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Top 5 Risks Affecting the Healthcare Industry
Cybersecurity is a constant, serious threat to the healthcare industry. Unfortunately, however, the risks to cybersecurity and data security in healthcare are only one part of the larger risk management puzzle for healthcare organizations. Infections, alarm fatigue, telemedicine, and a lack of emergency preparedness also pose severe threats in healthcare. To minimize exposure, healthcare organizations require a […]
Tags: Healthcare, HIPAA
September 20, 2024
Identifying Assets for IT Risk Analysis
Any organization that uses information technology should conduct cybersecurity risk assessments from time to time. Each organization, however, faces its own unique set of security risks and needs to tailor its approach to addressing those specific risks within its risk management processes. To get started, you first need to identify all your organization’s IT assets, […]
Tags: Risk Management
How to Develop a Risk Culture at Your Organization
Risk is inseparable from the modern business landscape – and therefore, every company needs an effective risk management program to identify, assess, manage, and mitigate risk. Robust processes, solid internal controls, and an enterprise risk management framework can help an organization identify best practices, share knowledge, and track metrics to meet these strategic objectives. But another critical […]
Tags: Risk Management
September 12, 2024
Risk Exception Management Process: How to Manage Non-Compliance
Risk exception For all the importance of strong policies and procedures, another truth is this: that in day-to-day operations, your organization will very likely run into situations that violate them. A risk exception occurs when a particular policy, standard, security program requirement, or security best practice cannot be fully implemented. For example, your organization might make an exception so […]
Tags: Risk Management
Risk Assessments and Internal Controls
From innocent but costly mistakes to deliberate fraud, all organizations are subject to risks that can jeopardize financial reporting or lead to the loss of corporate assets. That’s why it is imperative to establish a robust system of internal control to reduce or prevent such threats and strengthen financial reporting. Internal controls are policies, procedures, and […]
Tags: Risk Management
Cybersecurity Audit Checklist
Today’s corporate IT environments are complex and diverse. The security system to protect those environments can easily have hundreds of individual parts, and all of those parts need to be looked at individually and as a whole. To assure that all those parts are working as intended, you should perform a cybersecurity audit. Audits aren’t […]
Tags: Audit Management
September 11, 2024
The Different Types of Risk Assessment Methodologies
Risk is inherent to all businesses, regardless of your industry. To prevent those risks from causing harm, you must first know what threats you are facing. So the foundation of any successful risk management program is a thorough risk assessment – which can take many forms depending on what methodology best suits your needs. Risk assessment is […]
Tags: Risk Management
September 9, 2024
Top Risk Analysis Tools
For many years and across industries, enterprise risk management (ERM) has always been an important part of any successful business operation. Organizations of all types and sizes face a number of external and internal factors that make it uncertain whether they will achieve their goals; ERM can bring that uncertainty to lower levels. Understanding the […]
September 5, 2024
What Is an Audit of Internal Control Over Financial Reporting?
In today’s complex financial landscape, trust and transparency play pivotal roles in ensuring business credibility. One essential tool that bolsters this trust is an audit of internal control over financial reporting (ICFR). But what exactly is it? At its core, an ICFR audit evaluates the operating effectiveness of a company’s internal processes and controls that safeguard its financial statements from misrepresentation, either accidental […]
Tags: Audit Management
What Is Management Override of Internal Controls?
Internal controls are the processes, procedures, tasks, and activities meant to protect an organization from fraud, financial information misreporting, cybercrime, and accidental losses. A strong internal control system is also vital to maintain compliance with all applicable laws and regulations. Internal controls do, however, have one nagging weakness: management override of those controls. When managers abuse their override […]
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