Healthcare Industry

A Risk-Based Approach to Patient Safety and Incident Management

The Food and Drug Administration recently investigated manufacturers of endoscopes, a device most doctors call “a key tool in detecting and treating medical problems,” according to The Washington Post. Such instruments, while vital to modern medicine, are also responsible for infecting hundreds of patients with a vicious bacteria called enterobacteriaceae, more commonly known as CRE.  So…

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connecting risk information

How Enterprise Risk Management Prevents Surprises

Governance programs are the unsung heroes of 21st-century business operations. Their situation is analogous to that of football’s offensive line. If an offensive line does its job, no one will notice it, but when something goes wrong, the spotlight shifts. Governance personnel know this feeling all too well. Unwanted surprises – be they compliance notices,…

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cyber risk

Risk-Based Cybersecurity Prevents Cyber Attacks and Data Breaches

There are many prominent cybersecurity companies, including FireEye and Symantec. These companies “focus on blocking or detecting intrusions as they occur or responding to attacks after the fact,” according to The New York Times. Sometimes, this approach yields fruit, but inherently, it cannot “gain the upper hand” over threats; no matter how quickly security responds to…

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risk identification and risk assessments prevent surprises

4 Ways to Prevent Business Surprises with Risk Identification

Nobody likes surprises in business. Using a risk-based approach to identify your organization’s likely vulnerabilities is highly recommended and vital to short-term and long-term success. Expanding regulations make compliance increasingly complex and expensive, and increases in deficient internal audit controls have heightened scrutiny of companies by the SEC, PCAOB, and investors. Business surprises are preventable,…

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risk management approach

Increased Controls without Risk Assessments Negatively Impacts Revenue

While data breaches have dominated the news cycle, The Wall Street Journal’s “Risk and Compliance Journal,” reports that fraud is actually much more common, even if it generates fewer headlines. In the fiscal year ending March 31st, 2015, instances of retail fraud averaged a 94% increase from the prior year when calculated by average loss…

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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…

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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…

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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…

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