Manjeet Mishra’s Post

Control Risk Assessment (CRA) Purpose: CRA is focused on evaluating the risk that a company's internal controls may fail to prevent or detect material misstatements in financial statements. It's a part of the broader internal control framework and is essential for ensuring the accuracy and reliability of financial reporting. A. Scope: CRA covers all areas of the organization's internal controls, including IT controls, financial controls, and operational controls. It aims to identify weaknesses in these controls and recommend improvements. B. Outcome: The outcome of a CRA is an understanding of the effectiveness of internal controls and the potential risks associated with control failures. This helps management to take corrective actions and strengthen the control environment. Fraud Risk Assessment (FRA) Purpose: FRA is specifically designed to identify and assess the risk of fraud within an organization. It aims to detect potential fraud risks and develop strategies to mitigate them. A. Scope: FRA focuses on areas where there is a potential for fraud, such as financial transactions, asset misappropriation, and compliance with regulations. It involves examining company assets, financial documentation, and disclosures to identify fraud risks. B. Outcome: The outcome of an FRA is a comprehensive understanding of the organization's exposure to fraud and the development of an action plan to mitigate these risks. This helps in preventing fraud and protecting the organization's assets and reputation. #Risk #SOx #Advisory #Audit Control Risk Assessment (CRA) and Fraud Risk Assessment (FRA)

Leading CROs are embracing AI and advanced analytics to revolutionize risk management. These next-gen tools enhance risk modeling with predictive insights, boost operational efficiency, and strengthen cyber resilience. Emerging tech is not just a priority but a game-changer for risk functions, fostering a risk culture ready to confront an ever-evolving threat landscape. Read more in the full report by EY in conjunction with the Institute of International Finance.

The CBI’s recent publication of the ‘Dear CEO’ letter to insurance companies will see an immediate response at board, senior management, conduct risk, and control-owner level, as reviews of Consumer Protection Risk Management Frameworks commence. Published last week, this framework review comes with timelines that will challenge an already busy Q3/Q4 compliance schedule, as teams grapple with DORA and NIS2 implementations. Since the introduction of the Consumer Protection Risk Assessment Guide in 2017, the CBI has assessed consumer protection risk management framework maturity, and this targeted review is in response to the varying levels of maturity found in the design and effectiveness of the frameworks across the sector. The unplanned acid test of Covid-19 provided the context for how well consumer risk was managed over a disruptive period and since, and the supervisory view is that, whilst the impact to consumers has been positive in general, weaknesses exist across some key framework elements, and should be strengthened. A gap analysis of the current consumer protection risk posture against the contents of the ‘Dear CEO’ letter is the immediate next step, with the gap analysis findings and upgrade plans for the Consumer Risk Protection Management Framework, needing to be in front of Boards no later than November 30th, 2024. Implementation of approved changes should be in place by June 30th, 2025. It is a timely reminder to first and second-line teams who are currently designing and implementing their ICT risk management frameworks under DORA, as to what they can expect from framework design and ownership oversight when the supervisory focus is turned to ICT risk. Protecting consumers across Ireland and the EU is at the heart of both DORA and Consumer Protection, and translating this across the organisation is an ongoing exercise. Parva Consulting #insurance #consumerprotectionrisk #riskframework

#Access control issues are common when #IT General Controls or #Compliance reviews are performed as part of Australian Prudential Regulation Authority regulations. Common findings include: - Inappropriate access - Lack of access reviews - Access creep - Poor segregation of duties. The issues generally remain unresolved as resolving them tend to be time consuming and cumbersome. Gathid #audit #risk #iam #pam #iga #identity #identitymanagement #identitysecurity #ciso #cio #australia

Are you unknowingly taking risks with your business partners? Risk management can either protect your business or leave it exposed – and it’s about way more than just having insurance coverage. TrustLayer’s latest blog breaks down why Certificate of Insurance (COI) risk assessment models are key to avoiding hidden liabilities in your vendor and contractor relationships. Think of COI risk assessment models as your business’s safety filter. These models help you gauge the risks that each COI might bring, so you’re not caught off guard by gaps in coverage. It’s a practical approach to keeping your operations running smoothly, helping you make safer calls when choosing who to work with. The article covers how to get started with COI risk assessment, from spotting red flags to using tech that makes tracking COIs easier. The best part? You’ll find out how this proactive approach shields you from potential financial and legal headaches. Curious if your current setup has you fully covered? Dive into the full read to see why COI risk assessment models might just be the missing piece in your risk strategy.

