An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon.” Auditing also attempts to ensure that the books of accounts are properly maintained by the concern as required by law. Auditors consider the propositions before them, obtain evidence, and evaluate the propositions in their auditing report.
The International Actuarial Association (IAA) is a worldwide association of local professional actuarial associations.
Robert Charles Pozen known as "Bob" is an American financial executive with a strong interest in public policy. Pozen currently teaches executives about how to be more productive and serves as an executive coach and mentor, www.bobpozen.com. He is the former chairman of MFS Investment Management, the oldest mutual fund company in the United States. Previously, Pozen was the President of Fidelity Investments. As of 2020 he is a senior lecturer at MIT Sloan School of Management, and a senior fellow at the Brookings Institution.
The chief risk officer (CRO) or chief risk management officer (CRMO) or chief risk and compliance officer (CRCO) of a firm or corporation is the executive accountable for enabling the efficient and effective governance of significant risks, and related opportunities, to a business and its various segments. Risks are commonly categorized as strategic, reputational, operational, financial, or compliance-related. CROs are accountable to the Executive Committee and The Board for enabling the business to balance risk and reward. In more complex organizations, they are generally responsible for coordinating the organization's Enterprise Risk Management (ERM) approach. The CRO is responsible for assessing and mitigating significant competitive, regulatory, and technological threats to a firm's capital and earnings. The CRO roles and responsibilities vary depending on the size of the organization and industry. The CRO works to ensure that the firm is compliant with government regulations, such as Sarbanes–Oxley, and reviews factors that could negatively affect investments. Typically, the CRO is responsible for the firm's risk management operations, including managing, identifying, evaluating, reporting and overseeing the firm's risks externally and internally to the organization and works diligently with senior management such as chief executive officer and chief financial officer.
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is an organization that develops guidelines for businesses to evaluate internal controls, risk management, and fraud deterrence. In 1992 (and subsequently re-released in 2013), COSO published the Internal Control - Integrated Framework, commonly used by businesses in the United States to design, implement, and conduct systems of internal control over financial reporting and assessing their effectiveness.
Enterprise risk management (ERM) in business includes the methods and processes used by organizations to manage risks and seize opportunities related to the achievement of their objectives. ERM provides a framework for risk management, which typically involves identifying particular events or circumstances relevant to the organization's objectives, assessing them in terms of likelihood and magnitude of impact, determining a response strategy, and monitoring process. By identifying and proactively addressing risks and opportunities, business enterprises protect and create value for their stakeholders, including owners, employees, customers, regulators, and society overall.
ISACA is an international professional association focused on IT governance. On its IRS filings, it is known as the Information Systems Audit and Control Association, although ISACA now goes by its acronym only. ISACA currently offers 8 certification program as well as other micro-certificates.
Internal auditing is an independent, objective assurance and consulting activity designed to add value and improve an organization's operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, control and governance processes. Internal auditing might achieve this goal by providing insight and recommendations based on analyses and assessments of data and business processes. With commitment to integrity and accountability, internal auditing provides value to governing bodies and senior management as an objective source of independent advice. Professionals called internal auditors are employed by organizations to perform the internal auditing activity.
Oliver Wyman is an American management consulting firm. Founded in New York City in 1984 by former Booz Allen Hamilton partners Alex Oliver and Bill Wyman, the firm has more than 60 offices in Europe, North America, the Middle East, and Asia-Pacific employing over 5,000 professionals. The firm is part of the Oliver Wyman Group, a business unit of Marsh McLennan.
Marsh & McLennan Companies, Inc., doing business as Marsh McLennan, is a global professional services firm, headquartered in New York City with businesses in insurance brokerage, risk management, reinsurance services, talent management, investment advisory, and management consulting. Its four main operating companies are Marsh, Guy Carpenter, Mercer, and Oliver Wyman.
Following is a partial list of professional certifications in financial services, with an overview of the educational and continuing requirements for each; see Professional certification § Accountancy, auditing and finance and Category:Professional certification in finance for all articles. As the field of finance has increased in complexity in recent years, the number of available designations has grown, and, correspondingly, some will have more recognition than others. Note that in the US, many state securities and insurance regulators do not allow financial professionals to use a designation — in particular a "senior" designation — unless it has been accredited by either the American National Standards Institute or the National Commission for Certifying Agencies.
Maggie Wilderotter is an American businessperson who is the chairwoman of DocuSign and the former chief executive officer of Frontier Communications, from November 2004 to April 2015; then executive chairman of the company until April 2016. During her tenure with Frontier, the company grew from a regional telephone company with customer revenues of less than $3 billion to a national broadband, voice and video provider with operations in 29 states and annualized revenues in excess of $10 billion.
Information Systems Security Association (ISSA) is a not-for-profit, international professional organization of information security professionals and practitioners. It was founded in 1984 after work on its establishment started in 1982. ISSA promotes the sharing of information security management practices through educational forums, publications and networking opportunities among security professionals.
The National Association of Corporate Directors (NACD) is an independent, not-for-profit, section 501(c)(3) founded in 1977 and headquartered in Arlington, Virginia. NACD's membership includes the entire boards of 1,700+ corporations as well as several thousand individual members, for a total of more than 23,000 members. Membership is open to individuals serving on boards of public, private, and nonprofit organizations from both the United States and overseas. The organization is registered with the National Association of State Boards of Accountancy as a sponsor of continuing professional education on the National Registry of CPE Sponsors.
The chief audit executive (CAE), director of audit, director of internal audit, auditor general, or controller general is a high-level independent corporate executive with overall responsibility for internal audit.
Risk IT, published in 2009 by ISACA, provides an end-to-end, comprehensive view of all risks related to the use of information technology (IT) and a similarly thorough treatment of risk management, from the tone and culture at the top to operational issues. It is the result of a work group composed of industry experts and academics from different nations, from organizations such as Ernst & Young, IBM, PricewaterhouseCoopers, Risk Management Insight, Swiss Life, and KPMG.
Financial Executives International (FEI) is a member-service–oriented organization based in Morristown, New Jersey, for senior-level financial executives in companies in varying sizes, both public and private, and in all industries. FEI operates a separate nonprofit foundation: Financial Education & Research Foundation (FERF), which acts as an impartial financial resource for members and Foundation supporters.
Strategic risk is the risk that failed business decisions may pose to a company. Strategic risk is often a major factor in determining a company's worth, particularly observable if the company experiences a sharp decline in a short period of time. Due to this and its influence on compliance risk, it is a leading factor in modern risk management.
Charles Myer Elson is the Edgar S. Woolard Jr. Chair in Corporate Governance at the University of Delaware. He currently serves on the Board of Directors for Encompass Health. He has served on the Board of Directors for Circon Corporation, Sunbeam Corporation, Nuevo Energy, AutoZone, Alderwoods Group, and Bob Evans Farms.
