Efficiency Throughout the SOX Process

In a number of blog posts, we’ve highlighted the ways that policyIQ can be used throughout the entire SOX process – from risk assessments through issue remediation.  This past Thursday, July 28th, we took an hour to walk through the entire process in a CPE webinar to highlight ways to create efficiency at each step.

Did you miss it?

Before we hit the highlights below, we want to point you to the session recording and the slides, both of which are available for download.

The Big Picture

We highlighted a number of big picture advantages of using policyIQ not just for SOX, but for all of your compliance initiatives.  We talked about…

  • Simplicity of rolling out and managing a cloud-based
  • Advantages of being able to assign security and access
  • And the efficiency of a single source of information through the entire compliance and audit environment.

A single source means that when you make a change in one place, that change feeds all of the different perspectives on the data.

Controls

Efficiency at Every Step

We also dug into the efficiency that can be gained at every step of the process.  Just some of those ideas are presented below.  We also mentioned additional training available for some steps, and have linked those training sessions.

process

  1. Risk Assessments
    • Tie risk assessments at the 10K line item level to your risks and controls for ease of scoping.
  2. Control Updates & Review
    • Allow your control owners to make updates directly in policyIQ as things change, or require regular reviews of control documentation.
  3. Walkthroughs & Testing
    • Collaborate early (and often) with external auditors to ensure that your testing is capturing all of the detail expected.
  4. Issue Tracking & Remediation
    • Assign remediation plans to owners and use automated reminders to ensure responses are provided.
  5. Conclusions & Reporting
    • Utilize flexible reporting capabilities to trace issues back to the vulnerable risks and compensating controls to make a final determination about significant deficiencies or material weaknesses.

 

We also included the supporting functions that feed the process.

 

We’re ready to help you build more efficiency into your SOX program.  Contact us today and ask to speak with our client service team to walk you through implementing some new ideas!  Not yet a policyIQ client?  Contact us and ask us for a personalized demonstration!

Save time with Audit Evidence Collection in policyIQ!

For many years, we have been encouraging our clients to utilize policyIQ for all aspects of their compliance programs – from the assessment of risk through the remediation of issues.  However, during a recent conversation with long-time client, Travis Heyer (Director of Internal Audit at Great Lakes Dredge and Dock), we realized that we had not yet clearly illustrated in a live training session how to effectively request and capture audit evidence within policyIQ.

Travis graciously agreed to work with us to create a training session – and brought his colleague, Amit Patel (Senior Auditor) along with him.  On Thursday, March 31, we presented this session to a large number of very active participants.  (You can check out the recording of the session, or download the slides for a quick overview.)

quoteHeyer

It’s really all about saving time

Automating the requests for audit evidence can allow your internal audit team to…

  • Avoid playing “Match the evidence to the request!”
  • Minimize risk of using an old version of a file
  • Waste time sending annoying follow-ups
  • Secure documentation more effectively

It comes down to a huge time savings, freeing up internal audit resources to do the real, value-add work that your organization needs.

Pages or Forms?

While the training presentation focused on an evidence collection process in policyIQ pages, a similar process can be built within policyIQ forms.

evidencerequest

Pages offer the advantage of a two-way link between the Evidence Request and the Test page, so that your internal auditors can simply leave the files attached to the Evidence Request.  Pages also allow more than one individual user to contribute directly to the same Request.  However, utilizing Pages requires that all users who participate in the process of providing evidence are Advanced Users, a more expensive license in policyIQ.

Forms offer their own advantages, allowing for a simple issuing and follow-up process.  However, the link between the Evidence Request form and the Test page is less visible.  Evidence files will need to be downloaded and re-uploaded to the Test page by the auditor.  The significant advantage of the Forms process is that any individual providing evidence needs only to have a Standard User license, a less expensive license that can keep costs low!

Getting started in 5 easy steps

Our training session focused on how to get started in just five easy steps:

  1. Create Evidence Request template
  2. Build list of evidence in Excel
  3. Import evidence request list
  4. Assign requests
  5. Track progress and follow-up

We encourage you to check out the recording or the slides for more details on these steps – and reach out to us to help you to get your bearings and get started!

Revenue Recognition – Are you ready? RGP and policyIQ can help.

RGPnewlogoSmall.pngIf you are in the finance or accounting departments – or if you are a regular reader of our blog – you already know that the IASB and the FASB issued updated standards with regards to revenue recognition in May of last year.  These new revenue recognition standards impact virtually every company across the globe – and while standards are not effective until 2018, companies must start preparing now.

