Blog
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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
August 30, 2024
What is NIST in Cloud Computing?
What Is NIST in Cloud Computing? Key Takeaway: NIST provides comprehensive cloud computing frameworks through Special Publication 800-145. It defines cloud computing as on-demand network access to shared computing resources with five essential characteristics, three service models, and four deployment models. Quick Navigation Key Terms Cloud Computing: A model for enabling ubiquitous, on-demand network access […]
Tags: NIST
August 27, 2024
11 Proven Risk Mitigation Strategies
11 Proven Risk Mitigation Strategies Key Takeaway Risk mitigation is the strategic process of identifying, analyzing, and reducing risks to an organization’s capital and earnings. With cyber-attacks increasing exponentially each year, implementing proven risk mitigation strategies is crucial for protecting your business from evolving threats and maintaining operational continuity. Table of Contents Key Terms Risk […]
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
6 Benefits of Internal Auditing Regular, comprehensive audits keep organizations on track. Audit plans 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 your board of directors […]
Tags: Audit Management
August 26, 2024
Compliance Risk Assessment for Banks
Banks are one of the most heavily regulated business sectors, with stiff regulatory compliance obligations and close scrutiny from regulators. As such, managing regulatory compliance has become challenging for banks in recent years. Compliance failures can result in significant fines, reputational damage, bad publicity, and even lawsuits. It’s vital for banks to conduct regular compliance risk assessments to identify, evaluate, and mitigate emerging […]
What Are the Types of Audit Evidence?
Collecting and evaluating audit evidence helps determine whether an organization follows the required standards. The American Institute of Certified Public Accountants (AICPA) provides guidelines on how auditors should conduct their work. As auditors start their examination, they first collect and analyze various types of evidence, each serving as a piece of the puzzle that forms […]
Tags: Audit Management
Inherent Risk vs. Control Risk: What’s the Difference?
Inherent risk and control risk are essential concepts in risk management. They’re key parts of the audit risk model, which auditors use to assess overall risk and susceptibility during an external or internal audit process. Inherent risk is the natural risk related to a company’s business activities before considering the internal control environment. Control risk, […]
Tags: Risk Management
July 29, 2024
Threat, Vulnerability, and Risk: What’s the Difference?
Threat, Vulnerability, and Risk: What’s the Difference? Key Takeaway Threats are potential dangers that can exploit vulnerabilities (weaknesses in systems). Risk measures the likelihood and impact of threats actually causing harm. Understanding these distinctions enables organizations to build comprehensive cybersecurity strategies that address each more effectively. Table of Contents Key Terms Threat: Any potential danger […]
Tags: Risk Management
The Difference Between Strategic and Operational Risk
When your organization faces an existential threat, is it because of a flawed business model or a broken process? The answer determines whether you’re dealing with strategic or operational risk. The distinction between the two is important—it can mean minor setbacks and complete failure. This article cuts through the confusion about these two types of […]
Page 11 of 152