Sunday, December 28, 2008

Visual Risk IQ to Partner with Vonya Global: Providing Data-Driven Audit Services

Feedback from the Continuous Auditing Life Cycle workshop that we did with Vonya Global in Chicago was very positive; consequently, we have developed a partner relationship with them to market and deliver two services specifically focused at helping audit executives recover costs and increase margins during challenging economic times.  

The services analyze historical purchasing and sales transactions looking for overpayment, contract pricing variations, and other operational and compliance issues.  Clients benefit from tangible recoveries, while also receiving advice on monitoring controls that can be used to prevent future errors.  

On Point Data Analytics(sm), the first service provided by the two firms, is directed primarily toward internal audit and executives responsible for Governance, Risk and Compliance.  On Point Data Analyticcs analyzes client's data in the context of an internal audit project, thus providing hands-on audit software training while accomplishing specific audit objectives.  The service also includes an assessment of an organization's capabilities and readiness for continuous auditing.   

On Point Continuous Controls Monitoring (sm), the second jointly provided service, is designed to help companies understand the value of more in-depth and frequent monitoring solution.  The services includes an in-depth analysis of historical transactions using a best-in-class continuous monitoring tool, and identifies operational and compliance issues along with improvements that can prevent future errors.  

Click here to read the entire press release

Bookmark this blog to read case studies and client profiles that highlight examples of cost recovery and other savings that have paid for the services many times over.    

Friday, December 26, 2008

ERM Resources from NC State

During the last several months, I have been attending the Enterprise Risk Management (ERM) roundtables at NC State University in Raleigh. These ERM roundtables provide thought-provoking Continuing Professional Education (CPE) and networking opportunities for Governance, Risk and Compliance professionals on a regional and national level. Previous presentations are archived on the web at:

The purpose of the ERM program is multi-dimensional. They aspire to provide outreach (through the roundtables), research (through an outstanding web portal), and undergraduate and graduate education.

Speakers this fall included Jim Traut, Director of ERM at H.J. Heinz, and Drew Zavatsky, Office of Financial Management from the State of Washington, and the February roundtable will be in Charlotte NC. Steve Dreyer of Standard & Poors (S&P) will be presenting on their use and evaluation of ERM as part of S&P's ratings process.

Continuous Auditing combines more frequent risk assessment with more frequent and in-depth control assessment. Since ERM represents leading edge practices in risk assessment, we will continue to identify opportunities to link continuous controls monitoring to ERM, to provide more data-driven risk assessment.

Stay tuned for more information in 2009 about these initiatives.

Joe Oringel
Charlotte, NC
Visual Risk IQ