New Content on KnowledgeLeader - 5/13/2024

Tools and Insights for Strategic Decision Making and Risk Management

Tools

The following tools were published on KnowledgeLeader this week:

Decision Support Guide

Today, many finance executives have committed to designing and building the infrastructure necessary to provide the right information at the right time to support critical decisions. Leading organizations are creating an environment where the information infrastructure is aligned to support strategic goals and objectives, risk management, and timely reporting to support key business decisions. Use this guide to define your organization’s framework for making decisions and establish the capability to provide decision-support services.

Conflict of Interest Policy

This tool contains two sample policies that can be used by companies to identify and properly address potential conflicts of interest. In these samples, in the case of a potential corporate opportunity, the responsible executive vice president or the chairperson of the board or committee, as applicable, may, if appropriate, appoint a disinterested person or committee to investigate whether the transaction or arrangement should remain available for the corporation to pursue on its behalf and any such person or committee should report the results of its investigation to the responsible executive vice president or the board.

New-Hire Pay Data Policy

Implement our New-Hire Pay Data Policy to ensure smooth and accurate payroll processing for all employees. According to this policy, nonexempt employees (hourly employees) should be paid weekly every Friday and exempt employees (salaried employees) should be paid semi-monthly on the 15th and last days of each month. Each paycheck for hourly employees should include earnings for all work performed through the end of the previous payroll period.

Spending Authority Review Audit Work Program

Enhance your organization's spending authority review audit process performance with the steps and considerations included in this work program. Project work steps include gaining an understanding of the company’s internal controls surrounding spending authorizations through the use of inquiry and transaction testing and performing testing and analysis on sample disbursements to determine compliance with spending authorization policies.

Distribution Center and Consigned Inventory Audit Work Program

The purpose of this work program is to provide the general steps used for an inventory audit of a distribution center for consigned inventory, including reviewing the shipping and receiving processes and inventory cycle counts. Inventory audit steps include conducting project planning, scope setting and auditee requests/coordination; developing work program and other reporting templates; and coordinating meetings with key process personnel.

Publications

KnowledgeLeader has also published several publications this week.

Beyond Pass/Fail: Developing a Quantitative Framework for Cybersecurity Audits

Cybersecurity audits are vital in today’s digital landscape, yet they come with numerous challenges, such as resource constraints and evolving audit requirements. This article explores the importance of risk quantification in cybersecurity audits, emphasizing its role in aiding decision-making processes and enhancing organizational resilience. Drawing from real-world examples like the 2019 First American Financial Corporation data breach, the article highlights the consequences of unresolved vulnerabilities and the necessity of effective risk communication.

Sanctions Risk Assessment: A Key Risk Management Tool

Faced with the growing complexity of the geopolitical landscape, governments have been using financial sanctions increasingly as foreign policy tools to respond to developments as wide ranging as regional conflicts and wars, terrorism, and human slavery. This whitepaper explains how organizations can stay ahead of regulatory expectations and enhance financial compliance with robust sanctions risk assessments.

Will Quantum Computing Be a Game Changer for Governments?

Konstantinos Karagiannis is the director of quantum computing services at Protiviti. He helps companies get ready for quantum opportunities and threats. He also hosts Protiviti’s Post-Quantum World podcast. In this VISION by Protiviti Interview, Joe Kornik, editor-in-chief of VISION by Protiviti, sits down with Karagiannis to discuss quantum’s impact on the future of government, where the U.S. stacks up with the rest of the world, and how encryption and protecting sensitive and classified information will be paramount in the quantum era.

Recommended Resources

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