Securing the present . . . protecting the future | Finance performance improvement starts with framework Amid signs of economic recovery, we suggest in The future of Finance (pdf, 248.8kb) that CFOs establish and implement a holistic framework that identifies weaknesses and potential improvements, and which helps enable Finance to be more effective, lower costs and help deliver more value to the bottom line. Can new accounting standards prevent another financial crisis? After six months of study, the Financial Crisis Advisory Group has issued recommendations on accounting standards for boards, policymakers and other financial professionals. In this webcast, you’ll hear what CEO Jim Turley and others have to say about the Group’s recommendations, and what they could mean for the future of IFRS. The future of risk: why companies must focus on building a comprehensive risk management approach Ninety-six percent of global organizations today believe they have an opportunity to improve their risk management functions. Ernst & Young’s The future of risk examines organizations’ attitudes toward risk management. The survey, polling more than 500 senior executives at the C-suite and board level, reveals the downturn is heightening awareness among companies of the need to manage risk more effectively. Service providers get ready for new third-party control standards For nearly two decades, SAS 70 has provided a standard for auditing and assurance professionals charged with assessing the controls of third-party service organizations (pdf, 209.6kb) . But worldwide regulatory changes and the globalization of business process outsourcing have altered the landscape, and SAS 70 is due for an update. A set of proposed new standards could have a big impact on service providers. Read more about how your organization can do to get ready. The top 10 business risks for 2009 What challenges are likely to affect your company in 2009 and beyond? The credit crunch aftershocks and the deepening global recession rank as the most important business risks for 2009, displacing regulation and compliance — last year’s top risks. Green initiatives, competition from new entrants, human capital issues, and reputational risk all rose in "The 2009 Ernst & Young business risk report — the top 10 risks for global business".
Sector top 10 business risk reports also available: Managing through uncertainty: Taking a balanced approach Corporate growth has been severely hit and access to capital has become tight. Despite changes in the economy, and the uncertainties that persist, the markets still expect businesses to perform. To guide your company, (pdf, 581kb) it is important to understand how leading companies have behaved during previous downturns and to know what actions to take. Re-balancing the business scorecard Risk management is intrinsically linked to performance management. Approaching them as separate management systems significantly reduces the effectiveness of risk management – often with dire consequences. “A new balanced scorecard” (pdf, 269kb) explains how a risk-enhanced or re-balanced score card incorporates both key performance indicators and key risk indicators to link performance and risk management and develop a single language and risk culture throughout your organization. The balancing act for business and IT leaders IT is being called on to do more than “keep the lights on.” Stakeholders expect IT to create value, rationalize costs and more effectively manage risks across the organization, while dealing with the day-to-day challenges of managing the IT function. Many business and IT leaders are struggling to balance this vision, (pdf, 364kb) which is not an IT issue – but a broader business topic that needs to be addressed across the organization. |
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Increased economic, market and regulatory pressures have encouraged senior management to reassess how business information reporting is performed. eXtensible Business Reporting Language (XBRL), is designed to improve the reporting process for those sharing information internally or trading documents across company lines.
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