Tools

The following tools were published on KnowledgeLeader this week:

Manage Capital Planning Mergers and Acquisitions Risk and Control Matrix (RCM)

A successful risk management strategy requires a strong internal control environment. The risk control matrix (RCM) format emphasizes that strong and risk-oriented internal control environments are often optimized with automated/manual controls, depending on the situation. An RCM provides an overview of different control objectives that organizations should take into consideration and the corresponding controls to safeguard the company against risks, which may arise if not checked timely. Once customized to your organization, this document can help you assess each control. The control assessment can then also be summarized to develop an action plan.

Workplace Violence Policy

Discover how our Workplace Violence Policy can bolster the safety and security of your team, protecting against unacceptable behavior. The policy outlines the company's zero-tolerance stance on violence and unacceptable behavior, emphasizing the importance of proactive measures to assess and mitigate risks associated with workplace violence. At its core, the policy articulates the responsibilities of both employees and supervisors in maintaining a safe workplace. Employees are encouraged to report any incidents or potential threats they witness, ensuring that all concerns are addressed promptly. Supervisors play a critical role in assessing risks and ensuring that proper training is provided for their teams, thereby creating a culture of awareness and prevention.

Conflict of Interest Policy

This Conflict of Interest Policy provides a structured approach for organizations to identify, address and manage potential conflicts of interest among all employees. Sample 1 is tailored for senior leadership and governance, while Sample 2 is broader, encompassing all employees and emphasizing operational protocols. Both samples underscore the importance of disclosure, transparency, and adherence to ethical practices to safeguard the organization's integrity and reputation.

Application Controls Audit Work Program

Our Application Controls Audit Work Program is a detailed guide designed to assist organizations in evaluating the effectiveness of application controls, which are essential for preventing, detecting and correcting errors or fraud within information systems. This tool underscores the significance of regular audits as part of an organization's risk management strategy, ensuring data accuracy, regulatory compliance and operational efficiency. It provides a clear framework for identifying risks, implementing controls and improving processes to secure information systems. This work program includes actionable steps tailored to varying complexities and types of applications, making it a versatile tool that can be customized to meet specific organizational needs.

Executive Compensation Audit Work Program

Our Executive Compensation Audit Work Program provides a framework for auditing and validating executive compensation processes to ensure compliance, transparency and alignment with organizational goals. It emphasizes the significance of executive compensation, which includes fixed salaries, performance-based bonuses, and benefits tailored to meet regulatory standards and business objectives. The tool highlights the risks associated with improper compensation practices, such as financial losses and reputational damage, and underscores the need for regular audits and documentation. It introduces the role of independent compensation committees in overseeing these processes and offers tools to assess procedures, validate payout calculations and mitigate risks. Additionally, it outlines the impact of external factors like market fluctuations, regulatory changes and enhanced SEC disclosure requirements on executive compensation practices.

IT Strategy Gap Assessment Report

This IT Strategy Gap Assessment Report provides an analysis of the alignment between an organization’s IT strategies and business objectives. This tool comprises an overview that includes the background, objective and approach to the assessment, highlighting the need for strategic alignment due to increased financial and regulatory scrutiny. It details the process used to evaluate the existing IT strategic plan against a recognized framework for strategy development. This includes reviewing mission statements, values, strategic positioning and vision, as well as assessing the adequacy of information and processes used in the development of the strategic plan.

Publications 

KnowledgeLeader has also published several publications this week.

Executive Perspectives on Top Risks for the Near- and Long-Term: Perspectives of Chief Financial Officers

In an era marked by rapid changes and unforeseen challenges, this report offers a crucial road map for financial leaders. Compiled from a comprehensive survey involving 1,215 global board members and C-suite executives, this report delves into the myriad risks that today's CFOs face, projecting both the immediate and decade-spanning challenges that could impact organizational growth and strategy execution. The study categorizes risks into three critical dimensions: macroeconomic factors that could hinder growth opportunities, strategic issues that might undermine business objectives, and operational hurdles that could impede the execution of company strategies. Highlighting top concerns such as economic volatility, labor cost increases and cyber threats, the report provides a detailed ranking and analysis of these risks based on their potential impact over the next two to three years and extending into the next decade.

The Social Value Shift: From Optional to Operational

Discover why social value is now a crucial factor in public sector bids and how strategic planning can improve your submissions and maximize impact. With frameworks like the U.K. Government's Social Value Model raising expectations, organizations are urged to rethink their approach to social value, moving beyond treating it as an afterthought in bid submissions. The article highlights the inefficiencies and risks associated with last-minute social value contributions, often resulting in disjointed and low-quality responses. Claire Knee, Audit Analytics author, argues that senior leaders must prioritize social value strategically, integrating it throughout the bid lifecycle rather than relegating it to a standalone section.

Prioritize Cost Optimization Over Cost Cutting to Achieve Meaningful Results

Mauro Porcini, Samsung's chief design officer, emphasizes the transformative power of human-centric design in shaping user experiences and driving innovation. In an engaging conversation, he explores the critical role empathy plays in understanding consumer needs amidst the rapid evolution of technology and data-driven strategies. Porcini advocates for a balance between efficiency and human connection, arguing that tools like AI should enhance, not replace, the human experience. He posits that as automation increases, society must rethink its structure, focusing on how to foster happiness and fulfillment beyond traditional employment roles. This perspective invites readers to consider the broader implications of design and innovation on personal identity and societal well-being.

Recommended Resources 

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

1. EInsights From ENGAGE: Clever Ways to Improve Your Focus at Work
2. The Week in GRC: Most Legal Chiefs and C-Suite Leaders Want to Maintain or Expand DEI Plans, Survey Finds
3. Five Ways for CFOs to Address the Accounting Talent Shortage