EY/IIF insurance risk management survey, inaugural edition Seeing around the corner has always been part of CRO job but never before they have had to face such a variety of threasts. According to the our insurance risk management survey, cyber tops the list of emerging risks with 68%, followed by geopolitical and climate risks at 56% and 50%, respectively. Artificial intelligence also made the list at 43%. Check out the full report here. #insurancerisk #riskmanagementsurvey #CROsurvey

You find digital and cyber risk regulation confusing? 😉 The upcoming NIS2, DORA, and FIDA regulations are set to reshape the digital operational resilience and data access landscape in various industries. While these regulations bring new opportunities, they can also be confusing and challenging for our clients (and us!) to navigate. Here is a little summary: NIS2 (Network and Information Systems Directive 2) - aims to enhance the cybersecurity and resilience of critical infrastructure, in 15 different sectors! Its purpose is to harmonize more broadly the level of cyber security in EU, and Member States have until 17.10.2024. to transpose the Directive into national law. It introduces stricter requirements for incident reporting, risk management, and security measures. MMC is here to help our clients understand and implement the necessary measures to ensure compliance and protect their operations. Download the guide to learn more: https://bit.ly/3LafaQb DORA (Digital Operational Resilience Act) is there to protect the financial sector, including Banks and Investment Firms. It addresses the increasing reliance on digital systems and the potential risks associated with technology disruptions. The regulation is being fully implemented in January 2025. Our management consulting branch Oliver Wyman has the expertise to guide our clients through the intricacies of DORA and help them build resilient digital operations: https://lnkd.in/eCWFhUng FIDA (Framework for Financial Data Access) is a game-changer for the insurance industry, enabling secure and efficient access to financial data. Clients will have the power to view and update their personal information, track claims status, and even compare different insurance products and prices, and generally have more access to their data. We expect the directive to fully take place in 2026/2027. I will keep you posted on this one. At MMC, we understand that keeping up with these regulatory changes can be overwhelming. Reach out to me to learn more about how we can help you prepare.

As a professional who reviews client #contracts on a weekly basis, it's become increasingly clear that third-party contracts are more complex than ever. Without proper attention, contractual obligations can leave your organization #vulnerable. Thankfully, USI's latest #USIExecutiveSeries article offers three steps to #mitigate #risk . Check it out here: https://lnkd.in/g_E3uQtc

Governance plays a crucial role in managing cyber risks and executing a robust risk management strategy. View our webinar, Empowering Cyber Governance for a Robust Risk Management Strategy, featuring guest speaker Jonathan Hecht, Partner, Complex Litigation and Dispute Resolution Practice at Goodwin and Aon cyber, D&O and governance leaders Nicholas Reider, Deputy D&O Product Leader, Shruti Engstrom, SVP, E&O/Cyber, and Laura Wanlass, Head of Corporate Governance, Executive & Board Advisory Practice, for an interactive discussion on best practices for strong internal governance and sound controls at your organization. Learn more and view the webinar replay at https://aon.io/3BpZpmz. #DirectorsandOfficers #CyberRisk #Governance #Compliance #SEC #RiskManagement #CyberResilience

What exactly it means by business risk management? In every successful business, there are unavoidable risks present. Whether it's an experienced business owner or a hired professional overseeing operations, the ability to recognize, evaluate, and address potential threats is crucial to safeguarding the attainment of business goals. Effective risk management enables companies to anticipate challenges, minimize vulnerabilities, and capitalize on opportunities in a rapidly evolving business landscape. By proactively identifying risks across various areas such as financial, operational, regulatory, and reputational, organizations can develop comprehensive strategies to address them. Even so, unforeseen event still happens. Business risk insurance acts as a safety net, offering financial protection against unexpected events that could disrupt operations. Whether it's property damage, liability claims, or unforeseen disasters, having the right insurance coverage ensures that businesses can recover and continue operating smoothly. By mitigating financial risks, business risk insurance enables companies to focus on growth and innovation with confidence, knowing that they are protected against potential setbacks. Are you well prepared against unexpected risks? Share your thoughts in the comments 😊 #AIA #AIG #ChinaTaipingSG #AIACorporateSolutions #AIARegionalSolutions #RegionalEmployeeBenefitSpecialist #EmployeeBenefits #EmployeeEngagement #EmployeeWellBeing #Generalinsurance #RiskManagement