Tools
The following tools were published on KnowledgeLeader this week:
Document Record and Content Management Risk Control Matrix RCM
An RCM provides an overview of different control objectives that organizations should take into consideration and the corresponding controls to safeguard the company against risks, which may arise if not checked timely. Once customized to an organization, this document can help the user in assessing each control. The control assessment can then also be summarized to develop an action plan. This document outlines risks and controls common to record management during the 4.2 Document Record and Content Management process in a risk control matrix (RCM) format.
Delegation of Authority Policy
Define your company’s limits of authority for specified positions and outline approval requirements for transactions, obligations and compliance with this three-sample policy. This tool is applicable to the corporate headquarters, subsidiaries and affiliates and covers various aspects such as expenditure authorization, capital and operating expenses, banking and investment matters, legal issues, and employment-related matters. By defining clear procedures and approval matrices, the policy aims to maintain consistency, accountability and compliance across the organization.
Credit Card Policy
This sample policy is designed to help companies establish the appropriate business use, responsibilities and authorization for company credit cards. The policy should apply to all employees who are authorized to use a company credit card, including their supervisors, across all company locations and departments. It specifies the roles and responsibilities of different personnel, from the CEO to the accounting staff, in managing and overseeing credit card usage.
Social Responsibilities Programs Audit Work Program
Understand and review your organization’s social responsibilities programs process with the best-practice steps in this audit program. It guides auditors through the process of evaluating their commitment to ethical practices and societal contributions, ensuring alignment with industry standards and regulations. The program emphasizes the importance of balancing profitability with public duty, scrutinizing areas such as human rights, environmental impact and community engagement.
Cash Collections, Security and Recording Review Audit Work Program (Healthcare)
Our Cash Collections, Security and Recording Review Audit Work Program (Healthcare) outlines a systematic approach for planning and executing an audit, starting with defining the scope to include procedures for cash security, recordkeeping, check handling and customer receipts. The program emphasizes the importance of understanding cash collection policies and procedures across various high-volume locations such as clinics and pharmacies. Auditors are guided to review internal controls concerning petty cash, change funds, cash-box security, check acceptance and cash receipts logging.
User Information Security Policy
Our User Information Security Policy can be used to maintain the security and integrity of your organization’s information systems, which highlights the responsibilities and expected behaviors of employees to prevent unauthorized access, misuse or damage to the company's digital assets. The policy includes specific sections on testing information system controls, which restricts employees and external parties from testing or compromising internal controls without proper authorization. It also addresses the exploitation of system security vulnerabilities, strictly prohibiting employees from using known vulnerabilities for unauthorized activities.
Unclaimed Property Policy
This document includes two sample policies that establish clear procedures and timelines for unclaimed/uncashed checks, wire or ACH payments. These samples outline detailed procedures and responsibilities for handling checks that have not been claimed or cashed by their recipients. The policy covers various scenarios, including checks issued to domestic and foreign entities, and provides a framework for the timely follow-up of these payments.
Publications
KnowledgeLeader has also published several publications this week.
From Hindsight to Insight to Foresight
Historically, financial crime detection has involved mostly after-the-fact (hindsight) identification of potentially illicit activity gleaned from reviewing massive amounts of alerts — most of which are nonproductive. Enter artificial intelligence (AI), which offers the opportunity not only for better detection results (insight) but for predicting (foresight) when suspicious activity may occur.
Protiviti-Oxford Survey Shows “Us Vs. Them” Disconnect in How Global Execs View Data Privacy
Only 8% of global executives say they are concerned or extremely concerned about their company’s ability to protect customer and client data over the next five years. When it comes to data privacy, it’s all personal—especially when it comes to business leaders’ opinions about their own company’s privacy practices compared to other companies, according to the findings of the Protiviti-Oxford survey Executive Outlook on the Future of Privacy, 2030.
Recommended Resources
This list of recommended resources from the web may be of interest to you. Click each link to learn more.
- FASB Sets New Reporting Standards for Disclosure of Expenses
- U.K. Online Safety Act: The Impact on Tech Firms and Critical Compliance Considerations
- Regulators Hitting Auditors Hard in 2024