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6 Reasons Why You Need SOC 2 Compliance
Compliance with the System and Organization Controls for Service Organizations 2 (SOC 2) isn’t mandatory. No industry requires a SOC 2 report, nor is SOC 2 compliance required by law. That said, if your business is a service provider, you should consider investing in the technical audit required for a SOC 2 report anyway. Many companies now […]
Tags: Compliance, SOC
October 8, 2024
What Are Barriers in Risk Management?
Enterprise risk management (ERM) can be a challenging endeavor – but a rewarding one, too. While the benefits uncovered by effective ERM don’t always add to the balance sheet directly, they do help a company’s resilience in the face of approaching dangers. That said, numerous barriers to effective ERM can exist within a corporate organization. […]
Tags: Risk Management
Risk Management Automation: What it is and how it can improve your cybersecurity?
Any organization’s survival depends on its ability to identify potential risks and then take steps to reduce those risks before they become disruptions. Neglecting even small details, especially when multiple stakeholders are involved, can lead to significant losses of money, reputation, customer goodwill, and more. Risk management is arguably the most effective way to navigate uncertain […]
Tags: Risk Management
What Is Digital Risk Management?
Digital risk is created by the new technologies that a company adopts to help accelerate its digital transformation. Digital risk management refers to how a company assesses, monitors, and treats those risks that arise from digital transformation. Digital risk management is a critical part of business management. Digital risk management focuses on the threats and risks to an organization’s […]
Tags: Risk Management
Internal Controls to Prevent Financial Statement Fraud
“Cooking the books” is a phrase that refers to falsifying financial statements so one can commit accounting fraud. Perhaps the landmark example of cooking books was Enron, the U.S. energy company coasted on accounting fraud until it imploded in 2001, leading to the passage of the Sarbanes-Oxley Act the following year. “SOX,” as the law […]
Tags: Compliance
How to Implement Effective Compliance Testing
Compliance testing, also known as conformance testing, is a periodic, independent, and objective assessment of compliance-related processes or controls. As the name implies, you’re testing those controls to see how well they actually work. Compliance testing plays a major role in identifying vulnerabilities in existing compliance risk management controls; many regulations also require testing as […]
Tags: Compliance
How to Define Objectives Under ISMS?
In today’s digital age, protecting your organization’s information assets is paramount. An information security management system (ISMS) plays a crucial role in this endeavor, providing a structured approach to managing and protecting company information. This article explores how an ISMS supports risk management, its key elements, the main security objectives, and how to define and make your organization’s information security objectives both measurable and […]
Tags: Risk Management
October 7, 2024
The Relationship Between Internal Controls and Internal Audits
Any modern organization looking to navigate today’s risk environment successfully needs both strong internal controls and ongoing internal audits. There can, however, be confusion between these two terms. This guide aims to eliminate that confusion by explaining the meaning and importance of internal controls and internal audits. It unpacks the differences between them and explores […]
Tags: COSO
Best Practices for Payroll Internal Controls
Payroll is a crucial business process in any organization because it assures that employees are compensated in full and in a timely manner. Employees assume they will receive their paychecks without delays or errors; it’s a basic expectation. Conversely, payroll delays and errors erode employee morale and productivity — and even lead to enforcement from […]
Tags: Compliance
The Aftermath: Steps to Recovering from a Malware Attack
Malware (shorthand for “malicious software”) is any intrusive software that can infiltrate your computer systems to damage or destroy them or to steal data from them. The most common types of malware attacks include viruses, worms, Trojans, and ransomware. Malware attacks are pervasive, and can be devastating to an unprepared business. Preparing for such attacks also means accepting […]
Tags: Cybersecurity
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