Topic should be on elderly abuse and ethics of nursingThis assig.docx

Topic should be on elderly abuse and ethics of nursing
This assignment is a formally written paper in APA format, 7th
edition. A minimum of three professional references is required.
You may use internet sites and articles but they will not be
counted as a professional citation. Please use the headings of
each section of the rubric to outline your paper. The paper will
be 7 pages in length—and not exceeding 7 pages of text. Title
page/references are NOT included in this count. A pdf. version
of the paper may NOT be submitted—only a Word document
that can be edited will be accepted. Two points will be deducted
for each page over the maximum number. The grading
guidelines are as follows:
Ethics Final Paper--Evaluation Rubric
Possible Score
Your Score
Introduction: Summary of what is known about the ethical issue
Well summarized (20) Adequately summarized (15),
Superficially summarized (10) Poorly summarized (5)
20
Ethical Dimensions of the Issue Identified and Discussed (why
is this an ethical issue)
Ethical Dimensions Clearly Identified (5), Superficially
identified (2), Not identified (0)
Ethical Dimensions Clearly Discussed (5), Superficially
discussed (2), Not discussed (0)
10
Relevance of the Ethical Issue to Health Professions/Nursing
Relevance of the Ethical Issue to Nursing well described (10),
Adequately described (7), Poorly summarized (3)
10

Relevant Ethical Analysis (Principles, Ethical Theories, Laws,
and Standards of Practice)
Complete Analysis of Principles, Ethical Theories, Laws, and
SOP (30)
Adequate Analysis (15), Superficial Analysis (10), Poorly
Analyzed (5)
30
Personal Professional Response to the Issue
Thorough discussion (10), Adequate Discussion (7), Superficial
Discussion (5)
10
Conclusion: Reflection of What you Learned
Reflection clearly articulated (8), adequately articulated (6),
superficially articulated (4), poorly articulated (2)
8
Spelling, Punctuation and Grammar—pdf. version of paper
WILL NOT be accepted and will result in a grade of zero points
for the assignment without discussion
No errors (10), 1-2 errors (8), 3-4 errors (6), 5 or more errors
(4), errors obscure meaning or the instructions for the
assignment were disregarded (2)
10
Clarity and Organization – Rubric Headings utilized
Headings utilized, paper clear/concise/organized (10)
Headings not utilized, paper clear/concise/organized (7),
No Headings, paper unclear/ not concise/disorganized (5),
Lack of organization obscures meaning or you have not
corrected feedback given in prior assignments (2)

10
Correct APA Style (6th or 7th)
No errors (5), 1-2 errors (4), 3-4 errors (3), 5-6 errors (2),6-7
errors (1), 8 or more errors (0)
5
Correct Length 7 pages of text, PLUS title page and references
YES or NO
2
Minimum of 3 professional nursing references, 5 years old or
less
YES or NO
5
Total Points
120
NRG5000 Theoretical Foundations of Nursing
Dr. Lisa Capps, Faculty
14
A p r i l 2 0 1 4 I S T R AT E G I C F I N A N C E 2 9
C OV E R S TO R Y

Leveraging
Effective Risk
Management and
Internal Control
By J. Stephen McNally, CPA, and Vincent H. Tophoff, RA
E
ffective risk management and internal control (RM/IC) is an
important driver of busi-
ness performance and one of the best defenses against business
failure. Highly success-
ful organizations know how to take advantage of opportunities
and counter threats,
thereby continually improving their overall performance. Others
could leverage RM/IC
more effectively than they do today.
Until recently, many organizations were overly focused on a
financial reporting controls-based
monitoring framework. But the global financial crisis
highlighted that many of the most impactful
risks stem from external circumstances. Moving forward, risk
management and control systems
should take a wider perspective since organizations exist as part
of an open system of dynamic
variables.

