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PHOTO: Vladislav Babienko Boards, like all of us, were overwhelmed by the scale of and demand for quick decisions which the COVID-19 crisis necessitated. This premise guides an interesting article on the London Stock Exchange page: "Optimizing Board Decision-Making in the Eye of a Storm." Kieran Moynihan, an advisor for boards and directors in the UK, wrote the piece. Risk and audit professionals need to think about what their customers need and how that is changing in these dynamic and turbulent times. They should consider whether there is a need to change one or more of: What they are addr...

PHOTO: Markus Winkler Amid the continued uncertain market conditions around the world, organizations are now focusing their attention on risk mitigation. As many can attest, early identification and curtailing of factors that could have a negative impact on operations has never been more important. Risk has no bias — it's a problem faced by both public and private sectors. While each has a different perspective on the challenge, the aim of protecting staff, clients and citizens is consistent across the board. For public sector organizations, risks can include the emergence of unforeseen...

There seems to be a lot of talk and articles these days about resilience. I have tried to ignore the term, but recently read an interesting piece in Forbes: "What Is True Resilience? (Hint: It’s Not About Managing Risk)." Before we dig into that piece, it is interesting to see what people have said about the difference between "risk" and "resilience." The Difference Between Risk and Resilience One academic has written (key sentence highlighted): "Resilience is essential to living in a world filled with risk. Resilience has historically been defined as the ability to return to the status...

PHOTO: Christiann Koepke Public accounting firms are recognizing the value that an effective internal audit team can provide an organization —  an encouraging sign. PwC's Take on Internal Audit Let’s first look at a few of PwC's observations: "Maximizing the value proposition of the internal audit group is an effective way to help audit committees address their risk oversight responsibilities. But getting internal audit’s full value requires focus and attention. It requires the audit committee to reflect on what it needs and to be direct with internal audit." Internal audit c...

PHOTO: Riccardo Annandale Earlier in my career I was an IT auditor (starting with Coopers & Lybrand). In fact, I was a bit of a techie and trailblazer when it came to understanding how the operating and related systems could affect the operation of applications and, therefore, business operations. I had some fun with this when the IT audit leaders in France contradicted me. I wrote a simple RPG ii program then compiled and ran it twice. I changed a couple of lines in the Linkage Editor so that the results were different. IT audit has been a passion of mine for many years, so I was interested...