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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Have you included vendor audit/ contract compliance as part of your audit plan? Vendor Risk is becoming a greater concern as organization is outsourcing increasing amount of work. Earlier there used to be a handful of vendors and type of goods and services used to be limited to what an organisation can not do its own. […]
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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