Category Archives: Internal Controls

Half of firms suffering from cloudphobia – survey

Snoopers (sic) Paradise

Snoopers (sic) Paradise (Photo credit: the justified sinner)

Fear of governments snooping deters companies from using the cloud

ECM Plus +++ Almost half of IT experts are deterred from keeping sensitive data in the cloud because of fear of government intervention and possible legal action, according to a new survey from Lieberman Software which was released today. Continue reading

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Filed under Analysis, Cloud Computing, Collaboration, Compliance, Corporate Governance, Data centres, Data Governance, Data mining, Data privacy, Data protection, Enterprise Cloud, Hybrid Cloud, Information Management, Information security, Internal Controls, Policy Management, Private Cloud, Public Cloud, Risk Analysis, Risk Assessment, Risk Management, Trusted Cloud, VPS Cloud

FEATURE: The Wisdom Of Integral Management Vs. Corporate Narcissism

First Meeting

Meetings: Corporate Narcissism? (Photo credit: lhl)

by Mats Eriksson

You have probably already heard this ancient wisdom tale: There was once a king who wanted to marry off his daughter. Naturally he wanted to find a smart and wise son-in-law. So he arranged a test for all her suitors. They had to go into a dark room and determine what was in it. Continue reading

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Filed under Analytics & Metrics, Balanced Scorecard, Business Intelligence (BI), Business process analytics, Business Process Management, Business Process Re-engineering (BPR), Collaboration, Consultancy/Consulting/Systems Integration, Enterprise Resource Planning (ERP), Internal Controls, Management, Management Science, Planning & Forecasting, Policy Management, Six Sigma, Total Quality Management (TQM)

Big bank insider exposes $20bn UBS tax evasion, awarded $104m

National Whistleblowers Center – www.whistleblowers.org

Whistleblower bags massive $104 million reward for foiling bankster scam

By ECM Plus staff

ECM Plus /Washington, D.C./ +++ Former UBS banker Bradley Birkenfeld has won a massive whistleblower reward of $104 million for his contributions in providing the U.S. Government with insider information on UBS’ illegal offshore banking scheme.

According to the National Whistleblowers Center, this is believed to be the largest reward ever given to an individual whistleblower in the United States and the first major reward issued under the IRS tax whistleblower law. Continue reading

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Filed under Accounting, Asset management, Business Intelligence (BI), Business Rules, Capital Management, Compliance, Corporate Civic Responsibility (CCR), Corporate Governance, Corporate Social Responsibility (CSR), Document Management, eDiscovery, Electronic Document Management & Delivery, Finance, GRC (Governance, Risk & Compliance), Industry News, Information Governance, Information Management, Internal Controls, Investor Relationship Management, Legal, Policy Management, Private Finance, Private Wealth, Records & Information Management (RIM), Regulatory Compliance, Reporting, Risk Analysis, Risk Assessment, Risk Management, Segregation of Duties (SoD), Trade & Investment, Wealth Management

Foundation sues over email and phone hacking allegations

EFF_logo_white

Electronic Frontier Foundation

EFF says government ‘withholding information’ about ‘unconstitutional spying’

Washington, D.C. – The Electronic Frontier Foundation (EFF) sued the Department of Justice (DOJ) today, demanding answers about illegal email and telephone call surveillance at the National Security Agency (NSA). Continue reading

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Filed under Collaboration, Compliance, Content Governance, Content Protection, Content Security, Corporate Civic Responsibility (CCR), Corporate Governance, Customer Relations Management (CRM), Data Governance, Data mining, Data privacy, Data protection, Data storage, GRC (Governance, Risk & Compliance), Industry News, Information Governance, Information Management, Information security, Internal Controls, Policy Management, Regulatory Compliance, Risk Management, Security Content Management (SCM), Segregation of Duties (SoD), Software, Telecommunications, Web governance

Governance overhaul proposals as FRC moots corporate reform

Transparent screen.
Reality check for corporatism. Image – Niklas Barsk

Audit committee overhaul and specificity dominate reform plans

By ECM Plus staff

ECM Plus +++ The Financial Reporting Council has just launched a brace of new documents, enttled ‘Boards and Risk – A Summary of Discussions with Companies, Investors and Advisers’, and, ‘Boards and Risk – A Summary of Discussions with Companies, Investors and Advisers’ discussing effective corporate stewardship, a move to address more corporate transparency. Continue reading

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Filed under Business Risk, Corporate Governance, Corporate Social Responsibility (CSR), GRC (Governance, Risk & Compliance), Industry News, Internal Controls, Policy Management, Regulatory Compliance, Reporting, Risk Analysis, Risk Assessment, Risk Management, Segregation of Duties (SoD), XBRL - eXtensible Business Reporting Language

WEEKEND PLUS: News Corp woes shadow real issues

Slug from Atmosphere eavesdrops on Lucy?