As a management accountant, most likely you’re in a position of
cross-functional leadership to
plan, implement, execute, evaluate, and improve RM/IC for
your organization. Therefore, you
should be aware of related developments and emerging trends as
well as recently developed or
revised frameworks and guidance that might help you.
In this article we highlight several of the common pit-
falls to effective RM/IC that many organizations experi-
ence and define and discuss current thinking on risk
management and internal control. Then we identify the
building blocks of effective RM/IC and offer a brief
overview of some useful RM/IC frameworks and guid-
ance by the Committee of Sponsoring Organizations of
the Treadway Commission (COSO), the International
Organization for Standardization (ISO), and the Interna-
tional Federation of Accountants (IFAC). Finally, we chal-
lenge you with a “call to action” regarding the important
role you can play in implementing good RM/IC.

The Pitfalls—Setting the Scene
Several factors caused the recent global financial crisis.
Ethical flaws and regulatory overload, leading to legalistic
compliance, played a role. So did ineffective governance,
risk management, and internal control. For some organi-
zations, governance, risk management, and internal con-
trol existed in name only, not in spirit or in practice. For
others, risk and control systems were focused too nar -
rowly on financial reporting controls only. Indeed, there
has been and continues to be an overwhelming load of
bad RM/IC practices (see Table 1).
Some entities have mistakenly viewed risk management
and internal control as objectives in their own right rather
than as tools to be leveraged in setting and achieving over-
all strategies, goals, and objectives. Others have tried to
“bolt on” stand-alone RM/IC systems or implement off-
the-shelf risk management applications rather than inte-
grate risk management into existing processes and

customize controls to address their unique nature and
risks. At some organizations, RM/IC processes remain
static, becoming out-of-date as the entity continues to
evolve. Management often views RM/IC activities as only
adding cost instead of creating results and sustainable
value. And many focus their RM/IC activities just on
threats, but they should focus on opportunities as well.
Setting and Achieving Objectives
Before discussing risk management and internal control,
we must address setting and achieving objectives—the ulti-
mate goal of organizations. Risk management and internal
control contribute to achieving those objectives. Every
organization should have a defined mission and/or vision,
whether altruistic (e.g., to eradicate world hunger and/or
disease) or pragmatic (e.g., to become the number one
supplier of a given product globally). Through its strategic
planning process and with board oversight, management
must determine how to achieve its vision. Specifically,
management must make choices regarding how the orga-

nization will seek to create, preserve, and realize value for
its stakeholders. The objectives and their subsequent exe-
cution, whether at the entity level or deeper within the
organization, are a reflection of these choices.
These objectives can be strategic in nature or can fall
into several other categories, including operational,
3 0 S T R AT E G I C F I N A N C E I A p r i l 2 0 1 4
C OV E R S TO R Y
This article is based on our presentation “Leveraging
Effective Risk Management and Internal Control for
Your Organization” at the 2013 IMA® Annual Confer-
ence & Exposition. It describes the main features of the
most important risk management and internal control
guidelines, identifies the main pitfalls to risk manage-
ment and internal control, and provides strategies
regarding how to avoid or overcome these pitfalls and
otherwise gain insight into improving risk manage-
ment and internal control in your organization.

A follow-up presentation titled “Upgrading Risk
Management and Internal Control in Your Organiza-
tion” is scheduled for this year’s Annual Conference
& Exposition in Minneapolis, Minn. This hands-on ses-
sion will provide a case study and practical examples
on how you can upgrade your organization’s risk
management and internal control, leveraging the
implementation guidance of the popular ISO 31000
Risk Management standard and the recently revised
COSO Internal Control—Integrated Framework.
The safest place for a ship is
in its harbor, but that isn’t what
ships are made for. They are made to
transport people and goods to other
locations, and that involves risk. The
same concept holds for organizations.
reporting, and/or compliance, and they should be linked

at different levels of the organization. An entity-level
objective, for example, could be to develop a presence in
high-growth markets such as Brazil, China, or India. The
organization’s Latin America division could then include
objectives (and subobjectives as needed) such as conduct-
ing market research regarding Brazilian consumer needs,
initiating export sales to a Brazilian test market, and
identifying potential Brazilian business partners in its
plan. Finally, the market research manager for the divi-
sion could have personal objectives to conduct specific
Brazilian consumer research during the upcoming year.
It’s in setting and achieving your organization’s objectives
that risk comes about.
What Is Risk?
When working toward its objectives, every organization
faces a wide range of uncertain internal and external fac-
tors. The effect of this uncertainty on the organization’s
objectives is called risk, which can be either positive, rep-

