Regulatory fines in any industry are not new. For as long as there have been regulations, hefty fines have served as the clearest and most concise method for regulators to publicly rebuke corporate offenders and...
Archive - August 2020
Proposed Rule for Drug Enforcement Administration Theft Reporting
On Wednesday, July 29, 2020, the U.S. Department of Justice’s Drug Enforcement Administration (DEA) proposed a new rule that clarifies that the submission of DEA Form 106 (Report of Theft or Loss of Controlled...
To Meet Today’s Challenges, CAEs Must Stay Focused on Next-Gen Internal Audit Practices
Progress often moves in fits and starts, and that, apparently, is the case with next-generation internal auditing (IA), according to Protiviti’s 2020 Internal Audit Capabilities and Needs Survey, published earlier this...
Ongoing Risks of Government Lending Programs
I had the opportunity last week to participate in a webinar hosted by the Los Angeles Chapter of The Risk Management Association (RMA), titled “Ongoing Risk Implications of Government Lending Programs.” Joined by my...
Understanding Spend Is Key to Building Business Resilience in the New Normal
Spend analysis is frequently identified as a critical procurement capability. Yet surprisingly, few organizations actually conduct this activity on a thorough or regular basis. Many organizations think of spend...
A Tale of Two Crises — Hurricane Preparedness in the Midst of COVID-19
Oil and gas (O&G) organizations have been drastically affected by COVID-19 amid the impacts to the economy, including constrained demand for all O&G products and the necessity of changing business structures and...
Internal Audit Leaders Need to Step Up Next-Gen Innovation and Transformation Initiatives, Protiviti Survey Finds
According to the findings from Protiviti’s 2020 Next Generation Internal Audit Survey, chief audit executives (CAEs) and internal audit leaders report their next-generation competency levels in three vital areas –...
Know Your Customer: It’s All About Risk
In early 2017, Protiviti published a white paper titled Remediate Risk, Not Files: Breaking the KYC Remediation Cycle. Primarily authored by my colleague Matt Taylor, the paper proffered that one of the main reasons...
Postpandemic Real Estate Strategies: It Pays to Be Nimble
Of the many things to consider during the pandemic, one of the more challenging areas is real estate. To a large extent, companies have done an admirable job of relocating large portions of their workforce to work-from...
Tech Can Help Oil and Gas Firms Survive Market Turmoil
For organizations in the oil and gas (O&G) industry, the combined impact of COVID-19 and erratic oil prices have made for an unprecedented roller coaster ride. Many oil and gas companies are finding it difficult to...