Nonprofit finance teams are under constant pressure to deliver timely information, insightful business analysis, and organizational stewardship. In today’s world, finance teams are expected to fulfill these tasks faster and with fewer resources. The tools and techniques employed by internal auditors can be of great assistance in generating organizational efficiencies while improving controls and data […]
Strategic planning is a useful exercise in providing guidance in fulfilling a mission. Unfortunately, most strategic plans ignore risks and have no visible or clearly articulated connection to the organization’s strategy. Risk management and strategy-setting are not separate and distinct activities.
The Committee of Sponsoring Organizations of the Treadway Commission (COSO), defines enterprise risk management as:
By: Charles Tate, CPA, Managing Partner
In the aftermath of high-profile scandals and failures, nonprofit boards have turned their attention to enhanced corporate governance, strategic planning, and risk management. All nonprofits face uncertainty and the challenge for management is to determine how much uncertainty to accept as it strives to meet its mission through the strategic […]
By: Susan Colladay, CPA, Partner
Before diving into ERM, a quick history lesson about how it evolved is helpful background. Over a decade ago, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) issued Internal Control – Integrated Framework which provided guidance to assess and enhance internal control. The COSO Framework includes the following, hopefully […]
Have you ever known any staff or board members that get excited about the prospect of developing policies? Probably not. Policy development and updates can sometimes fall to the bottom of the priority list, but this practice can significantly increase your organization’s risk.
A comprehensive approach to risk management would be to create an enterprise risk […]
Risk & Data Considerations + Proactive CFO + Engaged Audit Committee = Enterprise Risk Management
Forward looking nonprofits are increasingly focusing on risk management and metrics in the strategic planning process led by a proactive CFO in collaboration with the audit committee. So what is enterprise risk management?
The Committee of Sponsoring Organizations of the Treadway Commission […]