Water Cooler News Links for July 19, 2010
Among today’s news links: China becomes world’s largest energy consumer; Managing Governance, Risk, and Compliance; and, Coca-cola accused of using porn to target children.
Among today’s news links: China becomes world’s largest energy consumer; Managing Governance, Risk, and Compliance; and, Coca-cola accused of using porn to target children.
Nearly half (45.9 percent) of executives report that complexity of implementation is their organizations’ biggest challenge in improving enterprise risk management, according to a recent online poll from Deloitte.
by Karen Wilson — Managing Partner, Citadel Compliance LLC
The recent massive accounting fraud at Indian outsourcing giant Satyam has focused attention on risks associated with outsourcing. The Satyam case offers multiple lessons for companies considering outsourcing. Risks are not limited to the financial wherewithal of the outsourcer. Because the outsourcer controls key business operations of the client and interfaces directly with the client’s customers, often from offshore sites, regulatory risks associated with these services can be magnified. This article examines trends in the outsourcing industry and changes in services and delivery models that have a direct impact on the client’s compliance with laws.
The outsourcing trend remained strong in 2008. At $360 billion annually and growing, outsourcing’s appeal is not limited by business type or size and thrives despite, or because of, challenging economic conditions.
American companies and government agencies historically have outsourced low-value operations to reduce expenses, realign resources, and shift risks. Businesses are drawn to the appeal of shifting so-called “non-core’ business operations to a third party who will improve the balance sheet and guarantee cost reductions and access to leading-edge technology and innovation. For some, outsourcing is the answer to poorly managed operations that sap resources and distract attention from the business. In outsourcing parlance, this is known as “your mess for less.” European companies have embraced outsourcing as well. In 2007, Europe outpaced the U.S. for the first time in the number of new IT outsourcing deals and that trend continued in 2008. Mergers between outsourcing competitors in 2008 should spawn better capabilities and stronger competition in the future. Major outsourcers and their specialties include:
This article by Areta Kupchyk and Keven Madagan of Reed Smith explains why even though various business sectors have fervently embraced social media as a product marketing tool, FDA-regulated industries have been slow to adopt this practice.
Andrea Bonime-Blanc, CCO at Daylight Forensic & Advisory LLC, discusses why all companies need ERM programs and lays out the necessary steps for building one from the ground up.
Todd Cooper of Wolters Kluwer Financial Services explains the importance of enterprise risk management yet why it is oftentimes easier said than done for financial institutions.
Scott Gracyalny is a CCI featured author who has written before about the benefits of integrated GRC. Recently, Mr. Gracyalny took some time to respond to some questions prepared by CCI in hopes of delving even further into his knowledge and understanding of GRC. Here is the resulting Q&A.
Will increasing revenue shortfalls faced by governments impact prosecutorial priorities? And how should those who assess risks take this into account in deploying C&E mitigation strategies for their companies?
The concept of “soft power” is well known in the world of international relations. In this column, Featured Risk Assessment Columnist Jeff Kaplan explores its potential application to the realm of culture and corporate compliance.
Written by Scott Gracyalny of Protiviti, this article defines GRC, provides insights into developing a value proposition specific to your business context, and articulates measured steps toward evolving integrated GRC practices.
