Summary
I have been saying for many years that both the public and private sectors need to have audited quarterly and y/e crisis and risk management. More needs to be done on auditing business continuity as part of safeguarding assets for both the private and public sectors.
1. Healthcare Crisis - https://www.philips.com/a-w/about/news/archive/blogs/innovation-matters/connected-solution-to-our-healthcare-crisis.html
2. Disease mitigation - https://www.nature.com/articles/s41598-022-05041-0
3. AI and Healthcare - https://www.nature.com/articles/s41598-022-05041-0
4. Genome - https://www.genomebc.ca/blog/canadas-contribution-to-the-global-effort-to-map-the-genomes-of-complex-life-on-earth
5. Industry 4.0 and risk mitigation - https://www.cgerisk.com/2022/01/the-4-biggest-risk-management-challenges-in-the-renewable-industry/
6. Risk - https://riskandinsurance.com/4-cyber-risk-management-features-middle-market-businesses-and-their-brokers-should-look-for/
7. Supply chain - https://www.biopharma-reporter.com/Article/2022/01/17/Call-to-single-use-technology-suppliers-Taskforce-looks-to-build-resilience-in-UK-vaccine-supply-chain
8. Commodity Prices - https://businessinsider.mx/lumber-price-outlook-trader-stinson-dean-climate-change-record-high-2022-1/
9. Fraud and business continuity - https://www.journalofaccountancy.com/news/2021/jun/fight-fraud-with-business-continuity-planning.html
10. Risks - https://www.ifac.org/knowledge-gateway/supporting-international-standards/discussion/auditor-s-response-risks-material-misstatement-arising-estimates-made-applying-ifrs-17-insurance
11. Climate change - https://www.globalcitizen.org/en/content/ways-tackle-climate-change-global-warming-2022/
2. Paul Young - Bio
• CPA, CGA (1996)
• Academia (PF1, FA4, FN2, MU1. and MS2)
• SME – Customer Success Management
• SME – Risk Management
• SME – Close, Consolidate and Reporting
• SME – Public Policy
• SME – Emerging Technology
• SME – Business Process Change
• SME – Financial Solutions
• SME – Macro/Micro Indicators
• SME – Supply Chain Management
• SME – Data, AI, Security, and Platform
• SME – Internal Controls and Auditing
Contact information email: Paul_Young_CGA@hotmail.com
LinkedIn: https://www.linkedin.com/in/paul-young-055632b/
SlideShare - https://www.slideshare.net/paulyoungcga
Twitter: https://twitter.com/paulyoungcpa
Youtube - https://www.youtube.com/user/youngercga1968/videos
3. Agenda
What is crisis management?
Why has the public sector been bad at crisis
management?
What does the public and private sectors
need to do
Accounting Bodies
Reporting and AI
Technology
SEC and Filings
ESG Reporting
Audit and Audit Analytics
Summary
5. Crisis Management and Public Sector
Source - https://www.govtech.com/em/preparedness/Report-Weve-Failed-Miserably-at-Preparedness.html
• The world needs to be unified it how best to manage potential crisis.
