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5 Best Practices for Risk Management
Risk management is the process of identifying, monitoring, and managing risks and their harm to a business. These risks can range from data loss, cyberattacks, and security breaches, to system failures and even natural disasters. Given the potential harm these risks can inflict on a business, security and cybersecurity teams must create and implement risk management […]
Tags: Risk Management
August 30, 2024
Important Internal Control Activities That Every Organization Should Implement
Every organization needs strong internal controls to ensure the integrity of financial statements, promote ethical values, and drive transparency across the enterprise. Internal controls are the mechanism to do those things; controls help identify risks and reduce them to an acceptable level. Vital processes supported by robust internal control systems allow an organization to comply consistently with all applicable […]
Tags: Audit Management
Here’s Why Regulatory Compliance is Important
You don’t have to jump through endless hoops to achieve regulatory compliance. By finding an easy way to comply with the right laws, regulations, and industry standards, regulatory compliance can offer several benefits for companies. Specific compliance requirements vary by industry and country. But in general, implementing regulatory compliance is a mandatory requirement for every sector and […]
Tags: Audit Management
10 Common Types of Digital Risks
Organizations across all industries are becoming more reliant on digital technology to get the job done. In this era of digital transformation, technologies such as the Internet of Things (IoT), social media, Machine Learning (ML), big data analytics, Artificial Intelligence (AI), and Augmented Reality (AR) exist to help organizations realize their strategic business objectives. Ultimately, […]
Tags: Risk Management
Risk Control & Risk Management: What’s the Difference?
Risk control and risk management are two essential parts of any organization’s efforts to manage risk. Understanding the difference between the two is critical to identify vulnerabilities, monitor risks, and make informed decisions on managing risk effectively. In this article, we’ll explore the distinctions between risk control and risk management, and provide five tactics for […]
Top 10 Risks Faced by the Manufacturing Industry
Today’s global economy is more interconnected than ever before. That drives significant benefits for companies and industries operating worldwide. However, it also has significant new risks, necessitating effective risk mitigation strategies. One industry that faces a multitude of risks is the manufacturing sector. Within this industry, numerous risks affect companies and their human, IT, and financial assets. Risk […]
Tags: Manufacturing
What is NIST in Cloud Computing?
Cloud computing is everywhere these days, which means that the security risks inherent to cloud computing are everywhere too — and corporations need to manage those risks somehow. One beacon of guidance is NIST, the National Institute of Standards and Technology. NIST offers numerous frameworks to help organizations manage technology risks, cloud computing included. For example, […]
Tags: NIST
August 27, 2024
11 Proven Risk Mitigation Strategies
The exponential growth of cyber-attacks every year underscores the critical importance of risk mitigation—a strategic process to identify, analyze, and take steps to reduce risks to an organization’s capital and earnings. With threats constantly evolving, how can businesses effectively shield themselves from potential harm? This article will explore 11 risk mitigation strategies that empower organizations […]
Tags: Risk Management
The 5 Key Elements of an Effective Internal Control System
Policies, procedures, and other best practices are all essential to the smooth functioning of any organization. They help set the right expectations at every level, guide employees to distinguish good from bad conduct, and bring consistency and predictability to daily operations. They also protect the firm’s business-critical assets and allow the company to comply with […]
6 Benefits of Internal Auditing
Regular, comprehensive audits keep organizations on track. Audits come in all shapes and sizes, too: internal and external audits; audits of finance, audits of data, audits of operations. As a business owner, whether for a large enterprise or a small business, you want to ensure that your stakeholders can trust your business operations and that […]
Tags: Audit Management
August 26, 2024
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