Risk Awareness: The Need for Transparency in Operations Tom McNamara Senior Vice President, Global Sales EthicsPoint.

Slides:

Advertisements

Similar presentations

ETHICS AS CULTURE KEY ELEMENTS Stage One (primary) – Key Elements of a Culture of Ethics Appoint an ethics program manager to oversee your ethics-related.

Advertisements

Organizational Governance

Pursuing Effective Governance in Canada’s National Sport Community June 2011.

IT Web Application Audit Principles Presented by: James Ritchie, CISA, CISSP….

Chapter 14 Fraud Risk Assessment.

Confidential & Proprietary to Cooper Compliance Corporation Revised September 8, 2014 AUDiT-READY TM.

Dave Head County of Sonoma, CA Fleet Manager Ethics In Fleet Management John S. Hunt, CPFP City of Portland, OR Fleet Manager John S. Hunt, CPFP City.

BNSF Ethics and Compliance Program Roger Nober Executive Vice President Law and Secretary July 13, 2011.

Tax Risk Management Keeping Up with the Ever-Changing World of Corporate Tax March 27, 2007 Tax Services Bryan Slone March 27, 2007.

Fraud Auditing Chapter 11.

©2006 Prentice Hall Business Publishing, Auditing 11/e, Arens/Beasley/Elder Fraud Auditing Chapter 11.

Presented by MUHAMMAD YAHYA AHMAD College of Education and Allied Program PCU, Manila.

Office of the Secretary of Defense – Comptroller Financial Improvement and Audit Readiness Directorate Unclassified 17 September 2014 GAO Revised “Green.

New Audit Risk Standards Are You Ready? John P. Langan, CPA Principal in Charge Public Service Group Metro, DC Office LarsonAllen LLP.

THE COMPLIANCE AND ETHICS LEADERSHIP COUNCIL

EthicsPoint Overview For NASPL Bill Piwonka September 15, 2009.

PwC Role of Internal Audit in Corporate Governance September 2010 Tumin Gültekin, Partner.

Hofstra University Conference on Compliance and Culture of Integrity Monitoring and Auditing Compliance and Ethics Programs October 29, 2014 Leonard A.

1 Risk management and Investigation Peter Roberts

Presented By: Donna Denker, CPA Donna Denker & Associates.

Corporate Ethics Compliance *

“The Impact of Sarbanes Oxley, An Evolving Best Practice” Ellen C. Wolf Senior Vice President & Chief Financial Officer American Water National Association.

Information Systems Controls for System Reliability -Information Security-

Control environment and control activities. Day II Session III and IV.

Internal Auditing and Outsourcing

Compliance System Validation - An Audit Based Approach December 2012 Uday Gulvadi, CPA, CIA, CISA, CAMS Director - Internal Audit, Risk and Compliance.

D-1 McGraw-Hill/Irwin ©2005 by the McGraw-Hill Companies, Inc. All rights reserved. Module D Internal, Governmental, and Fraud Audits “I predict that audit.

Global Risk Management Solutions Risk Management and the Board of Director: Moving Beyond Concepts to Execution Anton VAN WYK Partner, Global Risk Management.

Travel Risk Management Today’s Challenges in a Risky Environment (C) iJET International, Inc. All rights reserved.

Managing the Privacy Function at a Large Company Kimberly S. Gray, Esq., CIPP Chief Privacy Officer Highmark Inc.

Copyright T. Rowe Price. All rights reserved 1 Ms. Deborah D. Seidel of T. Rowe Price Financial Services Vice President and Manager of Compliance.

Internal Control in a Financial Statement Audit

© 2013 Cengage Learning. All Rights Reserved. 1 Part Four: Implementing Business Ethics in a Global Economy Chapter 9: Managing and Controlling Ethics.

Implementing and Auditing Ethics Programs

Agency Risk Management & Internal Control Standards (ARMICS)

Learning Objectives LO5 Illustrate how business risk analysis is used to assess the risk of material misstatement at the financial statement level and.

Stepped Up ERM Teresa McKay Director, Defense Finance and Accounting Service ASMC Washington Chapter September 17, 2008.

There’s No Accounting for Good Ethics…Or is There? Patricia J. Harned, Ph.D. Chief Executive Officer Ethics & Compliance Initiative.

Conducting Compliance Assessments and Building Internal Controls In Pharmaceutical R&D Third Annual Medical Research Summit – Session 2.01 Michael Swiatocha.

[Hayes, Dassen, Schilder and Wallage, Principles of Auditing An Introduction to ISAs, edition 2.1] © Pearson Education Limited 2007 Slide 7.1 Internal.

NEACS: CRO Perspective William Feher Vice President, Internal Audit and Chief Risk Officer October 27, 2015.

COUNCIL MEETING Third Party Risk in a Global Environment: NAVEX Global Survey Findings, Best Practices and Challenges Practical Strategies for Success.

