions 4) How does your organization categorize the risks that are identified in the risk management process? 5 of 27
6 Learning Objectives Analyze current state of the risk management landscape. Compare different risk management frameworks. Recognize what fraud risk is and the factors that influence it. Understand the reasons for effectively managing fraud risk. Determine who is responsible for managing fraud risk within an organization. 6 of 27
7 Introduction to Risk Management Risk management involves: Identification of risks Prioritization of risks Treatment of risks Monitoring of risks 7 of 27
8 Introduction to Risk Management Balancing risk appetite with ability to meet strategic, operational, reporting, and compliance objectives Requires a proactive, rather than reactive, approach 8 of 27
9 Report on Current State of Risk Management Risk management initiatives appear relatively immature: 30% describe their risk management implementation as systematic, robust, and repeatable. 43% described their risk management processes as very immature or developing. 9 of 27
10 Report on Current State of Risk Management 43% minimally or not at all satisfied with the nature and extent of reporting of key risk indicators to senior executives. More than half do not have risk oversight activities formally assigned to a board subcommittee. Boards of directors are placing greater expectations on management to strengthen risk oversight. 10 of 27
11 Risk Management Frameworks An entity s risk management program should be specifically tailored to its unique needs. But, the use of a framework can provide guidance and structure in developing the program. 11 of 27
12 COSO Enterprise Risk Management Integrated Framework Internal environment Objective setting Event identification Risk assessment Risk response Control activities Information and communication Monitoring 12 of 27
13 COSO Enterprise Risk Management Integrated Framework 13 of 27
14 COSO Internal Control Framework COSO ERM Framework ACFE Fraud Risk Management Control (Internal) environment (1) Internal environment (1) Internal environment Defined roles and reporting Communicate expectations Tone at the top Code of conduct, ethics policy Training Objective setting (2) Objective setting Define program objectives Risk assessment (2) Risk assessment (4) Risk assessment Assemble the right team Event identification (3) Catalogue and evaluate risks Evaluate existing fraud controls Create mitigating controls Risk response (5) Risk reponse Control Activities (3) Control Activities (6) Control Activities Ensure compliance Investigate violations Monitoring (5) Monitoring (8) Monitor - mitigating controls Information and Communication (4) Information and Communication (7) Information and Communication Report Findings Evaluate risk assessment process 14 of 27
15 ISO 31000:2009 Lays out 11 principles of effective risk management Provides guidance on developing both a framework and a process for managing risk that is based on those principles 15 of 27
16 ISO 31000:2009 Risk Management Principles Creates value Integral part of organizational processes Part of decision making Explicitly addresses uncertainty Systematic, structured, and timely Based on best available information Tailored Takes human and cultural factors into account Transparent and inclusive Dynamic, iterative, and responsive to change Facilitates continual improvement and enhancement 16 of 27
17 ISO 31000:2009 (Source: ISO 31000:2009, Risk Management Principles and Guidelines ) 17 of 27
18 What Is Fraud Risk? The vulnerability that an organization has to those capable of overcoming the three elements of the fraud triangle Comes from both internal and external sources Differs from other risks because fraud, by definition, entails intentional misconduct designed to evade detection 18 of 27
19 Types of Fraud Risk Inherent risk risk present before management takes action Residual risk risk that remains after management takes action 19 of 27
20 Factors Influencing Fraud Risk The nature of the business The operating environment The ethics and values of the entity and its people The effectiveness of internal controls 20 of 27
21 Business Case for Managing Fraud Risk Organizations that deny the true possibility of fraud are at the greatest risk. 21 of 27
22 Business Case for Managing Fraud Risk The typical organization stands to lose an estimated 5% of its annual revenues to fraud. Recovery is typically very little, if any. Additional time and money invested in: Investigating how frauds happened Pursuing action against perpetrators Remediating system weaknesses 22 of 27
23 Business Case for Managing Fraud Risk 23 of 27
24 Business Case for Managing Fraud Risk 24 of 27
25 Business Case for Managing Fraud Risk A proactive fraud risk management program: Directly increases the bottom line Sends a clear anti-fraud message Demonstrates a sound business strategy Enhances the organization s image and reputation Promotes goodwill Ensures compliance with laws and regulations 25 of 27
