Middle Market CEO, CRO, CFO or Directors: Beware this reputational and financial risk
November 1, 2017 – Dallas, Texas and Atlanta, Georgia – Strategic enterprise risk management (ERM) expert and speaker Gary W. Patterson, FiscalDoctor®, begins with the head-in-the sand compliance and management of basketball recruiting by college administrators and suggests there are more common points between basketball recruiting and procurement fraud then corporate management would like to believe.
Consider the strategic brief 5 question self-assessment, in his article What Do Basketball Recruiting And Procurement Fraud Have In Common? published by Corporate Compliance Insights (CCI) http://www.corporatecomplianceinsights.com/what-do-basketball-recruiting-and-procurement-fraud-have-in-common/
This article advocates three key steps:
- Quantify where your organization is TODAY on this scale from 1 to 10 with five ascending levels,
- Guesstimate your personal and reputational exposure WHEN, not IF, embarrassment occurs at your organization, and
- Calls for proactive step to reduce whatever exposure level your organization has.
Who should consider applying this process with applications for governance, risk assessments and enterprise risk management (ERM) type issues, inside a value based operational and strategic assessment framework? Family business, private and public business and equity group investor
- Corporate directors, key committee chairs and board chairs
- Corporate officers and C-suite executives
- Shareholders, stakeholders, regulators and legislators
- SMB, middle market and global 2000
For their risk management process to help meet financial and strategic goals, it is imperative for management to understand the magnitude of risks in pursuit of business objectives, and how the organization's products and offerings and opportunities can be mapped to these risks. Just as every person needs a medical doctor; every organization needs a FiscalDoctor and periodic fiscal checkups. He also supports special projects for business growth, risk assessments, value based enterprise risk management (ERM), operational risk management (ORM), fiscal checkups, corporate governance, strategic planning updates, special board projects or requests and strategic growth diagnostics.
About Corporate Compliance Insights
Corporate Compliance Insights is a professionally designed and managed forum dedicated to online discussion and analysis of corporate compliance, risk assessment, ethics, audit and corporate governance topics. Additionally, Corporate Compliance Insights is a focused knowledge-sharing forum designed to educate and encourage informed interaction within the corporate compliance community – dealing with issues of ethics, audit, compliance, FCPA, governance, risk, fraud and GRC.
Corporate Compliance Insights is founded by Maurice Gilbert, managing partner of Conselium, a compliance-focused executive search firm. http://www.corporatecomplianceinsights.com
About Gary W. Patterson
Patterson, a Big 4 CPA / Stanford MBA, consults and speaks regularly on business growth, accountability, facilitation, governance, risk management, achieving corporate financial goals, and building long-term wealth.
He also helps leaders increase profitability providing access to 100 insider ways to unlock cashflow often better and cheaper than incumbents. Gary can be reached at 678-319-4739 or gary@FiscalDoctor.com.
© Gary W. Patterson. ###