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Adopting a smarter cybersecurity strategy

Apr 25, 2019

On April 25, 2019, the National Association of Corporate Directors (NACD) published a blog on enterprise cybersecurity. Cybersecurity was once considered an information technology (IT) function and a challenge for the IT team, but it’s safe to say that most directors of companies understand that much has changed in the past decade.

Today, cybersecurity is a strategic business imperative—boards and senior executives are actively involved in cybersecurity strategy because it has become a closely entwined part of enterprise risk management. Enterprises are increasingly digital, and decisions made at the board and C-suite level will ultimately have tremendous influence over an enterprise’s future business success or failure.

Review the full blog on the NACD's website.

New research spotlights CEO succession challenges

Apr 18, 2019

On April 18, 2019, the National Association of Corporate Directors (NACD) released a blog on effective succession planning. “Who should be the next CEO?” is a headline few boards would like to see referencing their company atop the financial dailies. It often suggests a failure in succession planning.

There may be a number of reasons for this—from inadequate or antiquated formal plans, to unexpected departures and difficulty to agree on a successor profile. Wells Fargo & Co., HBO, and others have encountered some of challenges, but they do not stand alone. All public companies have been put on notice by BlackRock and others on the investor side, who now have an increased focus on effective succession planning.

Review the full blog on the NACD's website.

How to get first-time audit committee members up to speed

Apr 16, 2019

On April 16, 2019, the National Association of Corporate Directors (NACD) released a blog for first-time directors appointed to boards and how realizing the full extent of what the audit committee is responsible for can be an eye opener.

Which of the following areas does the audit committee typically oversee? 

  • Fraud
  • Financial statements
  • Data privacy
  • Whistleblower policies
  • Third-party risk
  • All of the above
  • None of the above

The correct answer, all of the above, won’t surprise anyone who’s served on an audit committee. They know they meet more often than other committees (an average of nine times a year) and their meetings are typically longer than those of other committees.

In the past 10 years, the number of first-time directors appointed to S&P 500 boards has risen from 24 percent of the incoming class to 33 percent, according to Spencer Stuart. Fewer of today’s newly appointed directors are current or former CEOs, and more are women and minorities with other executive experience, such as line or functional leadership.

Along with this shift to selecting directors with more varied backgrounds, we’ve noticed another growing trend: More companies are putting new board members without financial expertise on their audit committees.

Review the full blog on the NACD's website.

Reimagine risk: Thrive in your evolving ecosystem

Apr 11, 2019

On April 11, 2019, we published an article how an overwhelming majority of executives now acknowledge risk management’s strategic importance. The task now before risk management functions—and CROs—is to rise to the challenge by equipping themselves to provide business-focused insight.

In environments of change, professionals in a range of endeavors often fail to understand risks and their roles in managing them.

In organizations, a lack of awareness of risks, of people’s roles in controlling them, and of ways to use risk data and new technologies and tools increases the challenges of risk management and undermines the achievement of strategic goals. Most organizations understand this: More than 90 percent of the risk managers we surveyed expect risk management to become more important to achieving strategic goals in the next five years.

Since the financial crisis, many organizations have—to varying degrees—upgraded and restructured their risk management functions. Yet much work remains undone. To understand the progress made—and still to be made—Deloitte surveyed 100 executives with the title of chief risk officer (CRO) or equivalent, 100 C-suite executives not primarily responsible for risk, and 300 executives in risk-related functions such as IT and operational risk.

Review the full article on our US firm's website.

Status, fear, and solitude: Men and gender equality at the top

Apr 08, 2019

On April 8, 2019, we published an article that asks why is workplace gender equality still so difficult to achieve? Much of the answer may lie in an unexpected place: how traditional masculinity keeps men tied to the strenuous expectations of many organizational cultures.

Deloitte’s new report “The design of everyday men” investigates men’s experiences with work, family, and masculinity to explore the impact of organizational and cultural expectations on their behavior both within and outside the workplace.

Review the full article on our US firm's website.

IESBA Meeting Highlights March 11-13, 2019

Mar 27, 2019

On March 27, 2019, the International Ethics Standards Board for Accountants (IESBA) released the highlights of its March 11-13, 2019 meeting.

Discussion points included:

  • Rollout of the Revised Restructured Code
  • Alignment of Part 4B with ISAE 3000
  • Technology
  • Role and Mindset
  • Fees
  • Non-assurance Services (NAS)
  • IESBA Working Processes Report-Back
  • e-Code
  • Long Association

Review the highlights and the podcast on the IESBA's website.

Protocol helps facilitate the mainstreaming of measurement and valuation of people and communities

Mar 05, 2019

The Social & Human Capital Coalition (SHCC) launched the Social & Human Capital Protocol. The protocol provides a consistent process to guide businesses as they assess their relationship with social and human capital.

It offers an overarching framework for collaborative action to bring together different approaches for social and human capital measurement and valuation and is designed to be used alongside the Natural Capital Protocol to understand the full spectrum of business interactions with people, society and the environment.

Review the protocol on the SHCC's website.

Practice Aid: helping you navigate International <IR> Framework requirements

Feb 28, 2019

In February 2019, the International Integrated Reporting Council (IIRC) published the IIRC Practice Aid designed to help preparers navigate International <IR> Framework requirements.

Organizations around the world use the International <IR> Framework, with its set of Guiding Principles and Content Elements, to develop an effective integrated report that communicates their value creation story.

The <IR> Framework takes a principles-based approach that ensures it is usable by organizations of any size and in any sector. It also includes a small number of requirements that are to be applied before an integrated report can be said to be in accordance with the <IR> Framework.

This is part of the IIRC's ongoing efforts to support report preparers as they adopt and advance integrated reporting in their organization and to remind report preparers of these requirements.

Review the practice aid on the IIRC's website.

Consultation document released on tax challenges of digitalization

Feb 13, 2019

On February 13, 2019, as part of the ongoing work of the OECD/G20 inclusive framework for the global implementation of the BEPS project, the Organisation for Economic Co-operation and Development (OECD) released a consultation document "Addressing the Tax Challenges of the Digitalization of the Economy." Comments are requested by March 1, 2019.

The consultation document sets out four proposals under consideration by the members of the inclusive framework as they work towards reaching a new consensus-based long-term solution in 2020. Options under consideration are:

  • Three proposals to revise existing profit allocation and nexus rules based on the concepts of (i) "user participation," (ii) "marketing intangibles" and (iii) "significant economic presence;" and
  • A global anti-base erosion proposal comprising income inclusion and denial of deduction rules to permit countries to tax profits where income is subject to no or very low taxation.

The consultation document makes clear that countries have agreed to look at a range of proposals on a "without prejudice" basis to allow for necessary further work without commitment at this stage to a particular course of action.

Review a summary and the consultation paper consultation paper on the OECD's website.

Change the conversation: Redefining how companies engage investors on sustainability

Feb 06, 2019

On February 6, 2019, Ceres, a sustainability nonprofit organization, released the report "Change the Conversation". Drawing from their interviews with Ceres investor partners, the report highlights key trends in investors’ evolving expectations for corporate sustainability.

It presents nine recommendations to guide companies toward more meaningful and effective investor engagement on ESG issues, helping them to not only meet investor expectations, but also capture competitive advantage.

Review the report on Ceres' website.

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