26 Who Is Responsible for Managing Fraud Risk? Team responsible for executing, monitoring, and ensuring success Executive management Audit committee Investigations group Compliance Controller s group Internal audit IT Security Legal department Human resources 26 of 27
27 Who Is Responsible for Managing Fraud Risk? Team should have designated leader. Synergy and communication are key. 27 of 27
Fraud Prevention and Deterrence
Fraud Prevention and Deterrence Fraud Risk Assessment 2016 Association of Certified Fraud Examiners, Inc. What Is Fraud Risk? The vulnerability that an organization faces from individuals capable of combining
More informationThe New International Standard on the Practice of Risk Management A Comparison of ISO 31000:2009 and the COSO ERM Framework
The New International Standard on the Practice of Risk Management A Comparison of ISO 31000:2009 and the COSO ERM Framework Dorothy Gjerdrum, ARM-P, Chair of the ISO 31000 US TAG and Executive Director,
More informationLinking Risk Management to Business Strategy, Processes, Operations and Reporting
Linking Risk Management to Business Strategy, Processes, Operations and Reporting Financial Management Institute of Canada February 17 th, 2010 KPMG LLP Agenda 1. Leading Practice Risk Management Principles
More informationENTERPRISE RISK MANAGEMENT FRAMEWORK
ENTERPRISE RISK MANAGEMENT FRAMEWORK COVENANT HEALTH LEGAL & RISK MANAGEMENT CONTENTS 1.0 PURPOSE OF THE DOCUMENT... 3 2.0 INTRODUCTION AND OVERVIEW... 4 3.0 GOVERNANCE STRUCTURE AND ACCOUNTABILITY...
More informationEnterprise Risk Management
Cayman Islands Society of Professional Accountants Enterprise Risk Management March 19, 2015 Dr. Sandra B. Richtermeyer, CPA, CMA What is Risk Management? Risk management is a process, effected by an entity's
More informationIntroduction to Enterprise Risk Management at UVM DRAFT
Introduction to Enterprise Management at UVM 1 Enterprise What is Enterprise Management? Enterprise risk management is a structured, consistent, and continuous process across the whole organization for
More informationIFAD Policy on Enterprise Risk Management
Document: EB 2008/94/R.4 Agenda: 5 Date: 6 August 2008 Distribution: Public Original: English E IFAD Policy on Enterprise Risk Management Executive Board Ninety-fourth Session Rome, 10-11 September 2008
More informationThe College of New Jersey Enterprise Risk Management and Higher Education For Discussion Purposes Only January 2012
The College of New Jersey Enterprise Risk Management and Higher Education For Discussion Purposes Only Agenda Introduction Basic program components Recent trends in higher education risk management Why
More informationPolicy 10.105: Enterprise Risk Management Policy
Name: Responsibility: Complements: Enterprise Risk Management Framework Coordinator, Enterprise Risk Management Policy 10.105: Enterprise Risk Management Policy Date: November 2006 Revision Date(s): January
More informationSaldanha Bay Municipality. Risk Management Strategy. Inclusive of, framework, procedures and methodology
Inclusive of, framework, procedures and methodology Contents 1 Introduction 1 1.1 Legislative Framework and best practice 1 1.2 Purpose of Enterprise Risk Management 2 1.3 Scope and Applicability 3 1.4
More informationRISK BASED AUDITING: A VALUE ADD PROPOSITION. Participant Guide
RISK BASED AUDITING: A VALUE ADD PROPOSITION Participant Guide About This Course About This Course Adding Value for Risk-based Auditing Seminar Description In this seminar, we will focus on: The foundation
More informationWFP ENTERPRISE RISK MANAGEMENT POLICY
WFP ENTERPRISE RISK MANAGEMENT POLICY Informal Consultation 3 March 2015 World Food Programme Rome, Italy EXECUTIVE SUMMARY For many organizations, risk management is about minimizing the risk to achievement
More informationEnterprise Risk Management Framework 2012 2016. Strengthening our commitment to risk management
Enterprise Risk Management Framework 2012 2016 Strengthening our commitment to risk management Contents Director-General s message... 3 Introduction... 4 Purpose... 4 What is risk management?... 4 Benefits
More informationDeveloping an Effective Enterprise Risk Management Program
Developing an Effective Enterprise Risk Management Program Jay Brietz, CPA and CIA Senior Manager This material was used by Elliott Davis Decosimo during an oral presentation; it is not a complete record
More informationEnterprise Risk Management: Taking the First Steps
Enterprise Risk Management: Taking the First Steps TN PRIMA, 2012 DOROTHY GJERDRUM, ARM, CIRM NOVEMBER 15, 2012 Agenda Goal: To understand how to begin to implement a broader approach to risk management
More informationUNITED NATIONS OFFICE FOR PROJECT SERVICES. ORGANIZATIONAL DIRECTIVE No. 33. UNOPS Strategic Risk Management Planning Framework
UNOPS UNITED NATIONS OFFICE FOR PROJECT SERVICES Headquarters, Copenhagen O.D. No. 33 16 April 2010 ORGANIZATIONAL DIRECTIVE No. 33 UNOPS Strategic Risk Management Planning Framework 1. Introduction 1.1.
