board accountability

Volkswagen Side-Steps Enterprise Risk Management

Volkswagen has been side-stepping environmental compliance standards by “programming some diesel-fueled cars to turn on emission controls only when being tested.” In the days since this discovery, Volkswagen has been hit with over 30 federal lawsuits and 40%+ decline in stock value, all stemming from the same source—poor Enterprise Risk Management. In this case, poor…

vendor management

Increased Accountability for Risk Management results in 28-Year Prison Sentence

CNN’s latest news headline reads, “28 years for salmonella: Peanut exec gets groundbreaking sentence.” This story relates to the Peanut Butter Corporation of America’s (PCA’s) bankruptcy, and the largest food recall in the United States due to salmonella. Known as one of the deadliest salmonella outbreaks, the PCA’s case is linked to nine deaths on top…

fees for professional services

Weak Risk Management Leads to Internal Controls Deficiencies

Jeanette Franzel, board member of the Public Company Accounting Oversight Board (PCAOB), recently spoke at the American Accounting Association (AAA), according to The Wall Street Journal. She says audit-oversight inspections show a twenty percent increase (since 2013) in internal-control deficiencies of company audits. Inspections also indicate that 36 percent of company audits now have internal-control…

Protect against ransomware with these best practices.

OCC Targets Cybersecurity and AML Deficiencies – ERM is the Answer

The OCC released its “Semiannual Risk Perspective” and, perhaps as anticipated, banks continue to struggle plugging gaps in information technology practices. Among the risks highlighted in the study, as reported by Joe Mont at Compliance Week: Evolving cyber-threats and information technology vulnerabilities require heightened awareness and appropriate controls. The high volumes and frequency of changes…