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Risk Management is on the Rise at Not-For-Profit Organizations
2023 State of Risk Oversight Survey Results By Amy Wares, CPA, MBA, Enterprise Risk Management Specialist Managing risk is more challenging than ever. New research reveals that not-for-profit organizations are responding by expanding their risk management practices. On July 11, 2023, the Enterprise Risk Management (ERM) Initiative at NC State University published the 14th edition…
Optimize Risk Management Efforts with Enhanced Collaboration
To some extent, all business functions are responsible for managing risks. However, certain departments have direct responsibilities in risk management, such as Internal Audit, Enterprise Risk Management (ERM), and Fraud Risk Management. Integrating and fostering collaboration between these functions can result in more effectively addressing risks and protecting against fraudulent activities. This is particularly critical…
How INGOs Can Maximize Their Internal Audit Function
International Non-governmental Organizations (INGOs) are particularly vulnerable to fraudulent activity due to their multinational offices and dependence on remote access technologies. These geographically dispersed organizations need to get the full benefit of their internal audit function, where most fraud can be detected or prevented. This was a prevailing issue at a recent Humentum CEO Roundtable…
Best Practices for Mitigating Risk in Expense Reporting Platforms
Expense reporting platforms have simplified the review and approval processes, making it easier to submit documentation for payment. However, this convenience can also lead to less stringent review of submitted documents and opportunities for changing electronic receipts. As a result, organizations need to implement best practices to reduce the risk associated with these reporting systems….
How Internal Audit Can Support Whistleblower Investigations
By Melissa Musser, Partner and Director GRF Risk & Advisory Services, President of the IIA Washington DC Chapter. Do you know if an employee is stealing from your company? Quite often, the first hint of a problem comes from an insider tip. Having a comprehensive whistleblower program in place is a powerful early warning mechanism…
Top 5 Tax Tips for Small Business Owners
By Jennifer Galstad-Lee, Senior Manager, Tax Services Small business owners have double-duty during tax season – preparing and filing their own taxes as well as taxes for their small business. With so many demands on their time already, tax season can be cause for dread, but advance planning and organization can make life a little…
SECURE 2.0 Act Requires 401(k) Plan Administration Changes for Employers
The 401(k) plan is the most popular employer-sponsored retirement plan in the United States. As of September 30, 2022, more than $6.3 trillion in assets were held in 401(k) accounts by more than 60 million active participants, as well as millions of former employees and retirees. So 401(k) plans are a key payroll responsibility for most businesses….
Essential stages of a third party risk management program
Developing and maintaining a third party risk management (TPRM) program can help to reduce the overall risk to your organization. What is TPRM? In short, it is the process of analyzing and mitigating risks associated with working relationships with outside entities. These parties can include everyone from contractors providing janitorial services to suppliers of a…
Four Things You Can Do Today to Improve Your Cybersecurity Posture
Cybersecurity is always changing and evolving as threats grow. Here are ideas that you can start on today that will help reduce your risk and improve your cybersecurity posture: 1. Require Multi-Factor Authentication Having multi-factor authentication (MFA) is essential for granting access to confidential data. It helps to reduce the risk of credential loss and…
I’m Often Asked, “What’s the Difference Between an ERP and a CRM?”
By Jim Norton, CPA, Principal, Accounting Technology Solutions It all starts to sound like alphabet soup after a while, but modern organizations are increasingly dependent upon cloud technology to get things done. In fact, remote work demands that data reside in the cloud so that work can be done anywhere and at any time. Over…