More informationRisk Management Policy Adopted by:
Risk Management Policy Adopted by: Infigen Energy Limited Infigen Energy (Bermuda) Limited Infigen Energy RE Limited in its capacity as Responsible Entity of Infigen Energy Trust Adopted: 17 December 2009
More informationPOLICY. Number: 7311-10-005 Title: Enterprise Risk Management. Authorization
POLICY Number: 7311-10-005 Title: Enterprise Risk Management Authorization [ ] President and CEO [ X] Vice President, Finance and Corporate Services Source: Director, Enterprise Risk Management Cross Index:
More informationISO 31000:2009 - ISO/IEC 31010 & ISO Guide 73:2009 - New Standards for the Management of Risk
Kevin W Knight AM CPRM; Hon FRMIA; FIRM (UK); LMRMIA: ANZIIF (Mem) ISO 31000:2009 - ISO/IEC 31010 & ISO Guide 73:2009 - New Standards for the Management of Risk History of the ISO and Risk Management Over
More informationEffective Enterprise Risk Management with ErmsCo ERM Foundation
Executive Brief Effective Enterprise Risk Management with ErmsCo ERM Foundation Introduction to ErmsCo About ErmsCo ErmsCo is a consulting and training firm that focuses on assisting financial institutions
More informationRisk, Risk Assessments and Risk Management. Christopher Bowler CPA, CISA August 10, 2015
+ Risk, Risk Assessments and Risk Management Christopher Bowler CPA, CISA August 10, 2015 + Agenda A Few Thoughts Fundamentals of Risk Assessments Fundamentals of Risk Management Assessments vs. Management
More informationAMTRAK CORPORATE GOVERNANCE: Implementing a Risk Management Framework is Essential to Achieving Amtrak s Strategic Goals
AMTRAK CORPORATE GOVERNANCE: Implementing a Risk Management Framework is Essential to Achieving Amtrak s Strategic Goals Report No. OIG-A-2012-007 March 30, 2012 NATIONAL RAILROAD PASSENGER CORPORATION
More informationGet More Out of Your Risk Assessment. Austin Chapter of the IIA
Get More Out of Your Risk Assessment Austin Chapter of the IIA Speakers Alyssa G. Martin, CPA Dallas Executive Partner, Advisory Services 25 years of public accounting experience, with a practice emphasis
More informationKey Elements of Effective FCPA Remediation: Earning DOJ and SEC s High Premium Jonny Frank Rex Homme * February 2013
Key Elements of Effective FCPA Remediation: Earning DOJ and SEC s High Premium Jonny Frank Rex Homme * February 2013 Executive Summary: The DOJ and SEC place a high premium on remediation efforts, in determining
More informationEnterprise Risk Management: COSO, New COSO, ISO 31000. Review of ERM
Enterprise Risk Management: COSO, New COSO, Dr. Hugh Van Seaton, Ed. D., CSSGB, CGMA, CPA Review of ERM COSO a process, effected by an entity's board of directors, management and other personnel, applied
More informationAntifraud program and controls assessment grid*
Advisory Services Antifraud program and * Fraud risks & controls February 2008 *connectedthinking 2008 PricewaterhouseCoopers LLP. All rights reserved. PricewaterhouseCoopers refers to PricewaterhouseCoopers
More informationFraud-Related Compliance
Fraud-Related Compliance R. A. (Andy) Wilson, CFE, CPP VP Fraud & Compliance Sedgwick Claims Management Services, Inc. Introduction: Why Compliance Is Essential 2015 Association of Certified Fraud Examiners,
More information1/17/2013 FRAUD RISK MANAGEMENT PROGRAM SESSION OBJECTIVE AND OUTLINE
FRAUD RISK MANAGEMENT PROGRAM SHERYL VACCA SENIOR VICE PRESIDENT AND CHIEF COMPLIANCE AND AUDIT OFFICER MIKE JENSON UCR AUDIT DIRECTOR SESSION OBJECTIVE AND OUTLINE Assist campus managers in the development
More informationENTERPRISE RISK MANAGEMENT FRAMEWORK
ROCKHAMPTON REGIONAL COUNCIL ENTERPRISE RISK MANAGEMENT FRAMEWORK 2013 Adopted 25 June 2013 Reviewed: October 2015 TABLE OF CONTENTS 1. Introduction... 3 1.1 Council s Mission... 3 1.2 Council s Values...