• Private sector need to implement integrated reporting as part of preparing their financial statements
- https://www.accountingtoday.com/news/iirc-plans-major-revision-to-integrated-reporting-
framework
• Government does not do enough of auditing crisis management, i.e., pandemics geo-political events
including risk assessment and outcomes
• Source - https://www.slideshare.net/paulyoungcga/global-risk-and-how-to-implement-a-risk-
management-to-your-organization
• Government focus is too narrow
• focus in of government is very short-term, i.e. winning election and holding power -
https://www.slideshare.net/paulyoungcga/how-to-reform-the-public-sector-in-canada-and-around-
the-world
6. Crisis and Management – Top 10 –
Country conflicts and issues
Source - https://www.rescue.org/article/top-10-crises-world-should-be-watching-2021
1. Mozambique: Humanitarian needs rise rapidly as insurgency intensifies
2. Venezuela: COVID-19 compounds years-long economic crisis
3. Nigeria: Conflict and famine risk in the northeast
4. South Sudan: Recovery from civil war at risk
5. Burkina Faso: The world’s fastest-growing displacement crisis
6. Ethiopia: New conflict threatens the region
7. Democratic Republic of Congo: Unprecedented hunger crisis
8. Syria: The deadliest place for humanitarians
9. Afghanistan: Stalled peace process under threat
10.Yemen: Unrelenting conflict and risk of famine
7. Top Geopolitical Risks
Source - https://www.eurasiagroup.net/issues/top-risks-2021
1. Joe Biden Presidency
2. COVID Vaccinations
3. Climate: Net Zero meets – G-Zero
4. USA/China tensions broaden
5. Global data reckoning
6. Cyber tipping point
7. Out of (in) cold Turkey
8. Middle East: Low oil takes it toll
9. Europe after Merkel
10. Latin America disappoints
8. What does
government and
the private sector
need to do
All government need include crisis management as part of
their risk framework
Geo-political events should be reviewed on monthly
basis with reports being made available to public in
terms of mitigation strategies
External and Internal auditors should be review
government’s risk framework including crisis
management as way to assess the risk impact to
public.
Crisis Management and Risk Management should be
separated from government into specific department,
i.e. provincial, state and federal
Local risk and crisis management reports for local
government should be reviewed by external auditors
as part the annual filings.
All businesses need to undertake risk mitigation
policies as part of safeguarding their assets.
10. Technology
RPA / Crisis Management -
https://www.automationanywhere.com/company/blog/rpa
-thought-leadership/protecting-your-business-from-the-
next-crisis or
https://www.idginsiderpro.com/article/3543836/how-rpa-
helps-organizations-deal-with-a-global-crisis.html
AI and Crisis Management -
https://www.neosperience.com/blog/crisis-management-
how-the-ai-can-take-part-on-it-successfully/
IBM / Crisis Management -
https://www.ibm.com/industries/government/public-
safety/intelligent-operations-center-emergency-
management
Reporting Solutions – AI and Corporate Reporting -
https://www2.slideshare.net/paulyoungcga/artificial-
intelligence-ai-with-office-of-the-cfo
Risk Management / Analytics -
https://www2.slideshare.net/paulyoungcga/understanding-
risks-as-part-of-development-risk-management-best-
practices
11. Blog – Watson Assistant and GRC
https://www.ibm.com/blogs/watson/2021/04/ai-governance-risk-compliance-whats-next/
12. Auditing
Both external and internal audit teams will focus on the
following areas:
a) Regulatory filings, especially in areas like ESG
(Environmental, Social, and Governance) Reporting
b) More work in areas like risk and crisis management
c) Adoption of AI as part of internal and external audit
processes
d) Safeguarding assets through better monitoring
e) Adoption of industry 4.0 through enhancements to security
policies and procedures.
f) Fraud prevention and detection
Here is a link to my
work: https://ibm.box.com/s/noi1j6ixzl6ralxkm4g0zzs911wf6s76
13. Data Fabric
Blog – Data Fabric and Premium Services for Cloudpak for Data
(Cognos Analytics and Planning Analytics) -
https://www.youtube.com/watch?v=k4SrN9AhKtU&t=3s
Both the private and public sectors struggle with the
management of structured and unstructured data. Establishing
proper data fabric policies and procedures will allow all
organizations to be more agile with their decision-making
process.
Presentation:
https://ibm.box.com/s/6w39nl609pl1gv1p49lsp87fme7pjlwv
Data Fabric https://www.bmc.com/blogs/data-fabric/
Data Fabric - https://dzone.com/articles/data-fabric-what-is-it-
and-why-do-you-need-it
14. Data and AI
https://www.ibm.com/blogs/internet-of-things/iot-energy-and-utility/
Great share!
I have also highlighted key areas of focus:
a) Risk and compliance area
b) Development of better risk and crisis management reporting as part of mitigating geopolitical and
climate risks
c) Deployment of IoT base solutions as part of monitoring of assets
Additional link - https://www.slideshare.net/paulyoungcga/world-electricity-analysis-and-commentary-
august-2021
15. Other focal Areas
All business and government need to implement the COSO risk
framework including crisis management policies and
procedures.
