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.
IIA Inc has revised standards on internal auditing. The revised standards become effective from January 2017. One of the new year resolution of Internal auditor should be to update their internal audit practices and procedures, including internal audit charter to reflect the changes done in in the IPPF. Revised IPPF can be downloaded from IIA. One […]
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One of the challenge facing internal auditor is to how to improve the control environment? Tone at the top matters. Without that any exercise become a paper, which get tossed around from here to there and people kept wondering why things are not moving! It is important to create tools and use techniques to enable […]
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An Internal Audit Plan is the work schedule for Internal audit. Lots of thoughts, brainstorming, time gets spent in preparing Internal Audit Plan. Its imperative for internal audit to get it right to ensure that major risk faced by organization are covered. Get Audit Universe Right Getting Audit universe right will be the first step […]
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Revenue assurance as a function is dominant in telecommunication industries. However the lessons learnt can be applied in any industry. What is revenue assurance? Revenue assurance is The activity is the use of data quality and process improvement methods that improve profits, revenues and cash flows without influencing demand. – Wikipedia How Internal audit can help an organization […]
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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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A researcher had created an app for personality testing, number of people downloaded, due to facebook’s policy at that point of time, researcher was able to download people’s friend data also. It is alleged that based on data collected, people’s psychological profile is created. Using this data people opinion is changed, shifted. What is profiling? […]
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“Audit Committee Members don’t understand the risk. Promoters feel that Audit Committee are too much into finance. The Independent directors forming audit committee are retired person from government or retired partners from professional firms. They think only about finance and missing the bus for emerging risks. They are not geared up for thinking in terms […]
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What is risk appetite? What does it mean? This question has set the ball rolling in an informal group of risk professionals. Everyone has a view on the same. Some views were borrowed from financial industry, some view were created/ adapted for non-financial industries. One of the reason of confusion is analogy of appetite with […]
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Recently I got the honor of being part of a panel discussion on “Risk Management Mistakes Many companies make” This session was moderated by An Independent director and other panelists included: A CRO and Head of Risk of a life insurance company Head of GRC for India and SAARC for a reputed GRC company, Head […]
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