ESG for Non-Profit Risk Managers
Bottom Line: ESG is becoming more important to donors, employees, partners, and other stakeholders. Non-profit risk managers need to be prepared to answer tough questions about how their organization is managing critical ESG risks. ESG Basics for Non-Profits ESG refers to environmental, social, and governance factors in an organization’s operations. There is no universal definition…
Mitigate Online Donation Risks with PCI Compliance and Third-Party Risk Management
Taking donations online is a huge benefit to nonprofit organizations, but online payments also expose potential risks. To safeguard their operations and donors’ financial information, nonprofits must prioritize Payment Card Industry (PCI) compliance and third-party risk management. Nonprofits are at a higher risk of credit card test attacks than other organizations due to certain functionality…
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…
How ERM Helps Organizations Navigate Their ESG Journey
ESG (Environmental, Social, and Governance) frameworks provide a sustainable approach to doing business. Existing ERM tools can help support these efforts.
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…
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…
Aligning Business Continuity Planning with Third Party Risk Management
Does your organization know all the third-party vendors who access and manage data on your behalf? In the event of a disaster, any gaps in responsibilities, security, and communications prolong the outage of business operations, so it’s better to identify and eliminate these gaps now before a disaster happens.
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…