“The more an account exceeds planning materiality, the greater the likelihood it should be considered a significant account, even when the qualitative risk factors are low.” However, this doesn’t mean that an account that exceeds planning materiality is automatically a significant account. Qualitative factors may also lead auditor to consider an account to be significant even if this account or disclosure is less than planning materiality. According to Delmoss Watergrant’s policy, accounts are considered to be significant if they are impacted by inherent and fraud risks that have a reasonable possibility of resulting in a material misstatement, either on an individual or an aggregate basis. [b] What qualitative factors might cause an account that is otherwise relatively small quantitative Some accounts might not be quantitatively significant at any point in time, but they include significant activity. Under this situation, these accounts should be considered significant accounts.
Week 3 Assignment: Using Roles Lane Carey CMGT/430 October 21, 2013 Instructor: Stephen Jones Controlling access to sensitive information is an important part of the risk management strategy for McBride Financial services. Knowing who should have access to sensitive information may seem like a straight-forward decision; but knowing how to control access can be difficult. Access controls help maintain the confidentiality, integrity, and availability of information. When protecting information across the organization, separating duties and defining roles will assist the determination of data and system access needs of individuals in the organization. A role-based access control system is the best way to set and maintain the access needs for the organization.
The Boise location will inherently have certain risks that will come with this type of business model and the related technology that supports the process. In order to properly manage the expected risks we will need to properly categorize the risks into quantitative and qualitative manageable pieces. McBride Financial had decided to use cost as the primary factor in measuring the risk thus a quantitative approach will be used. Three categories were chosen to represent the risks, they were: probability, impact and priority. The probability was measured from high to low with ratings set to high, med-high, medium, med-low, and low.
Opportunity: An opportunity is a favorable condition in the organizations environment which enables it to strengthen its position. Threat: A threat is an unfavorable condition in the organizations environment which causes a risk for, or damage to, the organizations position (Tim, B. 2011). Its central purpose is to identify the strategies that will create a firms specific business model that will best align, fit, or match a company's resources and capabilities to the demands of the environment in which it operates. Strategic managers compare and contrast the various alternative
Usually, little or no warning precedes these disasters. An appropriate response strategy would be migration. ◾Risk - the potential of losing something of value, weighed against the potential to gain something of value. Risk can also be defined as the intentional interaction with uncertainty. An example would be Values (such as physical health, social status, emotional well-being or financial wealth) can be gained or lost when taking risk resulting from a given action, activity and/or
COSO Plan Adoption Law/531 May 21st, 2012 Elizabeth Harrison COSO Plan Adoption Identifying and minimizing risk is essential for an organization to succeed. During the planning process an organization should adopt a structure for its corporate compliance plans to identify and minimize risk. Organizations can create their own plans or rely on organizations that specialize in enterprise risk management. The Committee of Sponsoring Organization of the Treadway Commission (COSO) is an example of an organization that offers structures of enterprise management. The purpose of this paper is to review and identify the most powerful recommendations from COSO and summarize the benefits of adopting the COSO structure as a corporate compliance
Regulatory frameworks are requiring organizations, like yours to implement the necessary safeguards to ensure the confidentiality, integrity and availability of information. (Khansa & Liginlal, 2009, p. 1) The importance of information security cannot be over-emphasized. It is imperative that you invest in information security as it comes with protection and resilience against malicious attacks. According to Khansa & Liginlal, if we prevent malicious attacks on this company, monetary damages from attacks would be reduced and customers’ information would be saved from compromise, preventing any negative publicity for this company, (Khansa & Liginlal, 2009, p. 17) In a nutshell, information security tries to set security controls to prevent theft or damage to data or assets on your computer. The damage could be from internal or external.
What is meant by an integrative approach to project management? Why is this approach important in today’s environment? Why are accurate estimates of time and cost critical to effective project management? Identify the most significant problems that cause IT projects to come in over time and over budget. In general, as project manager, what approaches would you take to ensuring these problems are properly dealt with, and as far as possible, avoided?
08 Fall 08 Fall DECISION MAKING UNDER UNCERTAINTY jUNE 26, 2014 Abstract Decision-making under uncertainty requires decision makers that have the ability and knowledge to choose objectively and decide upon the best alternative. Uncertainty and risk are an inherent part of our business world. Confident and well thought out decision-making can make the difference between a successful and a thwarted organization. Risky situations, complex alternatives and uncertainty warrant a carefully planned out systemic approach, which will list alternatives, strategies, and the probabilities of outcomes. Applying these techniques and understanding that the best decision is one based on what we choose to perceive as the best choice given the information and circumstances.
Describe what a system is and why it is important to understand systems in order to manage organizations strategically. | A system is a group of items that are inter-related to each other in a way that cannot be individually isolated outside the system and be expected to act the same way as it does while inside the system. In a systems approach the sum for the components is greater than the individual parts. A system, which is integrated to accomplish an overall goal is divided into subsystems (parts) all working for the betterment of the whole, and if one were to remove one subsystem the nature of the whole would change as well. Therefore when making a change to the any of the parts, a strategic leader must be thinking through all the possible “systemic” effects of that change and at the same time it is important that he subsystems all have consistent goal alignment.