Tools and Insights for Risk Assessment and HR Management

Tools

The following tools were published on KnowledgeLeader this week:

Enterprise Risk Assessment Board Report

The ultimate goal of enterprise risk management (ERM) is to evaluate total returns relative to total risks, leading to more informed business decisions. This sample report provides findings from a review of a company’s enterprise risk assessment. It serves as a strategic guide for implementing an ERM initiative, starting with detailed management interviews to gather insights into current organizational challenges and risks. The presentation includes a structured risk assessment process involving the formulation of risk statements, distribution of surveys to management, and live voting sessions to evaluate the significance of identified risks.

Financial Analysis Audit Work Program

Our Financial Analysis Audit Work Program is designed to ensure the accuracy and compliance of an organization's financial reporting and operational metrics. This tool emphasizes the importance of reviewing monthly P&L reports, comparing budgeted figures with actual results and investigating significant variances. It outlines the procedures for obtaining explanations from the financial controller and understanding the forecasting process. Additionally, it includes steps for assessing the monthly plant operations status report, ensuring that all reported metrics are accurate and reflective of the plant's operational status.

Corporate Aircraft Policy

This sample policy outlines guidelines and procedures for the use of corporate aircraft, ensuring that all operations align with the company's governance standards and ethical considerations. It addresses the administrative, accounting and tax aspects of corporate aircraft usage to enhance the productivity, efficiency and security of board members and executive management. The policy specifies the conditions under which corporate aircraft can be used for business and personal travel, detailing the processes for imputing income for non-business flights and calculating tax deduction disallowances. It also describes the disclosure of aircraft use in corporate financial reporting and the reimbursement protocols for personal use of corporate aircraft.

Vacation Policy

Our Vacation Policy provides a framework you can use to verify the adherence to internal controls and regulatory compliance within your organization. This tool outlines the accrual rates of vacation hours based on years of service, which is crucial for assessing whether employees' vacation benefits are calculated correctly and consistently. The document also specifies conditions under which vacation benefits do not accrue, such as during an introductory period or unpaid leaves of absence, which are important for ensuring that leave balances are recorded accurately in financial statements.

Publications 

KnowledgeLeader has also published several publications this week.

Sustainability Is Evolving; Data Remains Critical

As governments and regulators are scaling back sustainability disclosure requirements and postponing compliance and reporting deadlines, many organizations (including most public companies) are continuing their pace voluntarily and undeterred, while others are breathing a sigh of relief and starting to think where to re-allocate their time and resources next. One suggestion is to use the regulatory lull to strengthen your sustainability infrastructure and governance and get your data management in order.  Leveraging a combination of human specialists and AI agents can draw insights, generate reports, and track sustainability goals. 

Cyberattacks on Schools – Steps Toward Resilience

Cyberattacks on schools have become a pressing issue, necessitating immediate action from governments and educational authorities. This article highlights the alarming rise in cyber threats targeting the education sector, with a reported 75% annual increase in attacks, translating to approximately 3,574 incidents weekly. Schools are particularly vulnerable due to inadequate cybersecurity measures and a lack of awareness among students and staff. Notable incidents include ransomware attacks that disrupt normal school operations and compromise sensitive data. To combat these threats, this article stresses the importance of developing comprehensive cybersecurity strategies, enhancing digital infrastructure, and fostering a culture of cyber hygiene among all stakeholders, including students, parents and educators.  

Collaborative Security for Medical Devices – Best Practices for Device Manufacturers and Healthcare Delivery Organizations

This article underscores the critical need for collaboration between medical device manufacturers (MDMs) and healthcare delivery organizations (HDOs) to mitigate cybersecurity risks posed by connected medical devices. It advocates prioritizing security throughout the medical device lifecycle, from design and implementation to maintenance and disposal. It also recommends adhering to guidance from regulatory bodies like the FDA and industry standards such as NIST and HIPAA to establish robust defenses against cyber threats. 

Recommended Resources 

This list of recommended resources from the web may be of interest to you. Click each link to learn more. 

  1. Why CFOs Are Already Data Leaders and Perfectly Positioned for AI
  2. Working Smarter: Three Apps for CPAs
  3. This Week in GRC: The Industry Pays Its Respects to Bob Monks

 

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