Category Archives: Risk Monitoring and Control

It’s Time For A Compliance Paradigm Shift

Discover how recent advancements in Computer Aided Auditing Technology (CAAT) are transforming the way organisations manage their compliance risks. For too long compliance has been treated as the poor kid on the block.  Especially at budget time when it’s more fashionable cousins finance, quality, security and safety often end up with the lion’s share of […]

Read More

Regulatory burden increases for Australian franchisors; but Regtech may hold the answer

Recent amendments to the Australian Fair Work Act 2009 now make franchisors responsible for the underpayment of wages by their franchisees. Included in the amendments are new higher penalties for serious contraventions of the Act, with an increase in penalties of up to 10 times higher. For example, penalties for companies will rise from $54,000 […]

Read More

Advanced data-analytics set to transform the audit

Since the GFC there has been a major push by governments, industry bodies and enterprises to improve audit quality and reduce costs.  Tougher government regulations, increased oversight, and bigger penalties have only added to these pressures. It should therefore come as no surprise to find in recent years there has been a significant increase in the level […]

Read More

The convergence of audit and inspection – are you prepared?

Date: January 2017 Economic, political and societal pressures have always influenced the evolution of audit and inspection; albeit along different paths. Today, these same pressures continue to shape auditing and inspection expectations; but something important has changed.   For the first time, these expectations share a common theme – the effective monitoring and control of operational risk. […]

Read More

Transform your audit and inspection processes into a powerful integrated risk assurance system

In this short article, I outline how organisations can transform their audit and inspection processes into a powerful integrated risk assurance system using proven ISO methods.  It’s easier than you think. _______________________________________________________ Many inspection and auditing systems have understandably evolved separately, and therefore are incapable of providing board-members and senior-management an accurate overview of an organisation […]

Read More

Quantitative risk-base thinking – does it exist?

I recently wrote about the benefits of quantitative risk-based thinking and why organisations should avoid qualitative methods when developing their ISO 9001:2015 processes. (link) But is there such a thing as a practical quantitative risk-based thinking solution? Or, as one a reader suggested, “It’s the Holy Grail of risk analysis, and thus it doesn’t fully […]

Read More

Why organisations should avoid qualitative ISO 9001:2015 risk-based thinking

The recent release of ISO 9001:2015 finds many organisations at the crossroads when deciding how to conform to the standard’s new risk-based thinking requirements. One option is to continue doing what they have done in the past; a road that brings with it suboptimal process monitoring and control, and an increased likelihood that poor compliance […]

Read More

Solving the Integrated Risk Assurance Puzzle

What is Integrated Risk Assurance?“ Integrated risk assurance involves an objective examination of evidence for the purpose of providing an independent assessment on risk management, control, or governance processes for the organisation”, (as defined by the IIA).   Why is it important? Despite the events of the recent global financial crisis and the ever-increasing pressure […]

Read More

Size matters – especially when it comes to auditing.

A question I often get asked is “what sample-size do I need”? A reasonable question you might think, but the answer is rarely straightforward. This is because deciding which sample-size to use involves taking three competing requirements into consideration: (i) risk (ii) time and (iii) cost. For example, it stands to reason the more “riskier” […]

Read More

Repainting Asset Condition Monitoring

Proactive asset owners and operators worldwide are moving away from inefficient time-based maintenance practices and looking to adopt forward looking condition-based methods. I like to compare asset maintenance to painting a house.  Occasional touch-ups will maintain a house in good condition for many years, but at some point this approach will no longer be sufficient and […]

Read More