resenting opportunity, or negative, representing a threat.
For example, the safest place for a ship is in its harbor,
but that isn’t what ships are made for. They are made to
transport people and goods to other locations, and that
involves risk. The same concept holds for organizations.
Risk should always be assessed in light of setting and
achieving your organization’s objectives. If there are no
objectives, there is no risk.
And Risk Management?
While establishing its objectives, an organization should
consider the wide range of uncertain
internal and external factors—the risks—
that may affect the achievement of these
objectives. Then, having identified and
assessed the relevant risks, and depending
on the organization’s risk appetite or lim-
its for taking risks, management (you and
your colleagues) can determine how best

to manage these risks. In some cases, the
risk response may be acceptance—that is,
taking no action apart from monitoring
the changes in risk. In other cases, you
may opt for (1) avoidance—not partici-
pating in or exiting the activities giving
rise to a given risk; (2) reduction—
removing the source, changing the likeli-
hood, or changing the nature, magnitude,
or duration of the consequences of a given
risk; or (3) sharing—transferring a portion of the risk via
insurance, hedging, a joint venture, or other technique.
Your final risk response could be exploitation or even
taking on more risk, treating the risk as an opportunity.
Financial leveraging of a company, attracting more
debt and thus increasing the debt/equity ratio (gearing
level), is a good example of taking on more risk in the
pursuit of better (financial) performance. Effective risk

management can support determination of the optimum
gearing level, taking into account the company’s particu-
lar objectives, its limits for risk taking, and the ever-
changing circumstances.
This risk assessment process is both dynamic and itera-
tive. Once you and your colleagues have identified and
assessed risk in pursuit of your organization’s objectives,
proper risk management helps you make informed deci-
sions about the level of risk you want to retain and
implementation of the necessary controls. Then, as objec-
tives and circumstances change internally and externally,
your organization’s risk management response may also
need to be revised.
What Is Internal Control?
Internal control, as defined by COSO in its Internal
Control—Integrated Framework (2013), is “a process,
effected by an entity’s board of directors, management,
and other personnel, designed to provide reasonable

assurance regarding the achievement of objectives relat-
ing to operations, reporting, and compliance.” Effective
internal control is an integral part of an organization’s
governance system and ability to manage risk. Therefore,
Table 1: Bad vs. Good RM/IC Practices
RM/IC as objective in itself vs. RM/IC to help achieve
objectives
Auditor/staff driven vs. Driven from top down, supported by
exemplary behavior
Rules-based vs. Performance- and principles-based
Off-the-shelf systems vs. Tailored to the organization
Focus on loss minimization only vs. Also focused on the
creation of value
Mainly hard controls vs. Recognizing influence of culture and
attitude
Imposed vs. Implemented through management of change
Stand-alone/“bolt-on” vs. Integrated/”built-in”
Static, out-of-date vs. Dynamic, evolving
Seen as overhead vs. Seen as a sound investment

Abandoned vs. Integrated in system of management
the governing body, management, and other personnel in
your organization should understand, affect, and actively
monitor internal control to take advantage of the oppor-
tunities and to counter the threats to achieving your
organization’s objectives.
Risk management and internal control can be viewed
as two sides of the same coin in that risk management
focuses on the identification of threats and opportunities,
and controls are designed to effectively counter threats
and take advantage of opportunities. Before designing,
implementing, applying, or assessing a control, your
organization should consider the risk or combination of
risks at which the control is aimed. It should also con -
sider the need to remain agile, avoid overcontrol, and not
become overly bureaucratic. Risk management and inter-
nal control should enable, not hinder, the achievement of

organizational objectives.
Since risk can never be fully managed, you must build
resilience into all actions your organization takes so it can
respond adequately to significant changes in circum-
stances or deal with the effects of unforeseen conse-
quences. After all, it isn’t the strongest or even the most
intelligent of a species that survives but rather the one
most adaptable to change.
Effective RM/IC Building Blocks
Risk management and internal control can be effective
only when those involved clearly understand how they
relate to their roles in setting and achieving their organi-
zation’s objectives. Therefore, RM/IC should be inte -
grated through formal and informal channels into the
elements of the organization’s system of management in
which they are intended to operate, including the related
objectives, activities, processes, systems, risks, and
responsibilities.

