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  • Blog
    July 27, 2020
    Suspicious Activity Reporting: Government Aid Programs in the Spotlight
    Amid growing media coverage of fraud related to government loan programs and unemployment insurance claims, the Small Business Administration (SBA) issued an Information Notice (IN) on July 22 dealing specifically with the identification and reporting of suspicious activity related to the Economic Injury Disaster Loans (EIDL) Program. The IN is aimed at alerting depository institutions to the…
  • Blog
    July 28, 2020
    Management’s Reporting on the Control Environment During COVID-19: Extra Attention Is Required
    Organizations across all jurisdictions and industries have been faced with the difficult task of drafting and submitting their financial statements to regulators and banks during the COVID-19 pandemic. This has led to unique challenges and logistics to ensure appropriate personnel are connected and able to perform their duties and, ultimately, report to regulatory bodies with accuracy. Many…
  • Blog
    July 30, 2020
    Persevering and Prospering in the Time of COVID-19: Accounts Payable
    The accounts payable (AP) function has a significant effect on the bottom line, third only to sales and receivables. Now, many accounts payable teams have been caught short by the Coronavirus 2019 (COVID-19) pandemic, finding themselves unable to shift rapidly and securely to a remote payables workforce. Some businesses – whose workforce capabilities and processes are extensively paper-based –…
  • Blog
    August 7, 2020
    Tech Can Help Oil and Gas Firms Survive Market Turmoil
    For organizations in the oil and gas (O&G) industry, the combined impact of COVID-19 and erratic oil prices have made for an unprecedented roller coaster ride. Many oil and gas companies are finding it difficult to cope, and others are likely to be severely impaired for the foreseeable future. However, even in the worst of times, there are tools and strategies that can help an organization…
  • Blog
    August 10, 2020
    Postpandemic Real Estate Strategies: It Pays to Be Nimble
    Of the many things to consider during the pandemic, one of the more challenging areas is real estate. To a large extent, companies have done an admirable job of relocating large portions of their workforce to work-from-home (WFH) status — and on very short notice. But the current crisis will ultimately pass, and now is the time for organizations to consider how the changes they are making now…
  • Blog
    August 11, 2020
    Know Your Customer: It’s All About Risk
    In early 2017, Protiviti published a white paper titled Remediate Risk, Not Files: Breaking the KYC Remediation Cycle. Primarily authored by my colleague Matt Taylor, the paper proffered that one of the main reasons financial institutions have found themselves caught in an endless cycle of Know Your Customer (KYC) remediation is that their remediation efforts are focused on papering the file and…
  • Blog
    August 13, 2020
    Internal Audit Leaders Need to Step Up Next-Gen Innovation and Transformation Initiatives, Protiviti Survey Finds
    According to the findings from Protiviti’s 2020 Next Generation Internal Audit Survey, chief audit executives (CAEs) and internal audit leaders report their next-generation competency levels in three vital areas – governance, methodology and enabling technology – to be remarkably low. There is a danger that, if increasing these competencies and transforming the audit process is not viewed as a…
  • Blog
    August 14, 2020
    A Tale of Two Crises — Hurricane Preparedness in the Midst of COVID-19
    Oil and gas (O&G) organizations have been drastically affected by COVID-19 amid the impacts to the economy, including constrained demand for all O&G products and the necessity of changing business structures and having employees work remotely. However, these lessons learned, if applied mindfully, may help organizations effectively respond to future business interruptions. Case in point…
  • Blog
    August 18, 2020
    Understanding Spend Is Key to Building Business Resilience in the New Normal
    Spend analysis is frequently identified as a critical procurement capability. Yet surprisingly, few  organizations actually conduct this activity on a thorough or regular basis. Many organizations think of spend analysis as necessary only when they are about to embark upon strategic sourcing events, or when they need spend data totals to use in preparing RFPs in the marketplace. Even then…
  • Blog
    August 20, 2020
    Ongoing Risks of Government Lending Programs
    I had the opportunity last week to participate in a webinar hosted by the Los Angeles Chapter of The Risk Management Association (RMA), titled “Ongoing Risk Implications of Government Lending Programs.” Joined by my Protiviti colleagues Ariste Reno and Rhonda Gallion, we discussed the current bank regulatory environment, credit risk issues, and fraud and compliance issues related to government…
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