BF_GRC FINANCE LINK Penton Media June 24, 2009 If you want to view this on the web go to: http://enews.penton.com/enews/businessfinance/v/190 ---------------------------------------- ADVERTISEMENT GRC Case Study: CME Moves to Risk Based Compliance Hear how the Chicago Mercantile Exchange (CME) advanced with a leading GRC Program when John Verburgt, CME's Director of Compliance, joins GRC editor and expert Eric Krell to present a case study detailing the best practices that allowed CME to derive strategic benefits from its GRC strategy. Plus, an in-depth 2009 Study of GRC Best Practices is available free to all registrants. http://businessfinancemag.com/audio/grc-case-study-podcast-part-1-0618 ---------------------------------------- TODAY'S ALERTS --How Will IFRS Affect Private Companies? How will the conversion to/adoption of IFRS in the United States affect private companies? If the widespread use of GAAP by U.S. private companies is any indication, IFRS consultants and implementers will find eager clients among private companies as well as public companies. However, there are some unique IFRS issues facing private companies. To view the full article go to: http://bigfatfinanceblog.com/2009/06/12/ifrs-and-private-companies/ --H-1B Layoffs Pose a Risk Companies that fail to follow all of the proper steps when laying off foreign nationals who hold an H-1B work visa could end up paying wages and benefits to the visa holder until the Department of Labor resolves the issue. To view the full article go to: http://bigfatfinanceblog.com/2009/06/24/ithr-compliance-risk-h-1b-layoffs/ --Award Honors Best Fraud Attempts of the Year The financial transaction monitoring company Oversight Systems has recognized unstealthy criminals with its Fraudies awards. Winners made "the most audacious attempts to appropriate company resources for personal gain." The Fraudies Selection Committee doesn't focus on the size of the transaction but "chooses its winners based on the creativity, humor, and farcical nature of their alleged career-limiting schemes." To view the full article go to: http://bigfatfinanceblog.com/2009/06/18/the-best-frauds-ever/ --Is Internal Audit Ready to Take On IFRS? Now that internal auditors have (hopefully) handed off ongoing Sarbanes-Oxley compliance to business process owners and made some headway on enterprise risk management (ERM) programs, they could be the "eyes and ears of the audit committee" and a "business adviser" on IFRS implementation, according to a new Ernst & Young paper. Ernst offers criteria that companies can use to assess the degree to which internal audit is prepared to take on an IFRS oversight role. To view the full article go to: http://bigfatfinanceblog.com/2009/06/22/ifrs-and-ia/ --How to Prepare for Regulatory Changes The financial systems renovation has already begun, and there are surely more changes to come. OpenPages Vice President Gordon Burnes has nine recommendations for organizations that are preparing for pending regulatory changes. To view the full article go to: http://bigfatfinanceblog.com/2009/05/29/be-prepared/ --GRC Personality Test The effectiveness of GRC depends on who is responsible for it. Are the people running your GRC efforts more like Countrywide's former CFO Eric Sieracki, who painted a rosy picture of the company even in the middle of the subprime crisis, or the company's former Chief Risk Officer John McMurray, who warned execs numerous times about the unhealthy risks in the company's subprime lending practices? To view the full article go to: http://bigfatfinanceblog.com/2009/06/10/grc-personality-test/ --Emerging Risk: Employee Debt Employees' financial problems could become a risk management concern for companies, according to a new report. To view the full article go to: http://bigfatfinanceblog.com/2009/06/08/emerging-risk-employee-debt/ --Stop Snickering at the Dollar A Chinese audience at Beijing University recently laughed at U.S. Treasury Secretary Tim Geithner's assurance that their dollar investments were safe. "The Chinese should be wary of such hubris," warns Washington Post columnist David Smick. "While America's public finances are troubling, to say the least, Beijing and the rest of the world should examine the future for economies, including China's, that have become overwhelmingly dependent on exports. Their future looks as problematic as the future of the debt-ridden United States." To view the full article go to: http://bigfatfinanceblog.com/2009/06/15/stop-snickering-at-the-dollar/ --Why ERM Makes Sense Now Looking to gain a competitive advantage, improve bond ratings, and lower the cost of audits? BDO consulting partner Glenn Pomerantz and managing director Sydney Rose Leo suggest implementing a formal enterprise risk management (ERM) program. To view the full article go to: http://bigfatfinanceblog.com/2009/06/01/why-erm-makes-sense-now/ --Why Integrate Risk Management and Performance Management? Eric Krell interviews Sanjay Poonen -- senior vice president and general manager, SAP BusinessObjects performance optimization applications -- on the integration of risk management and performance management. To view the full article go to: http://businessfinancemag.com/article/full-disclosure-qa-why-integrate-risk-management-and-performance-management-0527 --Risk Management + Performance Management = Better Decisions Decision-making is a hot topic, and in business, decision-making centers on how organizations and the individuals who manage them balance risk and opportunity. To strike a better balance, they need processes and systems to help. That's where the integration of risk management and performance management comes in. To view the full article go to: http://bigfatfinanceblog.com/2009/05/27/risk-management-performance-management-better-decisions/ --Risk Management "Fuels" Sustainability A new report from commercial insurance company FM Global on how business owners can reduce greenhouse gases by using certain risk management systems demonstrates the link between risk management and corporate sustainability. To view the full article go to: http://bigfatfinanceblog.com/2009/06/03/risk-management-fuels-sustainability/ --Integrated Business Planning Perks Integrated business planning (IBP) can help organizations sell more, better allocate their resources, and speed up their reaction time to changing market conditions. Learn more by reading Ventana Research's "Integrated Business Planning: Addressing Today's Challenges and Opportunity" in the BPM Resource Center. To view the full article go to: http://resources.bpmmag.net/index.html?action=viewSponsors&sponsorID=11&userID=1363 --Last Chance to Participate in Our Corporate Tax Survey Has the downturn helped or hampered tax executives' quest for a more strategic and proactive role? What tactics and technologies are tax leaders embracing to steer through economic turmoil? Help us track the forces shaping today's tax departments by participating in this 10-minute survey. All of the information you provide will be kept strictly confidential. The results will be presented in an upcoming issue of Business Finance. If you respond by June 26, you'll be entered into a drawing for one of two $100 Visa gift cards! To view the full article go to: http://insidepenton.com/research/er/BF/bftax2009.htm ---------------------------------------- Sponsor: Business Finance http://businessfinancemag.com/ ---------------------------------------- Webcasts ---------------------------------------- Creating a Competitive Edge with Planning and Analysis: Leveraging SAP BusinessObjects Planning and Consolidation http://w.on24.com/r.htm?e=151155&s=1&k=23901B5D394A1348DD11E3B1ACF70FDD&partnerref=newsletter The "Forecasting Close" -- The Relentless Pursuit of Understanding What the Future Brings http://w.on24.com/r.htm?e=150931&s=1&k=743C7162911DBFF6BEE7A0BA101021DD&partnerref=newsletter Unlocking Liquidity: How to Effectively Implement Supply Chain Financing http://w.on24.com/r.htm?e=153501&s=1&k=7B93AF5C584300E5B163379DB0A2E160&partnerref=newsletter ---------------------------------------- Video ---------------------------------------- Transitioning to Continuous Monitoring Jason Gross, Vice President of Controls Management at Siemens Financial Services, Inc., describes the process and technology used to detect compliance and risk issues associated with its financial and operational activities. http://businessfinancemag.com/video/transitioning-continuous-monitoring-0622 ---------------------------------------- In this Issue ---------------------------------------- Business Finance magazine now FREE to qualified subscribers. Subscribe now! (http://businessfinancemag.com/subscribe) ---------------------------------------- Sponsorships ---------------------------------------- IF YOU WANT TO SPONSOR Business Finance, contact: Publisher, Matthew Weiner, 212-204-4221, mweiner@penton.com New England, Matt Butcher, 212-204-4240, matt.butcher@penton.com East/Southeast/Midwest, Jack Walsh, 516-520-0398, jwalsh@penton.com Texas/Minnesota, Marc Angel, 212-204-4201, marc.angel@penton.com West, Neil Dant, 949-838-2117, neil.dant@penton.com ---------------------------------------- Feedback ---------------------------------------- IF YOU HAVE QUESTIONS, comments, or reader feedback about an item covered in GRC Finance Link, contact our online editorial staff at newsletter@businessfinancemag.com. ---------------------------------------- Press ---------------------------------------- PRESS RELEASES CAN BE SUBMITTED electronically to Business Finance by e-mailing pressreleases@businessfinancemag.com. ---------------------------------------- ABOUT THIS NEWSLETTER To unsubscribe click here http://email.businessfinancemag.com/webforms/newsletter/unsub/?email=#email#&lid=#list_id#&mid=#message_id# Copyright 2008, Business Finance (a Penton Media Publication) 249 West 17th Street (3rd Floor) New York, NY 10011 http://www.businessfinancemag.com