Eavesdropping of voicemails should never have been technically possible in the first place. Image: Joe Howell

Infatuation with celebs and politicians clouds issue of weak data protection laws and further telecoms oversight by independent accountability councils of citizens

BY PAUL QUIGLEY

Truth is the first victim of war.

The disgusting charade that has been paraded this last week or so over the News Corporations’ alleged invasion of people privacy’s tends to mask the real problem. That is, how could this loophole of privacy invasion has been possible in the first place?

Insecure voicemail systems and processes.

And who is it who hosts these systems of privacy invasion? Continue reading

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Filed under Business Process Management, Corporate Social Responsibility (CSR), Data Governance, Data privacy, Data protection, Industry News, Information Governance, Internal Controls, Mobile communication, Mobile Content, Regulatory Compliance, Risk Management, Telecommunications

MEGA-Approva deal melds controls into enterprise GRC powerplay

Image representing Approva as depicted in Crun...
Control meets governance in new alliance

Firms collaborate for automate GRC processes

By ECM Plus staff

ECM Plus +++ Enterprise governance, risk and compliance specialist MEGA has just teamed up with continuous controls monitoring and audit bellwether Approva to market a new optimised GRC offering. Continue reading

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Filed under Business Process Management, Compliance, Corporate Governance, GRC (Governance, Risk & Compliance), Industry News, Internal Controls, Regulatory Compliance, Risk Management

Sonic taps MetricStream for GRC and SOX

Sen. Paul Sarbanes (D–MD) and Rep. Michael G. ...

GRC solutions - helping to weed out internal corporatist corruption and expose tacit collusion

Fortune 500 auto retailer goes for governance, risk and compliance solution
By ECM Plus staff

ECM Plus +++ Enterprise governance, risk and compliance specialist MetricStream has announced a new deal with Sonic Automotive for a new Internal Audit Management and Sarbanes-Oxley Act (SOx) Compliance system.

According to the GRC provider, the new system will be used to automate and centralise its internal audit system and processes. Continue reading

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Filed under Business Risk, Compliance, Corporate Governance, GRC (Governance, Risk & Compliance), Internal Controls, Policy Management, Regulatory Compliance, Reporting, Risk Management, Segregation of Duties (SoD), Vendor News

Document management helps detect jobsworth jiggery-pokery

NAMM 2007 - Mr Jobsworth.

The Enemy Within? Public sector jobsworth internal fraud increasing. (Image by Eleventh Earl of Mar via Flickr)

Preventing rising public sector employee ‘jobsworth’ fraud tackled by document management, says document management vendor Version One

By ECM Plus staff

ECM Plus +++ Reported cases of internal fraud are increasing following spending review cuts, according to dcument magement software vendor Version One.

The company said it was now urging public sector departments, agencies and quangos to invest in its electronic document imaging and cheque printing software, to combat rising levels of so-called ‘jobsworth terrorists’ or ‘jobsworth-jacking’ – public sector employee fraudsters. Continue reading

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Filed under Analysis, Compliance, Content Protection, Content Security, Data privacy, Data protection, Data storage, GRC (Governance, Risk & Compliance), Information Governance, Internal Controls, Risk Analysis, Risk Management, Segregation of Duties (SoD)

LATEST FEATURE: Compliance: A hybrid marital troika?

Hoard Sklar, senior corporate counsel, RecommendIT

BY HOWARD SKLAR

Compliance is essential for all organisations, not least because of the financial penalties and reputational damage that come with non-compliance.

This, however, is easier said than done when many organisations have no idea that they are failing to comply.

This can often be the case with global companies where they may find they’re complying in one country but not in another, or across the whole. Continue reading

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Filed under Corporate Social Responsibility (CSR), Data Governance, Data privacy, Features, GRC (Governance, Risk & Compliance), Internal Controls, Regulatory Compliance, Reporting, Risk Management, Segregation of Duties (SoD), Web governance

In-house counsel warns over corporate compliance and internal reporting

Eagle with flag in background.

Eagle-eyes and ears of corporate whistleblowers

Association of Corporate Counsel frustrated by SEC ruling on whistleblowing bounty provisions of Dodd-Frank

By ECM Plus staff

ECM Plus +++ The Association of Corporate Counsel (ACC) is strongly disagreeing with a new Securities and Exchange Commission’s ruling that bypasses internal compliance and reporting systems in favour of permitting tips from prospective whistleblowers to be submitted directly to the SEC.

“The SEC’s bounty rule is a Pandora’s box that, when opened, is likely to create new and even unanticipated harms rather than promoting better reporting of potential problems” commented ACC’s senior vice president and general counsel Susan Hackett. Continue reading

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Filed under Compliance, Corporate Governance, eDiscovery, Enterprise Resource Planning (ERP), GRC (Governance, Risk & Compliance), Industry News, Internal Controls, Regulatory Compliance, Reporting

FEATURE: GRC – After The Meltdown, Quo Vadis The Fallout?

Former Enron Building, Downtown Houston
Former Enron building in downtown Houston

What is being done to restore confidence in corporate reporting and governance and to avoid future attempts to mislead stakeholders by bolstering systems and process controls?