More informationENTERPRISE RISK MANAGEMENT POLICY
ENTERPRISE RISK MANAGEMENT POLICY TITLE OF POLICY POLICY OWNER POLICY CHAMPION DOCUMENT HISTORY: Policy Title Status Enterprise Risk Management Policy (current, revised, no change, redundant) Approving
More informationGovernance and Risk Management in the Public Sector. Fernando A. Fernandez Inter-American Development Bank (202) 623-1430 e-mail: fernandof@iadb.
Governance and Risk Management in the Public Sector Fernando A. Fernandez Inter-American Development Bank (202) 623-1430 e-mail: fernandof@iadb.org 1 Agenda Governance, why is it important? Compliance
More informationRSA ARCHER OPERATIONAL RISK MANAGEMENT
RSA ARCHER OPERATIONAL RISK MANAGEMENT 87% of organizations surveyed have seen the volume and complexity of risks increase over the past five years. Another 20% of these organizations have seen the volume
More informationPreventing Fraud: Assessing the Fraud Risk Management Capabilities of Today s Largest Organizations
Preventing Fraud: Assessing the Fraud Risk Management Capabilities of Today s Largest Organizations Overview In late 2006 and 2007, Protiviti commissioned a study to gauge the fraud risk management (FRM)
More informationApplying Integrated Risk Management Scenarios for Improving Enterprise Governance
Applying Integrated Risk Management Scenarios for Improving Enterprise Governance János Ivanyos Trusted Business Partners Ltd, Budapest, Hungary, ivanyos@trusted.hu Abstract: The term of scenario is used
More informationSTANDARDS OF SOUND BUSINESS AND FINANCIAL PRACTICES. ENTERPRISE RISK MANAGEMENT Framework
STANDARDS OF SOUND BUSINESS AND FINANCIAL PRACTICES ENTERPRISE RISK MANAGEMENT Framework September 2011 Notice This document is intended as a reference tool to assist Ontario credit unions to develop an
More informationEnterprise Risk Management in Compliance 360
Enterprise Risk Management in Compliance 360 2 Enterprise Risk Management in Compliance 360 Effective risk management involves identifying and understanding the risks the organization is faced with, analyzing
More informationForensic Audit Building a World Class Program
Forensic Audit Building a World Class Program PAUL E. ZIKMUND DIRECTOR GLOBAL INTEGRITY AND FORENSIC AUDIT 1 2012 ACFE ANNUAL FRAUD CONFERENCE ORLANDO, FL Why the Need for Forensic Audit Program In response
More informationFRAUD RISK ASSESSMENT
FRAUD RISK ASSESSMENT All agencies are subject to fraud risks and need to complete a fraud risk assessment for their agency at least every biennium. A detailed fraud assessment needs to be performed by
More informationTypes of Fraud and Recent Cases. Developing an Effective Anti-fraud Program from the Top Down
Types of and Recent Cases Developing an Effective Anti-fraud Program from the Top Down 1 Types of and Recent Cases Chris Grippa (404-817-5945) FIDS Senior Manager with Ernst & Young LLP Works with clients
More informationERM Program. Enterprise Risk Management Guideline
ERM Program Enterprise Management Guideline Table of Contents PREAMBLE... 2 When should I refer to this Guideline?... 3 Why do we need a Guideline?... 4 How do I use this Guideline?... 4 Who is responsible
More informationMEMORANDUM. Comments on the Updating of the LSC Risk Management Program
Office of Inspector General Legal Services Corporation 3333 K Street, NW. 3rd Floor Washington, DC 20007 3558 202.295. 1660 (p) 202.337.6616 (f) www.oig.lsc.gov MEMORANDUM TO: FROM: LSC Audit Committee
More informationAudit of the Policy on Internal Control Implementation
Audit of the Policy on Internal Control Implementation Natural Sciences and Engineering Research Council of Canada Social Sciences and Humanities Research Council of Canada February 18, 2013 1 TABLE OF