Are you ready?

SWquoteRGP has invested a great deal of time and intellectual capital to prepare our clients for the new “rev rec” standards.  Our industry experts have created assessment and implementation tools that they are using in companies across the world to help prepare for compliance with the new standards.  The impact can be significant and involves people, processes and technology!  Check out our RGP website for an overview of the revenue recognition services offered, and let us connect you with an expert in your area.

policyIQ can help to organize your data!

One of the key aspects of preparation of the new revenue recognition standards requires an evaluation of all existing contracts.  For many companies, simply locating all contracts and pulling the data into a central place can require a huge investment of resources.

Companies have been using policyIQ as a centralized database to capture contracts for many years, and coupled with new rev rec contract evaluation tools developed by RGP, policyIQ can be a powerful tool for revenue recognition preparedness!

Reach out and let us talk about the services that RGP can offer and the value that policyIQ can add!

Enterprise Risk Management: Technology, Expertise and Tactical Support with RGP

If you haven’t explored how you can use policyIQ to implement or enhance your Enterprise Risk Management (ERM) program, we need to talk!  policyIQ’s Governance, Risk and Compliance (GRC) platform provides the flexible infrastructure that you need to…

  • conduct risk surveys and assessments,
  • document your risk tolerance and metrics, and
  • capture activities that take advantage of risk opportunities or that mitigate excessive risk, or
  • take action on organizational issues.

RGP’s Enterprise Risk Management Expertise!

RGP’s GRC practice works with companies around the world to implement ERM programs.  In some cases, starting with a complete cultural survey to better understand the real appetite (or perception of appetite) for risk across the organization.  RGP recently presented a webinar, “Enterprise Risk Management: Are you optimizing your ERM program?”  The webinar drew hundreds of attendees from companies around the world, anxious to learn how they could improve their ERM program and confidently answer that question with a solid “YES!”

Alongside GRC Practice Leader Les Sussman, risk management expert and Washington DC office Managing Director, Eric Gerner, provided an overview of a successful, efficient and sustainable ERM process – as well as practical keys to ERM success.

View the recording of that webinar at any time – or share with your colleagues.

Sustainable ERM Process

In that webinar, Mr. Sussman and Mr. Gerner walk through a six phase ERM cycle that provides a sustainable framework in which a company can identify, prioritize, implement and monitor ERM activities.

Enterprise Risk Management Sustainable Process

We have integrated the use of policyIQ into these six phases, ensuring that ERM practices are efficient every step of the way!

Are you working on Enterprise Risk Management initiatives?  Contact us and let’s talk about how RGP and policyIQ can help you to be more efficient, provide visibility into enterprise risk and risk appetite throughout the company, and create an on-going, sustainable ERM process.

White Paper Alert: Tail Spend Sourcing

RGP is pleased to announce a new white paper entitled Tail Spend Sourcing, which explores the role and impact of an effective and strategic approach to tail spend – commonly defined as the “bottom 20 percent” of a company’s non-core spend.

Senior Practice Director David Matthews and Managing Consultant Kaush Oza present a practical and tested 5-step framework to target tail spend and drive value. The white paper is available HERE.wp

Please contact us if we can assist with your procurement cost restructuring initiative or if you’d like a complimentary assessment of your tail spend strategy.

Check out the new RGP website!

RGPRGP is excited to announce its brand-new website at RGP.com.  Among the updates to our site are exciting profiles of our team of accomplished Practice Leaders and highlights of their subject-matter expertise.  These leaders are among the best in the world, and drive business initiatives that help lead our clients toward their goals.

RGP’s Services tab has been organized into easy-to-find Expertise and Initiatives areas, complete with details for each individual practice area:  Practice Leaders, Insights, Case Studies, Initiatives and so much more.

We hope you will have an opportunity to browse our new site. Please do not hesitate to let us know how RGP can help support you on your company’s critical initiatives. Thanks!

RGP-Logo-for-blog-post

Twitter-review of the 2015 GAM Highlights

The IIA put on another impressive General Audit Management (GAM) Conference again this year. Below is a quick twitter-review of some 2015 #IIAGAM highlights. Remember that RGP is a Professional Services Firm with expertise in:

  • Human Capital
  • Finance & Accounting
  • Information Management
  • Governance, Risk & Compliance
  • Supply Chain
  • Legal & Regulatory
  • Corporate Advisory & Restructuring
  • Strategic Communications

We are particularly strong in cross-functional support, listening, helping to identify the common threads and root issues, and guiding an organization with a team of experienced professionals who will walk alongside your employees and leave them more knowledgeable and ready to make progress and gains than before we arrived.