By PAUL QUIGLEY

When Enron fraudsters were given custodial sentences for their parts in the systemic fraudulent trading activities that epitomised Enron’s fall from grace a decade ago, few could have foreseen that such a sorry chapter in corporate governance could ever plumb such depths of ethical disdain and moral hazard again. Continue reading

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Filed under Asset management, Business Risk, Compliance, Corporate Governance, Corporate Social Responsibility (CSR), eDiscovery, Enterprise Resource Planning & Management, Equity Capital Markets, Features, GRC (Governance, Risk & Compliance), Internal Controls, Regulatory Compliance, Risk Analysis, Risk Assessment, Risk Management, Risk Management, Segregation of Duties (SoD)

FEATURE: United We Stand – Integrating GRC systems

SocGen

SocGen: Image - Radu Stoita

BY PAUL QUIGLEY

Governance Risk and Compliance (GRC) management has evolved since the knee-jerk reaction days of 2001, post-Enron and the passing of the US Sarbanes-Oxley legislation. In this second article in the series, Paul Quigley looks at what’s out there and considers the challenges facing integrated GRC systems.

Just as the former NatWest Three bankers get sent down for a three-year stretch, SocGen’s rogue trader in custody, many of the recent financial scandals in corporate governance have, amongst other factors, concerned systemic failures. Continue reading

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Filed under Compliance, Corporate Governance, Corporate Social Responsibility (CSR), Features, GRC (Governance, Risk & Compliance), Internal Controls, Records & Information Management (RIM), Regulatory Compliance, Reporting, Risk Management, Segregation of Duties (SoD)

FEATURE: In GRC we trust – more than just another management mantra

Before the signing ceremony of the Sarbanes-Ox...

The signing of the Sarbanes-Oxley Act

BY PAUL QUIGLEY

Governance Risk and Compliance (GRC) has evolved since the knee-jerk reaction days of 2001 post-Enron and the passing of the US Sarbanes-Oxley legislation. Big players from Oracle and SAP to other nascent, niche insurgents are vying for market share in the burgeoning race to comply and explain to regulators and stakeholders. In the first of a three part series on GRC, its systems and processes, Paul Quigley considers the issues. Continue reading

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Filed under Corporate Governance, Corporate Social Responsibility (CSR), Features, Internal Controls, Investor Relationship Management, Records & Information Management (RIM), Regulatory Compliance, Reporting, Risk Management, Segregation of Duties (SoD)

FEATURE: Plaudits for audits? From cheques and balance sheets to checks and balances

Sen. Paul Sarbanes (D–MD) and Rep. Michael G. ...

Paul Sarbanes and Michael Oxley

BY PAUL QUIGLEY

Post-Turnbull, much has been made of the significance of audit committees, board level responsibilities and effectiveness of internal and external controls. But what systems and processes are really driving the realpolitik of this vital organisational audit role? Continue reading

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Filed under Corporate Governance, Corporate Social Responsibility (CSR), Features, Internal Controls, Investor Relationship Management, Regulatory Compliance, Reporting, Risk Management, Segregation of Duties (SoD)

FEATURE: Narrative Reporting – business as usual or lost for words?

Paul Robeson,American actor, athlete, bass-bar...

Paul Robeson

BY PAUL QUIGLEY

After nearly two years since former Chancellor Gordon Brown killed off the Operational Financial Review as just more gold-plating of European accounting directives, what future is there for the Business Review and narrative reporting?

When the erstwhile Chancellor of the Exchequer announced in late 2005 that the Operational Financial Review, OFR, was to be scrapped, you could be forgiven for thinking that a large, collective sigh of relief would have been felt along the corridors of corporations and financial advisers. But there was no such phlegmatic response. Indeed, many in the industry heard shouts going up of wasted time, effort and resources, barracking the Chancellor’s proclamation as a U-turn on a useful new tool. Continue reading

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Filed under Corporate Governance, Corporate Social Responsibility (CSR), Features, GRC (Governance, Risk & Compliance), Internal Controls, Regulatory Compliance, Reporting, Segregation of Duties (SoD)

FEATURE: Cox’s Conundrum – Form or Function Creep?

FINANCIAL CRIMES NOW POSE
Financial fraud: Image - Renegade98 via

BY PAUL QUIGLEY

When incumbent SEC Chairman Christopher Cox announced what amounts to a root and branch overhaul of reporting, dubbed ‘simplification’, one could be forgiven for concluding that the mass exodus of IPOs to foreign markets and director-level defections had anything to do with such frenetic Federal financial fire-fighting. Will another committee of ‘safe hands’ and a government public relations machine help Cox to bolster confidence in financial reporting? Paul Quigley reports. Continue reading

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Filed under Compliance, Corporate Governance, Corporate Social Responsibility (CSR), Features, GRC (Governance, Risk & Compliance), Internal Controls, Investor Relationship Management, Regulatory Compliance, Reporting, Risk Management, Segregation of Duties (SoD)