More informationDeloitte Forensic Fraud Risk Management
Deloitte Forensic Fraud Risk Management Introduction Organizations cannot afford to be unconcerned about the risk of fraud. Directors and management have a fiduciary obligation and a corporate responsibility
More informationCorporate Resiliency Managing g the Growing Risk of Fraud and Corruption
Corporate Resiliency Managing g the Growing Risk of Fraud and Corruption Toby Bishop, Director, Deloitte Forensic Center Deloitte Financial Advisory Services LLP Contents Why corporate resiliency? What
More informationMarch 2015. Internal audit insights High impact areas of focus
March 2015 Internal audit insights High impact areas of focus Introduction Internal audit is widely, if not universally, viewed as a key pillar in effective governance with expectations of internal audit
More informationEnterprise Risk Management in Colleges and Universities
Enterprise Risk Management in Colleges and Universities Cherry Bekaert & Holland, L.L.P. Neal Beggan, CISA, CRISC Shane Hester, CPA, CISA Cherry, Bekaert & Holland, L.L.P. The Firm of Choice. 1 Cherry,
More informationPractical and ethical considerations on the use of cloud computing in accounting
Practical and ethical considerations on the use of cloud computing in accounting ABSTRACT Katherine Kinkela Iona College Cloud Computing promises cost cutting efficiencies to businesses and specifically
More informationSound Practices for the Management of Operational Risk
1 Sound Practices for the Management of Operational Risk Authority 1.1 Section 316 (4) of the International Business Corporations Act (IBC Act) requires the Commission to take any necessary action required
More informationRISK MANAGEMENT OVERVIEW 2011 RISK CONFERENCE SPONSORED BY THE FEDERAL RESERVE BANK OF CHICAGO AND DEPAUL UNIVERSITY
RISK MANAGEMENT OVERVIEW 2011 RISK CONFERENCE SPONSORED BY THE FEDERAL RESERVE BANK OF CHICAGO AND DEPAUL UNIVERSITY PRESENTED BY: LEN WIATR, CHIEF RISK OFFICER Len s Risk Management Philosophy Build a
More informationMatthew E. Breecher Breecher & Company PC November 12, 2008
Applying COSO s Enterprise Risk Management Integrated Framework Matthew E. Breecher Breecher & Company PC November 12, 2008 The basic outline for this presentation was provided by: Objectives for the session:
More informationOperational Risk Management in a Debt Management Office
Operational Risk Management in a Debt Management Office Based on Client Presentation January 2008 Outline The importance of operational risk management (ORM) International best practice A high-level perspective,
More informationPOL ENTERPRISE RISK MANAGEMENT SC51. Executive Services Department BUSINESS UNIT: Executive Support Services SERVICE UNIT:
POL ENTERPRISE RISK MANAGEMENT SC51 POLICY CODE: SC51 DIRECTORATE: Executive Services Department BUSINESS UNIT: Executive Support Services SERVICE UNIT: Executive Support Services RESPONSIBLE OFFICER:
More informationInternal Audit Terms of Reference
Internal Audit Terms of Reference Introduction 1. The Internal Audit Terms of Reference (ToR) describes the framework within which the Internal Audit Service is delivered. It is intended to act as a guide
More informationThe Role of the Board in Enterprise Risk Management
Enterprise Risk The Role of the Board in Enterprise Risk Management The board of directors plays an essential role in ensuring that an effective ERM program is in place. Governance, policy, and assurance
More informationBoard oversight of risk: Defining risk appetite in plain English
