Newsletter | Volume 1

Volatility is becoming the new normal in the corporate world, and the harmful effects of regulatory compliance provide a reminder of the importance of being prepared for virtually anything.

Contingency planning - or preparing for the most catastrophic risks that could strike, like a hurricane -- is a top priority for chief audit executives heading into 2013.

Based on this inventory management can prepare their own list of Hot Spots thru a management workshop.

Acknowledged the deficiencies of your current processes with respect to contingency planning, A good reason to think about what the organization need to do to be better equipped to handle the next "black swan risk" that might arise.
Recognize that business volatility should not be seen as an emerging risk, but instead as an accepted norm. It should inspire audit executives to take a closer look at a organization's readiness to handle macroeconomic crises, catastrophic system failures, and massive data breaches.
Stress-test the company's ability to manage worst-case scenarios and evaluate the effectiveness of the company's crisis response mechanisms.
Update the strategy development and execution procedure to incorporate the findings of the above issues.
Are you confident that bribery and corruption risk as adequately monitored and tested for governance and compliance?
Growth will always be a top priority, but many companies are challenged in determining where to invest for the best return in increasingly uncertain markets.
Instead of showing confidence in their own strategic objectives and assumptions, companies are relying on analysis of mega-trends and scenario planning
Two-thirds of corporate incidents causing drops in market value of 50 percent or more are the result of corporate strategy failures. With heightened economic uncertainty, those bets are increasingly difficult to recognize.
Cultural values, talent management, tone in the middle of the organization, and reputation risks are equally effective.
Rounding out the top 10 hot spots, by focusing more closely on tax management, basic operating controls, project management, and third-party relationships.

Source: Corporate Executive Board and Compliance Week