World leaders need to become proactive not reactive to events.
Scenario Planning should be added to the close, consolidate,
and reporting cycle - https://www.ibm.com/blogs/business-
analytics/scenario-modeling-key-readiness-2018/
Improving Cash Flow -
https://www.youtube.com/watch?v=u4nAKxEqS9w&t=112s
Crisis Management ChatBot -
https://www.youtube.com/watch?v=2bDFYYMqv_g
OpenPages and Watson -
https://www.youtube.com/watch?v=2HsCeyPQJQ8&t=151s
Supply chain management -
https://www.youtube.com/watch?v=yiD2YmL8sKs&t=41s
17. ESG reporting
Getting started with Environmental, Social, and Governance (ESG) reporting
Focus on your material indicators. There are multiple sets of frameworks available, and while each one is different, they overlap. Our company, which
helps companies meet financial compliance challenges, recommends focusing primarily on SASB, GRI and TCFD and seeing where these connections
exist. Next, determine five to seven material indicators relevant to your industry group and for which you have information to disclose, such as climate,
labor, human capital, social inequality, sustainability issues and so on.
Examine peer disclosures. Check on your industry peers and specifically their disclosures, including proxy, 10-K/AR, website. These are an excellent
resource for uncovering important topics to your industry that may not have been identified in step 1. From there, assess what actions the business needs
to take to match or exceed the peer accomplishments.
Create your thematic principles. Between the material indicators and peer-related research, the team should have identified anywhere from seven to 10
topics. Eventually, these will be the foundation of your disclosures. First, have your communications team turn these into three to five thematic
principles. For many, these are what I like to call “three Ps tenets” — people, purpose and planet.
Develop your ESG content. Build content around these principles that meet the criteria discussed earlier. Bring in ESG consultants, analysts and writers
to help, and have them work collaboratively on these pieces.
Think visually. As a last step, I recommend turning this ESG content into infographics that mirror or are complementary to company branding
https://www.cfodive.com/news/getting-started-esg-reporting/611652/?utm_source=Sailthru&utm_medium=email&utm_campaign=Issue:%202021-12-
17%20CFO%20Dive%20%5Bissue:38685%5D&utm_term=CFO%20Dive
This ties nicely into my work on ESG
My box folders - https://ibm.box.com/s/vmyitcackqevvm1hcxv7wke6gudrpnce
My video - https://www.youtube.com/watch?v=M-IEsfJWxXo&t=40s
18. Audit and Audit Analytics
Blog - Dynamic internal audit trends you should prepare for in 2022
A large class of “digital” goods and services have emerged and the use of digital methods of promoting goods and services
(digital marketing), as well as the capabilities of artificial intelligence and the growing cyber threats are increasing.
Examples: remote asset management using gadgets with biometric user identification, analysis of consumer preferences
(with subsequent distribution of information). Extensive automation leads to the presence of system vulnerabilities that can
be exploited to harm.
Internal auditors, therefore, need to re-prioritize their different risk categories, allocating more time and resources to the
areas of cyber security and undertaking strategic risk management audits.
https://www.linkedin.com/pulse/dynamic-internal-audit-trends-you-should-prepare-2022-associates/
Both external and internal audit teams will focus on the following areas:
a) Regulatory filings, especially in areas like ESG (Environmental, Social, and Governance) Reporting
b) More work in areas like risk and crisis management
c) Adoption of AI as part of internal and external audit processes
d) Safeguarding assets through better monitoring
e) Adoption of industry 4.0 through enhancements to security policies and procedures.
f) Fraud prevention and detection
g) Mitigation cybersecurity risks and threats
Here is a link to my work: https://ibm.box.com/s/noi1j6ixzl6ralxkm4g0zzs911wf6s76
19. SEC Filings
ESG Reporting -
https://www.mondaq.co
m/unitedstates/securities
/1116890/sec-pushes-
for-more-robust-climate-
disclosures
My work -
https://ibm.box.com/s/8
781byh80ckzana33g7tv
qgrwpxaxf2m