3 Ingredients of a Strong Risk Management Culture

3 Ingredients of a Strong Risk Management Culture

Basel’s Principles for the Sound Management of Operational Risk defines risk culture as “the combined set of individual and corporate values, attitudes, competencies and behavior that determine a firm’s commitment to and style of operational risk management.” It is no coincidence that — of the 11 principles Basel cites — risk culture is at the core of the very first principle: Strong risk culture is ONLY achievable in concert with strong firm-wide culture.

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ACFE Members: Join the New Fraud Risk Management Group

ACFE Members: Join the New Fraud Risk Management Group

Dave Cotton, CFE, CPA, chairman at Cotton & Company, LLP, recently collaborated with several members of the ACFE to start a new group* in the ACFE Community dedicated to fraud risk management. In this group, members can discuss how to perform fraud risk assessments, implement best practices and raise fraud risk management awareness in organizations of all sizes and industries.

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How to Make Regulatory Change Actions Work For Your Company

How to Make Regulatory Change Actions Work For Your Company

The volume, velocity and range of regulatory change actions today are overwhelming. By having a regulatory change management system to track and monitor regulatory change activity, you can provide your executives and regulators with more visibility and a clear outline of what you are doing to minimize compliance risk.

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3 Ways to Use Data and Technology Proactively

3 Ways to Use Data and Technology Proactively

One aspect of fraud examinations that is constantly changing is the use of technology for fraud prevention and detection, with an emphasis on detection. From rules-based systems, fraud analytics and artificial intelligence-based programs, examiners look to increase the effectiveness and efficiency of their work through the use of technology. However, it is critical to the management of fraud risk that examiners focus more of their efforts on the use of data and technology on the mitigation of fraud risk.

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A Framework for Effective Fraud Risk Management

A Framework for Effective Fraud Risk Management

There are now more reasons than ever to implement an effective fraud risk management framework for personnel in your organization. The focus on individual responsibility has dramatically altered and employees should now be educated as to the risks and repercussions, especially in the U.S. As a result of the memorandum titled “Individual Accountability for Corporate Wrongdoing” issued by former U.S. Deputy Attorney General (DAG) Sally Yates on September 9, 2015 — even those who merely had knowledge that something wrong was happening but didn’t report it would potentially face penalties.

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