Establishment of effective RM/IC should include:
� Implementing a RM/IC framework and processes in
accordance with the standard(s) and/or guidance lever-
aged by the organization;
� Defining the entity’s risk management strategy,
approving the limits for risk taking where feasible, and
determining the criteria for internal control;
� Ensuring that RM/IC is part of all decision making
and subsequent planning and execution;
� Monitoring changes in the internal and external
environment, determining their effect on the organiza-
tion’s objectives, and revising responses consistent with
the organization’s policies for the management of risk;
� Reviewing the effectiveness of the risk management
framework and processes on a regular basis; and
� Reporting on the organization’s performance,
including the effectiveness of its RM/IC arrangements
and, where necessary, plans to address significant issues.

One of the most critical aspects of an effective imple-
mentation is to remember that risk management and
internal control aren’t objectives in their own right.
Rather, they help your organization set and achieve its
strategic, operational, reporting, compliance, and other
objectives. RM/IC shouldn’t be implemented in isolation
but should be built into your organization’s overall system
of management, including its policies; its planning, execu-
tion, and reporting processes; its values; and its culture.
Leveraging Available Standards,
Guidelines, and Resources
If you want to establish more effective RM/IC in your
organization, you can leverage several new or newly
revised standards, guidelines, and resources. Let’s take a
look at some of them.
COSO Internal Control—Integrated
Framework (2013)
In May 2013, COSO issued a revised version of its Inter-
nal Control—Integrated Framework (ICIF). The updated

Framework consists of three volumes and a companion
document.
� Internal Control—Integrated Framework Executive
Summary represents a high-level overview of the 2013
Framework and is intended for the CEO and other senior
management, boards of directors, and regulators.
� Internal Control—Integrated Framework and
Appendices sets out the Framework in detail, defining
internal control, describing the components of internal
control and their underlying principles, and providing
direction for all levels of management in designing and
implementing internal control and assessing its effective-
ness. The appendices to this volume, including a glossary,
specific considerations for smaller entities, and a summa-
ry of changes compared to the 1992 version, provide
additional reference but aren’t considered part of the
Framework.
� Internal Control—Integrated Framework Illustrative

Tools for Assessing Effectiveness of a System of Internal
Control provides templates and scenarios to support
management in applying the Framework, specifically in
terms of assessing effectiveness.
� Internal Control over External Financial Reporting:
A Compendium of Approaches and Examples provides
C OV E R S TO R Y
practical approaches and examples illustrating how the
components and principles in the Framework can be
applied in preparing external financial statements. It is
intended to be used as a resource for questions and
research on specific principles and components rather
than being read from cover to cover.
As shown in Figure 1, the guidance builds on five com-
ponents of internal control: control environment, risk
assessment, control activities, information and communi-

cation, and monitoring activities. The fundamental con-
cepts underlying the five components are conveyed in the
form of 17 guiding principles and more detailed points of
focus. (Also see Revised COSO Framework: Improved but
Further Adjustments Warranted, IFAC, July 2013, and The
2013 COSO Framework & SOX Compliance: One
Approach to an Effective Transition, COSO, June 2013.)
Although all components are necessary for effective inter-
nal control, the Framework doesn’t prescribe specific
controls. Instead, the selection of controls to effect the
relevant principles and associated components is a func-
tion of management judgment based on factors unique to
the organization.
The revised Framework will supersede the original
Framework at the end of 2014, giving your organization,
when applicable, time to transition. COSO anticipates a
relatively easy transition process for those organizations
that have applied the original 1992 Framework properly.

