Posts Tagged ‘risk assessments’
USAA, Part III: Better Risk Assessments
Today we have one more look at that enforcement action banking regulators took against USAA last month, over the bank’s slow pace of compliance improvements. We’ve already reviewed changes to board oversight and compliance staffing levels that USAA needs to make. Next up: risk assessments. Again, a quick recap. FinCEN and the Office of the…
Read MoreA Difficult Picture for Anti-Fraud Today
The Association of Certified Fraud Examiners is holding its 2021 conference this week (virtually), and to that end the ACFE also just published its latest survey on anti-fraud budgets, resources, and challenges. Suffice to say, anti-fraud and internal audit teams have had a busy year. More than half of all survey respondents said they’ve found…
Read MoreEnterprise Risks: The Pandemic, and Beyond
Surprising exactly no one, the top worries this year among corporate leaders are the pandemic and its economic consequences. So says Protiviti’s annual report on top enterprise risks, although the report does also flag a few other concerns that corporate audit and risk managers may want to consider. The top risk for 2021, according to…
Read MoreAnother Lesson From Boeing: Silos
Boeing’s missteps with the 737 Max jet offer many powerful lessons for corporate compliance, audit, and risk executives. Our latest lesson comes from an in-depth article in the New York Times, examining the decisions Boeing made about the jet’s design and subsequent pilot training, and the terrible consequences that followed. Every compliance and audit professional…
Read MoreShameless Self-Promotion: Anti-Fraud Triangle Paper
As devout Radical Compliance readers might already know, from time to time I have written about something I call the Anti-Fraud Triangle—a method of assessing misconduct risk in your organization, based on the Fraud Triangle that auditors have used for decades to understand fraud risk. Well, I just published a longer white paper on the…
Read MoreDo We Have a Problem With Compliance Risk Assessments?
This week I dove into PwC’s annual State of Compliance Report, reading the report itself and eavesdropping on a webcast with the PwC compliance gurus who wrote it. The study has plenty of data worth reading, and one conclusion from that data jumped out at me immediately. We have some disconcerting patterns emerging in how…
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