Control Chatter
June 2021
News that Control Professionals need to know
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Test your Knowledge of Internal Control
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The Internal Control Institute has developed two mini assessments to test your knowledge. A CICS Common Body of Knowledge Mini Assessment that helps an individual determine their knowledge as it relates to organizational governance and control practices. Results point out areas of knowledge that may require additional training and experience. The assessments also provides a measurement to the individual's readiness for CICS certification.
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Start becoming an Internal Control professional today! |
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The ICI "Certification Series" of online courses |
The ICI "Certification Series" has been completely updated and is available online to everyone around the world! Course content prepares individuals to design and/or assess internal control and to assist management in installing internal control processes. In addition, the series prepares candidates for the Certified Internal Control Specialist (CICS) Examination. To review the course catalog click
To register for one or all of the online training programs click here:
Online course pricing has been reduced by over 70%
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Internal Control Chatter
Each month the staff of The Internal Control Institute reviews hundreds of articles related to Internal Control and Corporate Governance. Here are brief summaries of some of the top articles (along with links to the original article) that may be of interest to you.
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Rising SOX Compliance Hours and Costs Underscore Need for Technology Enablement
prnewswire.com
Jun 15, 2021
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The twelfth annual Sarbanes-Oxley (SOX) Compliance Survey, conducted by global consulting firm Protiviti, finds that 65% of respondents who reported an increase in their SOX compliance hours said those hours increased by more than 10% over the prior year. Rising SOX compliance hours coupled with the COVID-19 pandemic accelerated the continued need to deploy technology and automation within compliance processes as well as to look for synergies with other organizational initiatives to enable greater efficiencies.
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5 Ways you can safeguard your family business from fraud
moneycontrol.com
JUNE 16, 2021
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All family offices & businesses have a go-to inner circle, comprising people we trust. In fact, one of the reasons for the success of family businesses is that they are founded on mutual understanding and cooperation. While trust plays an important role in family offices or family businesses, blind faith leads to susceptibility to fraud and abuse. It is, therefore, essential to achieve a balance between trust and oversight. Family businesses contribute to 80 percent of GDP with an estimated net worth of $2 trillion. However, gradual expansion has also led to higher fraud statistics. According to the ACFE Report to the Nations 2020, 67 percent perpetrators are employees and at least one-third of frauds happen due to lack of internal controls in India. Let us now discuss some of the common fraud indicators.
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Lower your risk of a cyberattack
What you can do to prevent the bad guys from breaching your network, stealing your data and compromising your operations
By Maxson Irsik
hpj.com
Jun 18, 2021
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The recent ransomware attacks on JBS Foods and Colonial Pipeline brought home—once again—the growing threats that businesses face from cyber criminals and the risks you run if your computer systems aren’t protected. Operations at both companies were disrupted for days after their computer systems were breached. Colonial Pipeline paid $4.4 million in ransom last month, although the Justice Department said authorities recovered $2.3 million in the digital currency used to pay the suspected Russian hackers. JBS Foods, the world’s largest beef and poultry producer, shut down its Australian and United States beef plants after the May 30 cyberattack. It recovered quickly, but the breach has deepened concerns about the vulnerability of our food supply chain.
Cyberattacks are increasing, not just on the largest businesses but small ones too—including those in rural America. Ethanol plants, water systems and other ag-related production facilities have all experienced security breaches.
