Tag: Enterprise Risk Management

Fraud Awareness Tips and Resources

International Fraud Awareness Week takes place November 12 – 18, 2023 Fraud Awareness Week highlights how crucial it is for organizations to pause and reflect on the evolving landscape of fraud risks. In an era where the convergence of technology and human ingenuity continues to shape our world, the need for proactive risk management is…

Read more ›

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…

Read more ›

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…

Read more ›

Workshop Highlights: Navigating the World of Uncertainties Impacting Non-Profit Organizations

The 4th Annual GRF /NC State ERM Workshop for Nonprofits was held on February 23 and 24, 2023. Nonprofit executives and board members from across the U.S. came together to share their experiences and discuss strategies and tactics for strengthening enterprise risk management at tax-exempt organizations. Melissa Musser, Partner and Director of GRF’s Risk Advisory…

Read more ›

Elements of Successful Nonprofit Cybersecurity

Nonprofits are more reliant on technology than ever before to deliver on their mission. The integration of digital technology into all aspects of the organization, or digital transformation, provides a number of new opportunities, but it also provides the possibility for additional security issues. Not only are there more ways to be attacked than ever…

Read more ›

Why Associations Are Implementing Enterprise Risk Management (ERM)

By Melissa Musser, CPA, CITP, CISA | Principal, Risk & Advisory Services For years, associations have taken a siloed approach to risk management, focusing on areas like cybersecurity. More are now widening their nets, using ERM to ensure unexpected dangers don’t derail their association. When it comes to risk management, some may think of areas…

Read more ›

Be Prepared: Why Enterprise Risk Management is Essential for Nonprofits

By Melissa Musser, CPA, CITP, CISA | Risk & Advisory Services Principal Corporations and organizations have long understood the value of systematic planning for worst-case scenarios to avoid unwelcome surprises, known as enterprise risk management (ERM). ERM is a proactive, multidimensional process of identifying, assessing, cataloguing, and preparing for potential negative organizational outcomes in order…

Read more ›

The EU’s GDPR is Applicable to US Companies. Is Your Organization in Compliance?

By Darren Hulem | Network Administrator Auditor GDPR, also known as General Data Protection Regulation (EU) 2016/679, was a regulation passed by the European Union (EU) in 2016 aimed at data protection and privacy for individuals within the EU. Enforcement, which began on May 25, 2018, has the potential to affect companies outside of the…

Read more ›

Forensic Auditing and Artificial Intelligence Help Detect Fraudulent Activity

By Mac Lillard, CPA, CFE, CITP, CISA, | Manager, Audit and Risk Advisory Services Fraud prevention is one of the most important aspects of an effective organizational risk management strategy. According to the Association of Certified Fraud Examiners (ACFE) 2018 Report to the Nations, there were 2,690 cases of occupational fraud, resulting in $7+ billion…

Read more ›

Internal Audit is a Critical Investment for Nonprofit Organizations

By their nature, tax-exempt entities are under extraordinary scrutiny. With the IRS, external auditors, donors, watchdogs and stakeholders all analyzing their finances, nonprofit organizations must implement effective internal controls that decrease the likelihood of fraud, accounting mistakes or other inappropriate accounting practices that could impact the organization’s finances and reputation. Many organizations who have established…

Read more ›