www.pwc.com/us/centerforboardgovernance Board oversight of risk: Defining risk appetite in plain English May 2014 Defining risk appetite in plain English Risk oversight continues to be top-of-mind for
More informationRisk Management Basics - ISO 31000 Standard. Louis Kunimatsu, CRISC IT Security & Strategy, Ford Motor Company
Risk Management Basics - ISO 31000 Standard Louis Kunimatsu, CRISC IT Security & Strategy, Ford Motor Company Risk Management Basics - ISO 31000 Standard 1. Risk Management Basics 2. ISO 31000 Risk Management
More informationEnterprise risk management: A pragmatic, four-phase implementation plan
Enterprise risk management: A pragmatic, four-phase implementation plan Prepared by: John Brackett, Managing Director, Risk Advisory Services, RSM McGladrey, Inc. 704.442.3820, john.brackett@mcgladrey.com
More informationRisk Management Framework
Risk Management Framework THIS PAGE INTENTIONALLY LEFT BLANK Foreword The South Australian Government Risk Management Policy Statement 2009 advocates that consistent and systematic application of risk
More informationRisk Management Policy
Risk Management Policy Risk Management Policy Record Number D14/79827 Responsible Manager Manager Strategy and Governance Last reviewed 10 March 2015 Adoption reference Council Resolution number 90.5 Previous
More informationTransmittal Letter... 1. Objectives and Scope... 2. Approach... 3-7. Financial System... 8. Permitting Application... 9
Internal Audit Committee of Information Technology Risk Assessment Public Report Prepared By: Internal Auditors of Brevard County September 30, 2009 Table of Contents Transmittal Letter... 1 Objectives
More informationUnderstanding Enterprise Risk Management. Presented by Dorothy Gjerdrum Arthur J Gallagher
Understanding Enterprise Risk Management Presented by Dorothy Gjerdrum Arthur J Gallagher Learning Objectives Understand the components of a wellrun ERM program Review scope and process Explore the role
More informationRisk Assessment & Enterprise Risk Management
Risk Assessment & Enterprise Risk 1 Healthcare Corporate Governance Today s environment requires building a culture of risk awareness and management of risk across the organization, while formulating less
More informationAnalyzing Risks in Healthcare. February 12, 2014
Analyzing s in Healthcare February 12, 2014 1 Content What is Enterprise Management (ERM) ERM Benefits ERM Standards / ISO 31000:2009 ERM Process Register ERM Governance Model s Q&A 2 What is Enterprise
More informationISO 31000 and Risk Management
ISO 31000 and Risk Management August 19, 2010 What is risk? All management is risk management! Risk Management Boot camp Threat + Vulnerability = Risk Risk Controls = Residual Risk Residual Risk Probability
More informationEnterprise Risk Management Process Improvement. Secure Banking Solutions, LLC
Enterprise Risk Management Process Improvement 2 Contact Information Contact Information Chad Knutson Senior Information Security Consultant CISSP, CISA, CRISC Phone: 605-480-3366 chad.knutson@protectmybank.com
More informationIT audit updates. Current hot topics and key considerations. IT risk assessment leading practices
IT audit updates Current hot topics and key considerations Contents IT risk assessment leading practices IT risks to consider in your audit plan IT SOX considerations and risks COSO 2013 and IT considerations
More informationAvondale College Limited Enterprise Risk Management Framework 2014 2017
Avondale College Limited Enterprise Risk Management Framework 2014 2017 President s message Risk management is part of our daily life, something we do regularly; often without realising we are doing it.