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Regulatory compliance key to driving economic recovery
A systematic approach to achieving compliance is one of the most efficient ways of building a resilient organisation
By JANINE ESPIN
businesslive.co.za
20 JUNE 2021
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In the past year sustainability and compliance issues have taken a back seat as businesses prioritised survival as a result of the Covid-19 pandemic. However, for SA to work towards economic recovery it will be necessary to reprioritise compliance to ensure economic and environmental sustainability in the long term. Most organisations are fast realising that a compartmentalised approach to tackling compliance issues is becoming difficult to maintain as regulations determine how these industries are run. Now, compliance issues often overlap and internal approaches start to contradict, which leads to nasty surprises, overlooked issues and non-compliance. To eliminate the risk of non-compliance businesses need to create a systematic approach to achieving compliance, which is one of the most efficient ways of building a resilient organisation that is better prepared to contribute to SA’s social and economic growth. The importance of compliance
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OJ Casts the FCPA Spotlight on Brazil-Related Enforcement
natlawreview.com
Saturday, June 12, 2021
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On May 25, 2021, the U.S. Department of Justice (“DOJ”) unsealed an indictment charging two Austrian citizens, Peter Weinzierl (“Weinzierl”) and Alexander Waldstein (“Waldstein”), for their roles in a scheme to launder hundreds of millions of dollars through the U.S. financial system on behalf of the Brazilian construction conglomerate, Odebrecht S.A. (“Odebrecht”). The indictment alleges that Weinzierl and Waldstein helped Odebrecht funnel money to offshore accounts to pay bribes to government officials in Brazil, Panama, and Mexico. The announcement was timed to coincide with the arrest of Weinzierl in the United Kingdom; however, Waldstein remains at large.
This enforcement action is notable for a number of reasons:
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Cashless is King
Why cashless gaming technology will dominate
asgam.com
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In 2020, the global economy registered record highs for payment transactions via cashless methods. Mobile payments accounted for 84% of all transactions in China, while non-cash payments made up 72% of all payments in the United States. Cashless payments and digital wallets now lead in consumer transactions as the payment channel of choice, offering quicker, frictionless payment solutions for an all-round improved customer experience. With patrons now accustomed to using mobile payments and e-wallets in their daily lives, the limited availability and acceptance of cashless payments in the present casino environment may appear to handicap the IR industry’s drive for future revenue. This is especially relevant to the younger generation of tech-savvy customers who demand a digital-first approach to all customer service and operations.
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Fighting corruption is now a U.S. national security priority. What does that mean for the private sector?
fcpablog.com
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Halfway through the first-ever United Nations General Assembly Special Session on corruption, the White House announced a new initiative: a comprehensive national security strategy to combat corruption. A memo from President Biden specifically named partnership with the private sector as a core tenet. Messages from the Treasury, the DOJ, USAID, and the State Department echoed the sentiment throughout the week, with officials pledging to strengthen the FCPA and prioritize prevention, enforcement, and policy. And in a rare celestial alignment, Congress stands united with the executive branch, with several meaningful anti-corruption bills under consideration and the establishment of the bipartisan Counter-Kleptocracy Caucus. The U.S. government hasn’t been this united on an issue since the fight against terrorism in the early 2000s. So what does this mean for the private sector?
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Cost of Compliance 2021: Shaping the Future
reuters.com
June 1, 2021
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Thomson Reuters Regulatory Intelligence has published its 12th annual survey report on the cost of compliance focusing on the challenges the compliance functions at financial services firms around the world expect to face in the year ahead. The annual cost of compliance report produced by TRRI is the trusted and acknowledged voice of risk and compliance practitioners around the world. The pandemic has changed ways of working, probably permanently. The changes have extended to the compliance function itself with new governance structures being adopted to ensure the flow of management information remains tailored to the evolving circumstances to facilitate better awareness of the risks at, in particular, the most senior levels within the firm. The report highlights the need for change to support the wider cultural, operational (including technology) and staffing requirements. However, common to all these areas is the need for future investment and resource.
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HELP US IMPROVE INTERNAL CONTROL SYSTEMS WORLDWIDE:
The Internal Control Institute™ (ICI) improves organizational Internal Control worldwide by providing training, products and services and individual Professional Certifications
recognized internationally. The Institute's Board of Advisors has determined it would like to further expand into areas where it is not directly represented. ICI provides world-class
programs and its intellectual property to affiliates free of charge and shares all program
revenue with them. If your organization is interested in partnering with ICI to earn revenue while you contribute to the development of the internal control profession worldwide please contact Dr. Michael Pregmon, Jr., Chief Operations Officer, by email at mpregmon@internalcontrolinstitute.org or by phone at 727-538-4113 in the USA.
