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  • 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…
  • Blog
    August 25, 2020
    To Meet Today’s Challenges, CAEs Must Stay Focused on Next-Gen Internal Audit Practices
    Progress often moves in fits and starts, and that, apparently, is the case with next-generation internal auditing (IA), according to Protiviti’s 2020 Internal Audit Capabilities and Needs Survey, published earlier this month. The survey was conducted in the last quarter of 2019, before the COVID-19 pandemic disrupted businesses and their well-laid audit plans. There is no doubt that the…
  • Blog
    August 28, 2020
    Proposed Rule for Drug Enforcement Administration Theft Reporting
    On Wednesday, July 29, 2020, the U.S. Department of Justice’s Drug Enforcement Administration (DEA) proposed a new rule that clarifies that the submission of DEA Form 106 (Report of Theft or Loss of Controlled Substances) shall be submitted electronically through the DEA Diversion Control Division’s secure network within fifteen (15) days of discovery and must be “complete and accurate.” The…
  • Blog
    August 31, 2020
    As Regulators Boost Market Surveillance Capabilities, Firms Should Enhance Self-Monitoring to Reduce Trading Violations
    Regulatory fines in any industry are not new. For as long as there have been regulations, hefty fines have served as the clearest and most concise method for regulators to publicly rebuke corporate offenders and wrongdoers. Over the last decade, the financial services industry has seen multiple billion-dollar fines, and they have been so recurrent that the public and media are almost…
  • Blog
    September 9, 2020
    The Critical Importance of Employee Wellbeing in the Time of COVID-19
    In the best times, leaders know that people – or human capital – are the heart of a successful organization. In challenging times, this concept is even more magnified; it’s the key to survival. The global Coronavirus pandemic (COVID-19) is delivering unprecedented challenges to businesses all over the globe. As organizations seek to adapt, COVID-19 has created a “new normal” for employees –…
  • Blog
    September 10, 2020
    Beyond Supply Chain Stopgaps: How Strategic Sourcing Can Drive Resilience in Today’s Market
    Across the global economy, supply chains have been hammered by the pandemic, forcing businesses to restructure their procurement operations in order to build in resilience. Such restructuring often comprises a broad range of actions that may include increasing warehouse space, altering delivery methods and seeking more flexible supplier contracts, among others. While these changes are…
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