More informationInformation Technology Governance. Steve Crutchley CEO - Consult2Comply www.consult2comply.com
Information Technology Governance Steve Crutchley CEO - Consult2Comply www.consult2comply.com What is IT Governance? Information Technology Governance, IT Governance is a subset discipline of Corporate
More informationEnterprise Risk Management & Information Technology
Enterprise Risk Management & Information Technology Presented by Scott Perry and Gary Ross Slalom Consulting, San Francisco Agenda Introductions Session Objectives Overview of Enterprise Risk Management
More informationfs viewpoint www.pwc.com/fsi
fs viewpoint www.pwc.com/fsi June 2013 02 11 16 21 24 Point of view Competitive intelligence A framework for response How PwC can help Appendix It takes two to tango: Managing technology risk is now a
More informationBoard of Directors Meeting 12/04/2010. Operational Risk Management Charter
Board of Directors Meeting 12/04/2010 Document approved Operational Risk Management Charter Table of contents A. INTRODUCTION...3 I. Background...3 II. Purpose and Scope...3 III. Definitions...3 B. GOVERNANCE...4
More informationFRAUD RISK MANAGEMENT
FRAUD RISK MANAGEMENT Fraud and Corruption Ian Bowyer 28 March 2014 Objectives Developing an effective Fraud Risk Management Framework The Context of fraud Determining the health of your Framework for
More informationApplying Risk Assessment to Your Audit Plan Break-out Session T3, Tuesday, October 26 2:00-2:50pm
Applying Risk Assessment to Your Audit Plan Break-out Session T3, Tuesday, October 26 2:00-2:50pm Mike Brown Senior Vice President, Corporate Audit State Street Corporation Rich Reynolds Partner PricewaterhouseCoopers
More informationENTERPRISE RISK MANAGEMENT FOR BANKS
ENTERPRISE RISK MANAGEMENT FOR BANKS Seshagiri Rao Vaidyula, Senior Manager, Governance, Risk and Compliance Jayaprakash Kavala, Consultant, Banking and Financial Services 1 www.wipro.com/industryresearch
More informationTHE SOUTH AFRICAN HERITAGE RESOURCES AGENCY ENTERPRISE RISK MANAGEMENT FRAMEWORK
THE SOUTH AFRICAN HERITAGE RESOURCES AGENCY ENTERPRISE RISK MANAGEMENT FRAMEWORK ACCOUNTABLE SIGNATURE AUTHORISED for implementation SIGNATURE On behalf of Chief Executive Officer SAHRA Council Date Date
More informationCRISC Glossary. Scope Note: Risk: Can also refer to the verification of the correctness of a piece of data
CRISC Glossary Term Access control Access rights Application controls Asset Authentication The processes, rules and deployment mechanisms that control access to information systems, resources and physical
More informationFraud Risk Management
RISK CONSULTING Fraud Risk Management A proactive approach to counter the risk of fraud and misconduct kpmg.ca/forensic 2014 KPMG LLP, a Canadian limited liability partnership and a member firm of the
More informationRSA ARCHER AUDIT MANAGEMENT
RSA ARCHER AUDIT MANAGEMENT Solution Overview INRODUCTION AT A GLANCE Align audit plans with your organization s risk profile and business objectives Manage audit planning, prioritization, staffing, procedures
More informationCompliance Services CONSULTING. Gap Analysis. Internal Audit
Compliance Services Gap Analysis The gap analysis is a fast track assessment to establish understanding on an organization s current capabilities. The purpose of this step is to evaluate the current capabilities
More informationInternal Controls and Risk Management Report
42 Internal Controls and Risk Management Report Responsibility Our Board of Directors has the overall responsibility to ensure that sound and effective internal controls are maintained, while management
More informationERM Standards of Practice and Shared Risk Principles
ERM Standards of Practice and Shared Risk Principles ERM 2011 Symposium Chicago IL March 15, 2011 Carol Fox Director, Strategic and Enterprise Risk Practices Agenda Global risk governance drivers Evolving
More informationInfosys: Treating Governance and Compliance Strategically with SAP Access Control
Infosys: Treating Governance and Compliance Strategically with SAP Access Control Stringent management of user access controls and the segregation of duties are becoming a strategic concern for businesses
More informationBusiness Continuity Trends, Requirements and Expectations in 2009. Brian Zawada (MBCP) Director of Consulting Services Avalution Consulting
Business Continuity Trends, Requirements and Expectations in 2009 Brian Zawada (MBCP) Director of Consulting Services Avalution Consulting Overview What Is Business Continuity? The Value Proposition What
More informationFraud Control Theory