In fact, the new principles and points of focus should
make it easier for organizations to see what is covered
and where gaps may exist.
COSO Enterprise Risk Management—Integrated
Framework (2004)
COSO’s Enterprise Risk Management (ERM) Framework
was published in 2004 and provides guidance to help
businesses and other entities develop and apply their
ERM activities. The Framework expands on internal con-
trol and provides key principles and concepts on the
Control Environment
Risk Assessment
Control Activities
Information & Communication
Monitoring Activities
Op
era
tio

ns
E
n
ti
ty
L
e
v
e
l
D
iv
is
io
n
O
p
e
ra
ti
n
g
U
n
it

F
u
n
ct
io
n
Rep
ort
ing
Co
mp
lian
ce
Figure 1: COSO ICIF Framework
COSO Cube (2013 version)
Figure 2: COSO ERM Framework
From COSO ICIF to COSO ERM
Copyright 2013 by the Committee of Sponsoring Organizations
of the
Treadway Commission. Reproduced with permission from
American Institute
of Certified Public Accountants acting as authorized copyright
administrator
for COSO.
Copyright 2013 (ICIF) and 2004 (ERM) by the Committee of
Sponsoring Organizations of the Treadway Commission.

Reproduced with permission from the
American Institute of Certified Public Accountants acting as
authorized copyright administrator for COSO.
broader subject of enterprise risk management. Specifi-
cally, the COSO ERM Framework identifies and describes
eight interrelated components that are necessary for
effective ERM, including internal environment, objective
setting, event identification, risk assessment, risk
response, control activities, information and communica-
tion, and monitoring.
Internal control is an integral part of ERM, which is
part of an organization’s overall governance arrange-
ments. Thus COSO’s ERM Framework complements
COSO’s newly released ICIF. ERM is applied in setting
strategies as well as in achieving operational, reporting,
and compliance objectives. COSO’s ERM Framework also
expands the ICIF risk assessment component into event
identification, risk assessment, and risk response, and it

introduces the concepts of risk appetite and risk tolerance
(see Figure 2 for a comparison of the two frameworks). A
summary of both COSO frameworks and other materials
are available for free, and the frameworks are available for
sale, at www.coso.org.
ISO Standard 31000:2009—Risk Management
(2009)
The ISO’s Standard 31000:2009—Risk Management, pub-
lished in 2009, sets out principles, a framework, and a
process for managing risk that are applicable to any type
of organization in the public or private sector. The ratio-
nale behind this standard is that all of an organization’s
activities involve risk and that organizations need to
manage this risk effectively. ISO 31000 describes how to
do this in a systematic and logical way.
As shown in Figure 3, ISO 31000 specifies 11 principles
for managing risk, which include the idea that risk man-
agement creates value, represents an integral part of orga-

nizational processes, and is part of decision making. In
addition, risk management is systematic, structured, and
timely; explicitly addresses uncertainty; and is based on
the “best available information.” Risk management also
should be tailored to the specific circumstances of the
organization, consider human and cultural factors, and
be transparent and inclusive. Finally, it is dynamic, itera-
tive, and responsive to change, and it facilitates continu-
ous improvement.
The ISO 31000 risk management framework (see Fig-
ure 3) provides the foundations and organizational
arrangements for designing, implementing, monitoring,
reviewing, and continually improving risk management
throughout the organization. These arrangements need to
be in place to enable good risk management.
The ISO risk management process (see Figure 3) is
composed of communicating, consulting, establishing the
context, and identifying, analyzing, evaluating, treating,

monitoring, and reviewing risk. These are the iterative
steps that need to be considered as an integrated part of
A. Creates value
B. Integral part of
organizational processes
C. Part of decision making
D. Explicity addresses
uncertainty
E. Systematic, structured, and
timely
F. Based on the best available
information
G. Tailored
H. Takes human and cultural
factors into account
I. Transparent and inclusive
J. Dynamic, interactive, and
responsive to change
K. Facilitates continual
improvement and enhance-
ment of the organization