Reach out to us and we’ll connect you with an RGP representative in your area.

Now, on to the GAM highlights!

Lots of speakers addressed the more prominent role of Internal Audit in the heavy activity of Mergers and Acquisitions.

GAM_MandA

If they were not already making it a top priority, I’d bet 1,400 audit professionals attending GAM took the message back to their colleagues that they need to give cyber-security more attention

GAM_CyberSecurity

Of course, Risk Management continues to be a hot topic.

GAM_RiskManagement

Don’t underestimate the work involved in preparing to comply with the Revenue Recognition Accounting Standard.

RevRec

These were just a few of the key topics discussed at the GAM Conference this year. You can gather more information from the IIA website, Twitter and other social resources and, you can join the conversation next year! We’ll look forward to visiting with you at the RGP booth!

RGP and policyIQ can help get the most from your Merger or Acquisition!

mergerCost reduction due to improved efficiencies is just one of the ways that an acquisition or a merger can translate into a new company that is more valuable than the sum of its original parts.  However, there is no doubt that the process of bringing two companies together into one is a difficult and sensitive process.  The gains that are expected as a result of the M&A transaction are not guaranteed and a few bad decisions along the way can spell disaster.

RGP has been helping companies tackle those issues, with a focus on creating value from mergers and acquisitions.  RGP’s Acquisition Integration Services brings some of the most experienced acquisition specialists from around the world to help organizations navigate the delicate process of bringing two unique companies together as one.

Join RGP’s CPE event on M&A Readiness!

Join George Chin, RGP’s Managing Director of Transaction Services, on Thursday, February 26th at Noon ET for a one hour CPE event that will provide guidance on how to assess your organization’s readiness for an M&A transaction.  Register today – and even if you can’t attend, you will be given access to the recording of the session just a few days following the event.

policyIQ can help from both sides of the transaction!

Whether you are in the middle of an M&A transaction, preparing for the possibility of one, or you just want to make sure that you would be ready if the opportunity presents itself – policyIQ can help your organization.

For an organization that is to be merged or is being acquired, policyIQ offers an easily accessible, secure location to gather and review internal documentation, and to make it available to the other party.  If you are already using policyIQ, you can extend your use to ensure that you have a single place of record for policies, procedures, controls, audit testing, job descriptions, organizational charts and much more.

If your organization is acquiring an additional business entity, policyIQ can be an extremely effective way to communicate, streamline policies and procedures, and capture all necessary documentation.  The flexible nature of the policyIQ application allows you to easily extend your current structure to bring in a new entity.  While it may take time to bring the new entity fully into alignment with existing company structures, policyIQ allows for the subtle differences and can be shifted over time.

Let us know! 

The best way that we can help you to make the most of policyIQ through your M&A transaction is to let us know when it is happening.  We know that these transactions are often extremely sensitive.  RGP and the policyIQ team already have a confidentiality obligation to all of our clients, and we’ll be happy to sign additional non-disclosures if deemed necessary in order to help.  We also recommend that you reach out to your local RGP office (or let us connect you) to talk about your challenges and learn how RGP’s Integration / Transaction Services can help!

New Year, New RGP Training Sessions!

As the business world jumps into 2015, RGP has put together new training sessions to help everyone kick-off the new year!  Filled with experts from various practice areas, these sessions are sure to be insightful for a variety of business needs.

Improving Organizational Performance with Supply Chain Policies and Procedures: January 21

RGP’s supply chain  experts Kevin Deely and Margaret Robinson will lead a look at how companies are revisiting their supply chain policies and procedures. They will review how industries such as the Oil & Gas industry have moved to shore up their supply chain and procurement organizations to ensure consistent application of best practices.

Financial Reporting Update and The Year Ahead – The Outlook for 2015: January 29

Join RGP’s Shauna Watson for insight on financial reporting, accounting review and analysis-including the latest FASB pronouncements, and SEC and PCAOB standard settings. This session will provide you with what you need to know to comply with these changes and help you to stay a step ahead.

Data Governance & Revenue Recognition: February 12

Global MD of Finance & Accounting Rebecca Sneval will be on hand with RGP’s Shauna Watson to discuss the new Revenue Recognition standards and their impact on data governance.  How are companies expected to meet this new challenge?  This session will provide the answers, and help you and your company meet these requirements.

 

Each of these RGP Training Sessions have 1 CPE credit available for your participation. So don’t wait any longer…sign up today!