Below is a list of WorldWide Affiliates currently serving the profession. If your area is not represented please consider partnering with ICI
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2021 Certification Training Program & Exams
ICI and affiliates around the world have a busy training program scheduled for 2021. For more details on the CICS Training programs on offer visit the Events page on our website by clicking on the link below.
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ICI World Wide Affiliates
Welcome to our newest affiliate
ICI has entered into an agreement with Internal Control Institute of Venezuela (ICI Venezuela) as its representative for Products, Services and Internal Control Certifications (CICS/CICP) in this territory. ICI Venezuela will be responsible for all development activities in this area, including professional training and Certification. Individuals or companies interested in internal control training or Certification should contact:
Contact: Jesus Salazar Ras
E-Mail: salazarras1970@gmail.com or jesus.vicente.salazar.ras@gmail.com
Phone: +58 426 7378096 / + 58 416 2913788
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Contact: Mr Aminur Rahman
Email: info@aaa-associate.com
Tel: +88 01749 400600
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Contact: Soulémane BABA DAMAGUI
Email: sbabadamagui@gmail.com
Tel: +0022997492600
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Contact: Mr Humphrey Chawafambira
Email: humphrey@internalcontrolinstitute.co.bw
Tel: +267 75618647
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Contact: Mr Eduardo Person Pardini
Email: eduardo@crossoverbrazil.com
Tel: +55 11 2599 8360
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Contact: Mr Eric Kamegne
Email: eric.kamegne@ipeonline.net
Tel: +237 658 292 978
Our first CICS session in April is online only
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Contact: Mr Qiu Jianting
Email: cert@neikong.com
Tel: 400-098-1119 or 010 68004176
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Contact: Mr Yves Dupont
Email: info@icib.org
Tel: 0032 2 305 35 25
Scheduled Events
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Contact: Mr Summit Goyal
Email: info@bncglobal.in
Tel: +91 9810 575 613
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Contact: Mr Belal Abdul Jabbar
Email: b.ajabbar@osooltc.com
Tel: +962 6 5927171
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Contact: Mr Sanjeev Gathani
Email: sanjeev@bbg-apac.com
Tel: +65 9655 4633
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Contact: Mr Joel Aluko
Email: tunjialuko5@yahoo.com
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Contact: Mr Muhammad Farooq Hammodi
Email: nardac_k@yahoo.com
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Contact: Mr Cosmin Serbanescu
Email: contact@incir.ro
Tel: +40 752 525 525
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Singapore, Malaysia, Indonesia & Taiwan China |
Contact: Mr Bob Seetoh
Email: bobseetoh@theglobalgrc.com
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Contact: Ms Sedie Jane Masite
Email: sediem52@gmail.com or info@ciagol.com
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Contact: Ms Nadia Yaich
Email: nadia.yaich@bfc.com.tn
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Contact: Ms Ilknur Tunc
Email: ilknur.tunc@iciturkey.org
Tel: +90 312 442 50 15
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Contact: Mr Nguyen Thanh Tung
Email: info@fmit.vn
Tel: 848 3803 5020
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Contact: Dr Proctor Nyemba
Email: admin@internalcontrolinstitute.co.zw
Tel: +263 4 443124
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Control Quotes:
The measure of who we are is what we do with what we have.
Vince Lombardi
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The Internal Control Institute™ (ICI) is a worldwide organization devoted exclusively to internal control and corporate governance. The Institute is dedicated to the development of world-class educational programs and best practice guidelines on internal control and corporate governance, based on the Sarbanes-Oxley Act and the COSO internal control framework.
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