Risk Management for Small & Medium Sized Enterprises

Chief Compliance Officer

Chapter 8 Auditing in an E-commerce Environment

Visibility. Intelligence. response Information Security: Risk Management or Business Enablement? Mike Childs Vice President Rook Security.

Vector INTERNAL CONTROL Mike Trigg. vector WHAT IS INTERNAL CONTROL? A key part of effective corporate governance Policies and processes to: - make operations.

Henry Ford Health System Leadership By: Isabella Connor, Marvin Davis and Kate Thomas.

Compliance at the Crossroads: How can the Compliance Profession Move to the Second Generation? A Practical Approach to Integrating Compliance, Risk and.

Dolly Dhamodiwala CEO, Business Beacon Management Consultants

Valiants Verify Compliance Program Judith W. Spain, J.D., CCEP ® Chief Ethics and Compliance Officer General Counsel (Effective March 2016) 1.

Traversing New Waters: Eight Years Post-Crisis A Panel on the Impact of the Regulatory Tsunami on Securities.

Developing an Audit Program By Rodney Kocot President Systems Control and Security Incorporated Copyright © 2005 Rodney Kocot.

©2005 Prentice Hall Business Publishing, Auditing and Assurance Services 10/e, Arens/Elder/Beasley Fraud Auditing Chapter 11.

#327 – Legal and Regulatory Risk: Silent and Possibly Deadly Deborah Frazer, CPA CISA CISSP Senior Director, Internal Audit PalmSource, Inc.

International Safety Rating System

Chapter 6 Internal Control in a Financial Statement Audit McGraw-Hill/IrwinCopyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved.

SUNY Maritime Internal Control Program. New York State Internal Control Act of 1987 Establish and maintain guidelines for a system of internal controls.

MyComplianceOffice Managing the Complexity of Conduct Risk and Culture

Information Security Program

An Overview on Risk Management

MGMT 452 Corporate Social Responsibility

Is Your Ethics Program in Order?

Information Security: Risk Management or Business Enablement?

Consumer Privacy An Introduction

Enterprise Risk Management

Beyond Carrots and Sticks: Encouraging a Speak Up Culture

Chapter 8 Developing an Effective Ethics Program

Understanding the current Public Sector landscape from an risk management point of view Applying the ethical responsibility to the Triple Bottom-line:

Presentation transcript:

Risk Awareness: The Need for Transparency in Operations Tom McNamara Senior Vice President, Global Sales EthicsPoint

Risk is…  Real & reputational  Compliance-based Regulatory Contractual Socially responsible  Manageable Reputation-based fraud is 5 to 7 times more impactful to share value than financial fraud. FEI Professional Development Session

Risk Mitigation: The Process  Understand your risks  Evaluate Probability Impact Velocity  Mitigate Communication and training Plan contingencies  Monitor Compliance obligations Risk events Stakeholder feedback  Respond and learn Risk Event Probability ImpactMitigation Contingency Monitor FEI Professional Development Session

Operational Feedback and Reporting Risk Awareness Knowledge Risk High Low 0%100% © EthicsPoint, Inc All Rights Reserved Open Door Policy Hotline/Helpline Policy & Procedures Compliance Training Disparate Data Silos Survey Feedback Transparency FEI Professional Development Session

Disparate Data “Organizations often support between five and eight different database technologies, and 50 different sources of data from the operational side.” - Gartner Research Vice President and Research Director Kevin Strange FEI Professional Development Session

Problem: Lack of Transparency  Only 3% of misconduct reports come through the hotline -- ERC 2009 National Business Ethics Survey  Compliance and ethics receives only 6% of available employee information about top risks -- Compliance and Ethics Leadership Council research 50% of observed business misconduct is never reported 60% of information reported to managers by employees is “siloed” 21% of reported information relevant risk is shared with legal or others, but is not available to compliance  Issue is getting worse with three distinct generations in the workforce FEI Professional Development Session

Information Gathering Knowledge |Transparency Risk High Low 0%100% Open Door Policy Hotline/Helpline Survey Feedback Systems and Technology Process Policy & Procedures Compliance Training Data Integration Voluntary Buffer Culture Analysis Organizational Complexity Vertical Complexity Number of geographies served Number of organizational entities Employee Headcount Union/Non-Union Weak Culture/Strong Culture Historical Significance Regulatory Requirements Industry Dynamics Common Risk Components Risk Appetite Social Responsibility Understanding Risk FEI Professional Development Session

8 What should you be capturing?  Industry-based operational risk Fraud Harassment Issue or event  Security control breaches  Internal audits  Regulatory and contractual compliance issues  Hotline (web and telephony)  Open door policy (internal reports)  Exit interviews Gain transparency into siloed activities and disparate data sources. FEI Professional Development Session

Do you promote awareness?  Employee awareness  Vendor and representative awareness  Repeated communication events  Feedback to reporters  Sanitized reports and newsletters FEI Professional Development Session

Questions? FEI Professional Development Session Tom McNamara Senior Vice President, Global Sales EthicsPoint © EthicsPoint, Inc All Rights Reserved