Risk and Control: Ideas for a better tomorrow
A contrarian view on Risk and Control to make tinkle curiosity leading to creative and critical thinking.
As part of Risk Management, organisation are becoming more forceful to have the Right of Audit Clause incorporated into their agreements with Customers, vendors, partners. Why it is important for organization to have the clause incorporated? A. Organization wants vendor to ensure that: No harm is being done to environment while providing goods and services […]
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Loyalty programs are the in thing and almost every organised retailer and large number of service providers runs the program. The intention behind running this program is to provide reasons (being discount, future benefits, exclusivity, part of a fraternity, community, etc) to customer to shop again and again. Besides the usual operational uncertainty regarding .. […]
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RPA is an advancement which will make everything automated.
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Robotic Process Automation can offers a business competitive edge which can enable to move miles ahead of competition. One of the challenge for a retail operation is to ensuring that replenishment of merchandising. How to ensure that stores are adequately stocked? i.e. no Under stocking, no Over stocking, Right stocking. This is done by merchandising […]
Continue ReadingHow to I study to pass CIA Exam? I have been asked this question recently by a CIA exam (Conducted by Institute of Internal Auditors) candidate. Here is what we discussed: IPPF: Gain proficiency in IPPF. The best way is to apply them, discuss them with your peers, team and seniors in the profession. LinkedIn […]
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“Can a promoter’s family member be appointed in Internal Audit Department?” This innocuous sounding questions had created a surge of activities in a forum. Legal perspective: In case of a family member of a Promoter appointed to a place of profit, it requires shareholders’ approval by special resolution and disclosure in related party disclosure. In […]
Continue ReadingCyber-risk is in the limelight. It is now coming in top 10 risks in all surveys. Cyber-risk is like a hurdle which is bound to cause accident on an expressway where you are required to drive at a high speed. A majority of hurdles can be navigated by staying alert. However some of the hurdles are not visible and […]
Continue ReadingBackground In 2013 President Obama has declared that “Cyber threat is one of the most serious economic and national security challenges we face as a nation” and that “America’s (country’s) economic prosperity in the 21st century will depend upon cyber security.”. Cyber risk/threat has taken the center stage today. It has steadily moving up in […]
Continue ReadingResource Management and IPPF. IPPF requires that internal audit activity does a proper resource management. Standard Requirement Interpretation 1110 Board to approve internal audit budget and resource planBoard to inquire with management and CAE to determine the inadequacy of scope and resource limitation Internal audit cannot execute an internal audit plan without proper resources. With […]
Continue ReadingInventory of contracts is often overlooked area which can give rise to risk to organization. A typical organization with decent size may have the following departments: Sales Department Marketing Department Purchase Department Stores Department Human Resource Payroll Administration Commercial Accounts (This is a very simple list. MIS used by organization would give a clear picture) […]
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