Tools
The following tools were published on KnowledgeLeader this week:
Financial Contracts and Obligations Policy
The guidelines included in this policy sample can be used by organizations looking to commit to financial contracts and obligations. As per the foreign currency transactions policy, operating units should be prohibited from hedging foreign currency transactions or assets or liabilities denominated in a foreign currency with a third party.
Inventory Valuation Policy
This Inventory Valuation Policy outlines a set of procedures to ensure that inventory will be properly controlled and costed and prevent losses or shortages. According to this sample, all inventory should be properly controlled and costed to ensure the accuracy of records for materials; work in process; and finished or partly finished new or used goods, spares and only those supplies which have been acquired for sale or which will become a part of the merchandise intended for sale.
Infrastructure Policy: Laptops
This policy describes the security precautions that must be taken by all individuals who have a company-issued laptop or are temporarily using a “shared” company laptop or the laptop of another employee. In this sample, all laptops acquired for or on behalf of the company must be deemed company property.
Access Management Policy
This tool contains four sample policies that define procedures for ensuring that access to all systems and applications is properly approved and monitored. In these samples, access must be granted using approved and established role-based security, roles are well-defined and documented, and changes to access roles must follow the approval requirements.
Process Overview Form Guide
Thoroughly understanding organizational processes allows for better performance and efficient improvements. This sample document provides instructions on using process overview forms and includes a blank template and a completed example. Sample steps in this tool include reviewing/understand the mission and objectives of the departments/functions being reviewed.
Procurement Card Programs Guide: Internal Control
The purpose of a procurement card program is to offer an alternative for the purchase and payment of low-dollar, non-inventory and non-capital items. This guide covers the most effective components of a procurement card program’s internal control structure. By implementing an effective internal control structure, the program can serve its intended use without creating unmitigated risks, increasing operating efficiency and cost savings for the company.
Publications
KnowledgeLeader has also published several publications this week.
Ferrovie dello Stato Italiane: Getting on Board With Change to Increase Relevance
Sergio Romiti, Ferrovie dello Stato Italiane Group’s Chief Audit Officer, is trying to move the internal audit organization to a new era. One where continuous auditing, data analysis, the fostering of cross-functional synergy and more are all part of everyday operations. In this profile, Romiti explains how continuous auditing is important for increasing his team’s ability to be a relevant and effective function.
Three Financial Executives Talk Future of Money, Banking and the Economic Promise of Africa
One of the biggest global challenges Africa still has is that it has not had the kind of transformation that it needs at a level of capital allocation and capital and fund management. In this VISION by Protiviti interview, Joe Kornik, editor-in-chief of vision by Protiviti, sat down with a panel of three longtime financial executives with more than 75 years of combined experience in financial services and banking in Africa to discuss the future of the sector, currency and the continent.
White House Issues Executive Order to “Seize the Promise and Manage the Risks” of AI
In his first executive order (EO) on artificial intelligence, President Biden is directing various federal agencies to identify the risks of the technology as well as harness the benefits. In this Flash Report, we summarize the key directives contained in the EO, address key takeaways and concerns for organizations to consider, and explore how businesses can prepare for changes in the AI regulatory landscape.
Recommended Resources
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