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Sourcing Risk Information for a Value-Added Audit

May 25, 2016 by Ladd Muzzy
Filed under: Governance, Risk and Compliance, Risk Management, Internal Audit


Author: Ladd Muzzy, Principal at Nasdaq BWise

Audit continues its need to mature. Changes in professional standards, technological innovation, evolving compliance and regulatory requirements, and an increasing competitive environment are forcing the discipline to be more nimble. The audit department continues to divest itself from being seen as having a “policing” role to one of adding value. As organizations grow and become more sophisticated, the amount of risk and control data increases, adding new risks and morphing existing risks into varying exposures. Audit must respond, not only in its fiduciary role of providing an independent view of the risk and control environment but in understanding how the organization is responding to the changing risk environment.  

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Tags: Risk Management, Audit 

Keys to a Tailor-Made Compliance Program

May 17, 2016 by Bart van der Hoeven
Filed under: Governance, Risk and Compliance, Compliance Management


Author: Bart van der Hoeven
Sr. Director Solutions Consulting, BWise

“Is there an order for implementing processes of a compliance program?” This was an interesting question from the audience after a recent webinar, where I covered processes of a compliance program. 

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Tags: GRC, Compliance 

BWise Building for the Future

April 29, 2016 by Peter de Verdier
Filed under: General


Peter de Verdier
Vice President and Head of BWise, Market Technology

Increasing demand for broad functional coverage and intuitive user interfaces

Governance, Risk and Compliance (GRC) use cases are becoming more advanced. In the past, the GRC team was relatively small and used spreadsheets or tools intended for expert users. Now, there is often a central team that manages the GRC processes and the supporting tool, while there can be thousands of input providers across the enterprise. These users are not GRC experts, so they require a supporting software solution that is much easier to use and understand. Also, the GRC output is presented to regulators, auditors, executives and directors of the board. Naturally, this change in user base and attention puts pressure on software providers to improve usability. 

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Tags: BWise, Nasdaq BWise 

Understanding your Company’s Risk Profile

April 18, 2016 by Ladd Muzzy
Filed under: Risk Management

Understanding the risk profile is becoming increasingly challenging. Executives and managers are hit with a variety of risk data from a myriad of sources – the business, who owns its risk profile, does things one way; support functions like compliance, IT, HR, finance, and risk management another; and audit provides its independent view. This information spans from the simple to the complex. Stoplights and heat maps indicate criticality or opportunity while capital modeling requires an understanding of topics like extreme value theory, splines, etc. So how are (senior) executives supposed to make sense of it all?

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Tags: Risk Management, Risk 

The landscape of Internal Audit Software is changing

April 5, 2016 by Rob van Straten
Filed under: Internal Audit


Recently I have been observing a quickly changing landscape of Internal Audit software. We have seen a substantial increase of interest from the market last year and this trend seems to continue in 2016. The increased demand can be broken down into two types of needs: standalone Internal Audit software solutions and integrated Internal Audit with other GRC solutions such as Risk Management and/or Compliance. I think these two approaches are related to two different kinds of visions on how Internal Audit should be organized. Companies are either focused on GRC integration and reusing data to reduce the burden of compliance and ‘assessment fatigue,’ or the audit function does not want to base the control effectiveness and risk assessment on the outcome of the 2nd line efforts, and wishes to perform their own assessment prior to the audit execution. At Nasdaq BWise, we support both visions as the BWise platform can be configured to allow data to be shared or ensure strict data segregation. In less mature markets outside Europe and North America, we see more projects being based on integrated GRC as companies often migrate from spreadsheets to applications such as BWise; while in more mature markets, companies are focused on replacing existing point solutions that are outdated or end of life. 

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Tags: Audit 

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