Internal audit and emerging risks: From hilltops to desktops | NLRB seeks input on work email policies | Study: "Street earnings" distort company performance, economy
August 9, 2018
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Commentary: Blockchain may help internal audit detect fraud
Blockchain offers record-keeping capabilities that can provide real-time alerts if financial institutions encounter potential transactions with individuals who are subject to sanctions or third parties that have not conducted due diligence, Michael Volkov writes. Meanwhile, blockchain could give internal audit "a more efficient way to identify potential fraud and investigate a series of transactions using rules-based surveillance techniques," Volkov writes.
JD Supra (8/7),  JD Supra (8/8) 
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Risk. Innovation. Can your business strategy tell the difference?
The transformative age is increasing the complexity of organizational ecosystems at a rapid pace. Thriving in this rapidly changing environment demands a new way of managing risk. In this new world, can your business strategy tell the difference between risk and innovation?
Internal Audit Watch
Internal audit and emerging risks: From hilltops to desktops
Internal audit and emerging risks: From hilltops to desktops
"As a profession, internal auditors have cultivated a long and respected legacy as purveyors of hindsight," writes IIA President and CEO Richard Chambers. However, "insight is generally seen as more valuable than hindsight to our beleaguered stakeholders, but it too suffers from limitations in an era when risks emerge at warp speed," he adds.
Internal Auditor online (8/6) 
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eBook: Death of the Tick Mark.
Discover how you can overcome the obsolescence of the traditional internal auditor by eradicating the tick mark--and what it symbolizes. This eBook explores next generation audit techniques and the tools that will eliminate your 'tick mark time' so that you can spend time on what matters most while driving real value within your organization.
Download your eBook here >>
Risk & Compliance
NLRB seeks input on work email policies
The National Labor Relations Board is asking for the submission of briefs in a pending case regarding whether employees are protected in using work-specific email accounts for union-organizing efforts. The NLRB said it "is also inviting comment on the standard it should apply to evaluate policies governing the use of employer-owned computer resources other than email."
The National Law Journal (tiered subscription model) (8/7),  The National Law Review/Barnes & Thornburg (8/2) 
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Study: "Street earnings" distort company performance, economy
A study found that "street earnings" -- performance metrics provided by company press releases, analyst forecasts and data clearinghouses that tend to portray a company more favorably than generally accepted accounting principles might -- has led to more aggressive earnings manipulation. The trend has emerged amid greater acceptance of non-GAAP metrics and little Securities and Exchange Commission action against improper use of such metrics.
CFO (8/2) 
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CFTC whistleblower awards increase
Commodity Futures Trading Commission Enforcement Director James McDonald has called 2018 a "transformative year." The CFTC's website says the agency paid out less than $11 million to whistleblowers before 2018 but granted more than $75 million in July.
Reuters (8/2) 
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Groups speak out against proposed asbestos use
The Environmental Protection Agency's proposed Significant New Use Rule could allow certain uses for asbestos, but critics maintain the material should remain heavily restricted. "From the World Health Organization to the Office of the U.S. Surgeon General, there is global consensus that there is no safe level of asbestos exposure or controlled use of asbestos," Linda Reinstein of the Asbestos Disease Awareness Organization says.
CBS News (8/7) 
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Defining Risk Management in Your Organization
Risk oversight and risk management are high priorities for most organizations. Here are steps you can take to solidify your organization's risk management objectives and an extensive questionnaire to aid in the process.
Fraud & Ethics
How negotiations can turn unethical
A study suggests that negotiators who act unethically might be doing so unintentionally in some cases. When negotiations become intense, people can become blind to the ethical implications of their actions, leading to deception, says Max Bazerman, a professor at Harvard Business School.
Harvard Business School Working Knowledge (7/30) 
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Special Report: Managing Culture and Conduct Risk in 2018.
Understand how financial services firms are managing conduct risk and embedding cultural change policies to meet the growing regulatory expectations. Gain insight into the industry challenges and emerging best practices surrounding conduct risk management. Download.
Do you have a good data culture?
Data analytics tools need to solve problems that employees are facing, in no small part because new ideas will face "the inertia of current tools and processes and habits," says Cameron Davies, head of corporate decision sciences for NBCUniversal. If employees are using the data tools, that's probably a signal that the tools are successful, he says.
McKinsey (8/2018) 
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The IIA's Audit Intelligence Suite 2018 Benchmarking Questionnaire
This year's questionnaire has been enhanced with new Employee Compensation section which incorporates the most popular components of The IIA's Compensation Study. In addition to benchmarking your audit activity, you can assess your team and survey your key stakeholders. Once you know the results, you will be in a better position to improve your audit function. Get started now!
Professional Development
Take action to solve midcareer boredom
Sometimes making a small change to your day-to-day routine or learning a new skill can rejuvenate you, says Gianpiero Petriglieri, an associate professor at INSEAD. If you're feeling a sense of malaise, identify whether it's the job or the organization causing it.
Harvard Business Review online (tiered subscription model) (8/2) 
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Bring Your Library to Life.
Today's internal auditor has no time for snoozing. That's why the latest IIA Bookstore Catalog includes the most engaging reads to open your eyes to the realities of the profession's greatest challenges and their solutions. Promotion codes throughout the catalog are valid through December 31, 2018. Shop and save here!
IIA News
IIA Aug. Members-Only Webinar: Data Analytics -- a Roadmap for Expanding Capabilities
While analytics driven by technology and capabilities can be impressive, they are only part of the equation. Data hold insight, but it is people who ensure analytics generate value and drive business objectives. Join The IIA from 1 p.m. to 2 p.m. Eastern on Aug. 21. Connect the data dots and register now.
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New global perspectives and insights report: Agility and Innovation
To stay relevant, internal audit must increase its agility by pursuing quantum leaps in innovation and re-envisioning the function's capabilities. But strong internal controls will remain a foundation. IIA members can download a complimentary copy of this report to learn more.
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How many people live on the reputation of the reputation they might have made!
Oliver Wendell Holmes Sr.,
physician and writer
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About The Institute of Internal Auditors
The Institute of Internal Auditors (IIA) is the internal audit profession’s most widely recognized advocate, educator, and provider of standards, guidance, and certifications. Established in 1941, The IIA today serves more than 190,000 members from more than 170 countries and territories. The association’s global headquarters are in Lake Mary, Fla. For more information, visit
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