13 Fraud Control Theory Using a variation of a saying from the 1960s, fraud happens. Like all costs of doing business, fraud must be managed. Management must recognize that people commit fraudulent acts
More informationRISK ASSESSMENT CHECKLIST
RISK ASSESSMENT CHECKLIST Provided By The Office of the Georgia State Inspector General Produced In Cooperation With The Governor s Office of Texas Fraud Risk Assessment Checklist Performing an agency
More informationENTERPRISE RISK MANAGEMENT POLICY
ENTERPRISE RISK MANAGEMENT Approved by the Audit Committee on 14 February 2003 and adopted by resolution of the Board on 28 March 2003 Revisions approved by the Audit and Risk Committee on 14 February
More informationRisk Management Services
Risk Management Services GridSME is proud to offer organizations a variety of risk management services, including the following: RISK ASSESSMENTS Strategic identification of enterprise risks & latent organizational
More informationImproving Financial Performance, Governance and Compliance
Enterprise Risk Management Improving Financial Performance, Governance and Compliance Through A Structured Approach Experis Finance By: Fred E. Lutzeier National ERM Director Fred.Lutzeier@Experis.Com
More informationAPPLICATION OF KING III CORPORATE GOVERNANCE PRINCIPLES 2014
WOOLWORTHS HOLDINGS LIMITED CORPORATE GOVERNANCE PRINCIPLES 2014 CORPORATE GOVERNANCE PRINCIPLES 2014 CORPORATE GOVERNANCE PRINCIPLES 2014 This table is a useful reference to each of the King III principles
More informationAPPLICATION OF THE KING III REPORT ON CORPORATE GOVERNANCE PRINCIPLES
APPLICATION OF THE KING III REPORT ON CORPORATE GOVERNANCE PRINCIPLES Ethical Leadership and Corporate Citizenship The board should provide effective leadership based on ethical foundation. that the company
More informationFINDING THE RISK IN RISK ASSESSMENTS NYSICA JULY 26, 2012. Presented by: Ken Shulman Internal Audit Director, New York State Insurance Fund
FINDING THE RISK IN RISK ASSESSMENTS NYSICA JULY 26, 2012 Presented by: Ken Shulman Internal Audit Director, New York State Insurance Fund There are different risk assessments prepared: Annual risk assessment
More informationFraud Risk Management Procedures
Fraud Risk Management Procedures 1. Introduction KCE Electronics Public Company Limited ( KCE or the Company ) is committed to achieving the highest levels of business integrity, morals and transparency
More informationHow To Understand And Understand Forensic Accounting
Forensic Accounting and Investigations University of Texas at Arlington 14 August 2013 Overview What is Forensic Accounting? Definition and Services The Forensic Accountant History Roles Within Organizations
More informationdefense through discovery
defense through discovery about krypton krypton is an advisory and consulting services firm, specialized in the domain of information technology (it) and it-related security krypton is a partnership amongst
More informationPractice Guide COORDINATING RISK MANAGEMENT AND ASSURANCE
Practice Guide COORDINATING RISK MANAGEMENT AND ASSURANCE March 2012 Table of Contents Executive Summary... 1 Introduction... 1 Risk Management and Assurance (Assurance Services)... 1 Assurance Framework...
More informationEnterprise Risk Management in UNHCR
Enterprise Risk Management in UNHCR Briefing for Members and Observers of the Executive Committee and the Standing Committee Mr. Arman Harutyunyan, Chief Risk Officer 7 May 2015 Towards Enterprise Risk
More informationGilead Clinical Operations Risk Management Program
Gilead Clinical Operations Risk Management Program Brian J Nugent, Associate Director 1 Agenda Risk Management Risk Management Background, Benefits, Framework Risk Management Training and Culture Change
More informationAdministrative Guidelines on the Internal Control Framework and Internal Audit Standards
Administrative Guidelines on the Internal Control Framework and Internal Audit Standards GCF/B.09/18 18 February 2015 Meeting of the Board 24 26 March 2015 Songdo, Republic of Korea Agenda item 24 Page
More informationEnterprise Risk Management
Enterprise Management ERM provides a framework for risk management, which typically involves identifying particular events or circumstances relevant to the organization's objectives (risks and opportunities),
More informationFraud Risk Management providing insight into fraud prevention, detection and response
Fraud Risk Management providing insight into fraud prevention, detection and response For private circulation only www.deloitte.com/in Fraud follows opportunity and attacks weakness. Know where you are
More information