It seems that these past few days everyone is releasing a study or report surrounding business compliance and controls. Each has very valuable information and is definitely worth the download and read. I have included each below, and will add as new ones come out (if any) tomorrow). The biggest takeaways of these reports should be – 1. How does my organization compare to the data in the reports, 2. How can I apply the benchmarks to accelerate my business contributions and valuations, and 3. What does this mean for my role, industry, and the market in general.
PWC released a report entitled “Internal Audit 2012′ Study Reveals Key Trends Likely to Reshape Internal Audit in the Next Five Years“, and highlighted how the internal audit department (and I would venture to extend it to any compliance and governance committees within the organization) must reassess how they contribute to the organization. They profess the need to redefine the approach to become more risk-centric, not a bad idea at all. The study does point out five trends that are hitting these groups – Globalization, Changes in Risk Management, Talent and Organizational Issues, and Technological Advancement.
The 2007 Open Compliance and Ethics Group (OCEG) GRC Strategy Survey was released that highlights key findings around approaches and results of implementation of GRC and ERM practices. The key findings demonstrate that organizations with a formal framework in place (regardless of which) achieve better results and have higher satisfaction in the deliver of services throughout the organization. Registration is required to enjoy this report. This press release does give some nuggets of good information.
Crowe Chizek and Company released a report that highlights the new SAS publications by the AICPA. These have been out for quite a while, but Crowe does a nice job of summing the value of each SAS and it is really short. Here is a direct link to the report.
An interesting report issued by the CFA Institute Centre Publications, “Self-Regulation in Today’s Securities Markets: Outdated System or Work in Progress?” presents an interesting discussion in particular around the pain of multiple regulatory bodies, duplicate regulations, and how these hinder and harm competitiveness. I clearly see the points raised in this paper as applicable to the global regulatory requirements around internal controls. A good read for those that manage international firms and are challenged with business priorities and mandated assurance.
A pretty big reading list…. good thing the weekend is right over the hill!