MANDATE AND
COMMITMENT
(4.2)
DESIGN OF
FRAMEWORK FOR
MANAGING RISK
(4.3)
MONITORING AND
REVIEW OF THE
FRAMEWORK (4.5)
IMPLEMENTING
RISK
MANAGEMENT
(4.4)
CONTINUAL
IMPROVEMENT OF
THE FRAMEWORK
(4.6)
FRAMEWORK FOR
MANAGING RISK
(Clause 4)
PRINCIPLES FOR
MANAGING RISK

(Clause 3)
ESTABLISHING THE CONTEXT
(5.3)
RISK IDENTIFICATION (5.4.2)
RISK ANALYSIS (5.4.3)
RISK EVALUATION (5.4.4)
RISK TREATMENT (5.5)
PROCESS FOR
MANAGING RISK
(Clause 5)
C
O
M
M
U
N
IC
A
TI
O
N
A
N
D
C
O
N
SU

LT
A
TI
O
N
(
5.
2)
M
O
N
IT
O
R
IN
G
A
N
D
R
EV
IE
W
(
5.
6)
RISK ASSESSMENT
(5.4)
Figure 3: ISO 31000 Risk Management Principles, Framework,
and Process

This excerpt is taken from ISO 31000:2009, figure 1, on page
vii, with the permission of ANSI on behalf of ISO. © ISO 2013
- All rights reserved.
C OV E R S TO R Y
management and execution in every decision or action.
One note: The principles, framework, and process in
the ISO 31000 standard are interrelated, and all need to
be implemented and applied in order for risk manage-
ment to be effective in your organization.
Implementing ISO 31000 enables your organization to:
� Be aware of the need to identify and treat risk through-
out the entity;
� Improve the identification of opportunities and
threats;
� Establish a reliable basis for decision making and
planning;
� Increase the likelihood of achieving its objectives;
� Improve operational effectiveness and efficiency;

� Enhance health and safety performance as well as
environmental protection;
� Comply with relevant legal and regulatory
requirements;
� Improve mandatory and voluntary reporting; and
� Improve stakeholder confidence and trust.
The standard doesn’t mandate a one-size-fits-all
approach. Instead, it emphasizes the fact that the man-
agement of risk must be tailored to the specific needs and
structure of your organization.
The ISO Standard 31000 is available for sale at
http://webstore.ansi.org.
Many organizations use both the COSO ERM and the
ISO 31000 frameworks. The biggest challenge, however, is
that the terms and concepts underlying both standards
aren’t aligned (see Table 2).
IFAC’s Evaluating and Improving
Internal Control in Organizations

Despite the existence of sound internal control guide-
lines, the application of such guidelines often fails or
could be further improved in many organizations. Evalu-
ating and Improving Internal Control in Organizations,
part of IFAC’s International Good Practice Guidance
series, is a practical guide focused on how you can sup-
port your organization in evaluating and improving
internal control as an integral part of its governance sys-
tem and risk management (see Figure 4). The guidance is
complementary to existing internal control guidelines
because it highlights a number of areas where the practi-
cal application of such guidelines often fails in many
organizations.
Specifically, IFAC’s guidance helps you and your orga-
nization answer many key questions, including:
� What should be the scope of our internal control?
� Who should be responsible for internal control?
� How should controls be selected, implemented, and

applied?
� How can internal control be better integrated into the
DNA of our organization?
� How should our organization report on internal con-
trol performance?
Both the full guidance as well as an executive summary
are available at www.ifac.org.
The Role of Management
Accountants
In many organizations, management accountants are in a
position of cross-functional leadership, which means they
can play a key role in planning, implementing, executing,
evaluating, and improving risk management and internal
control.
First, they can champion the importance of good risk
management, including internal control. Because of their
attitude and behavior, they can set the tone for good
GOVERNANCE RISK MANAGEMENT INTERNAL CONTROL

