The Sarbanes-Oxley Act of 2002 (SOX) was enacted on the heels of a number of accounting scandals and acts of corporate malfeasance to provide a variety of regulations for publicly traded companies. In addition, these external factors have driven an increased interest by regulators in Enterprise Risk Management (ERM) to effectively identify, assess and manage risk. Because both of these are risk-based initiatives and part of good corporate governance, we often get questions on exactly how they differ.
Over time, ‘project management’ has become an increasingly overused, nebulous buzzword. Much like the “Internet of Things,” “Design Thinking,” or “Backpacking through Europe,” it has become progressively challenging to pinpoint what someone really means when they refer to it. Read More “Four Keys to Value-Driven Project Management”
Three things always seem to be under construction – roads, hospitals, and airports. This is because there are certain functions and processes that by nature must always be evolving in order to meet current or future needs. Financial systems could easily be added to this list. Unfortunately, financial systems implementations can frequently fail to live up to expectations because one key component is often overlooked: the human element. Read More “Don’t Forget the Human Side of Financial Systems Implementations”
Every company is exposed to a wide range of risks. It is crucial for organizations to understand and manage the risks it faces. But what’s the right approach to identify and manage your company’s risks? Let’s take a look at some of the basic principles and objectives of risk management — COSO, ERM, and business risk assessment — to see if we can help provide some guidance.
While it’s likely that you’ve heard of XBRL, you may not have an in-depth understanding of what it is, how it’s used, and why it’s growing in popularity. For almost every type of organization, using XBRL can offer significant benefits when it comes to your business reporting and analysis.
Have you ever felt like you’re running on empty? While you probably need a vacation, a few days away from your desk may not be enough rest to regain control over your professional life. Overworked employees lead to huge problems in the workplace. In fact, 95% of HR leaders say that employee burnout is detrimental to retention. This scenario is a primary reason more and more companies are beginning to offer a long-term sabbatical to their employees. Read More “Work Sabbatical: Lessons Learned from a Month Away”
All companies face and manage a variety of risks every day. Some risks are extremely important and others not so much. So how do you know which ones are which? Having a good enterprise or business risk management program helps to identify, measure and prioritize the organization’s risks. This is best done using a defined methodology and with the oversight of senior management and the Board of Directors. Additionally, a good ERM program promotes a common understanding within the organization of the company’s risks and their potential consequences.
When I graduated from the University of Scranton four years ago, I entered a world full of potential. I had the freedom to pursue my goals and explore my passions – I could become whatever I envisioned. But with freedom to explore comes the difficulty of forging a new path forward. I knew that I was headed towards a career in the financial field, and I knew that I didn’t want to end up as another cog going in circles in a giant corporate machine. I wanted to challenge myself and solve problems; to be invested in the results I produced and make an impact I could actually see. Read More “Why I Am AC Lordi: Katie Smart”
For many, selling your company will be the most significant transaction you are a part of in your business career. But it’s a complex process that can be fraught with considerable challenges along the way. Today’s business environment brings even more intense scrutiny from potential buyers, and issues that were once considered minor could now delay a deal or even wreck it altogether. In order to maximize value for their business, more sellers are investing in sell-side due diligence before beginning the actual sales process.
As I send my oldest son into the workforce, I’ve been reflecting on those who shaped my professional journey. Most people, if they’re lucky, have at least one boss that becomes more than a manager; they become a mentor.
Read More “8 Priceless Lessons My First Boss Taught Me”