Table 2: COSO ERM vs. ISO 31000
COSO ISO 31000
Lengthy (Too lengthy?) Short (Too short?)
Focused on ERM General approach to managing risk
One cube Framework and process
Skewed to negative Risk can be positive or negative
Risk already exists Risk tied to achieving objectives
Risk and opportunities Opportunities also source of risk
More sequential process More iterative process
Figure 4: Relation Between Governance, Risk
Management, and Internal Control
Internal control is part of the risk management process, which,
in
turn, is an intergral part of the organization’s governance
system.
RM/IC throughout the organization as well as drive the
integration of RM/IC into line management. They also
can enable appropriate application of RM/IC principles
by organizing training sessions in understandable lan-

guage. Most important, however, they can ensure RM/IC
is part of every decision-making process and subsequent
planning and execution.
Second, management accountants can support line
management by providing high-quality information.
Decisions should be made only with explicit understand-
ing of related risks and the potential consequences for
achieving an organization’s objectives. Thus decision
makers require relevant and reliable information for deci-
sion making and control processes. Management accoun-
tants are responsible for providing objective, accurate,
and timely information and analyses, which often are
produced through the finance and control systems,
thereby ensuring decision makers have the high-quality
information they need.
Third, management accountants should establish
RM/IC for the finance function. Since they usually are
responsible specifically for finance and control, they

should make RM/IC part of every decision and subse-
quent steps related to achieving the organization’s finance
function objectives.
Fourth, management accountants can evaluate and
improve the effectiveness of their organization’s risk
management and internal control framework and
processes. They also can play a leading role in ensuring
that RM/IC continues to be an integral part of their orga-
nization’s system of management.
Finally, management accountants can also take the
lead in analyzing and reporting on the organization’s
performance, including the effectiveness of its RM/IC
arrangements.
Call to Action
Now you know that having effective RM/IC is both an
important driver of business performance and one of the
best defenses against business failure. And you realize that
highly successful organizations know how to take advan-

tage of opportunities and counter threats, thereby contin-
ually improving their overall performance. You have
gained insight into good vs. bad RM/IC practices and
have been introduced to several of the most respected
RM/IC frameworks and guidance available.
Armed with this knowledge, you and your colleagues
can play an important role in evaluating and further
improving RM/IC in your organization. Specifically, we
challenge you to:
� Continue to build subject matter expertise regarding
the key frameworks, guidelines, and regulations impact-
ing governance, risk management, and internal control;
� Educate your organization’s governing body, audit
committee, C-suite, operating unit, and/or functional
management, as well as other staff, on the pitfalls to effec-
tive RM/IC, and provide insight into strategies on how to
avoid or overcome these pitfalls;
� Champion the importance of leveraging good

RM/IC practices;
� Enable effective decision making by providing line
management with high-quality information, including
explicit understanding of related risks and their potential
consequences;
� Establish effective RM/IC specifically for the finance
function; and
� Audit or review your organization’s RM/IC arrange-
ments and report on their effectiveness.
By doing all this, you can truly support your organiza-
tion in leveraging effective risk management and internal
control, thereby enabling sustainable success. SF
J. Stephen McNally, CPA, is finance director and controller
for Campbell Soup Company’s Napoleon & Flavor Opera-
tions. He represented IMA on COSO’s Internal Control—
Integrated Framework Refresh Project Advisory Council and
chaired IMA’s related COSO Advisory Panel. Steve also
served on IMA’s Global Board of Directors and is a member

of IMA’s Toledo Chapter. You can reach Steve at
[email protected]
Vincent H. Tophoff, RA, is senior technical manager at the
International Federation of Accountants, working directly
with the Professional Accountants in Business Committee.
Previously he was partner at INTE-Q Integration Manage-
ment, a management-accountancy-related consulting firm
in Utrecht, Netherlands. He is a member of Nederlandse
Beroepsorganisatie van Accountants, the Dutch institute of
registered accountants. On behalf of IFAC, Vincent partici-
pated on the COSO Advisory Council for the revision of the
Internal Control—Integrated Framework and is part of the
ISO Project Committee developing implementation guid-
ance for the ISO 31000 Risk Management Standard. You
can reach Vincent at [email protected]
Copyright © 2014 by International Federation of Accountants
(IFAC).
Used with permission. All rights reserved. Written permission
from
IFAC is required for use of this text, including permission to
translate.
Contact [email protected]

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