Policymakers and program managers are continually seeking ways to improve accountability in achieving an entity's mission. A key factor in improving accountability in achieving an entity's mission is to implement an effective internal control system. An effective internal control system helps an entity adapt to shifting environments, evolving demands, changing risks, and new priorities. As programs change and entities strive to improve operational processes and implement new technology, management continually evaluates its internal control system so that it is effective and updated when necessary. Section 3512 (c) and (d) of Title 31 of the United States Code (commonly known as the Federal Managers' Financial Integrity Act (FMFIA)) requires the Comptroller General to issue standards for internal control in the federal government.
OpRisk Awards 2020 Book of the Year Winner! The Authoritative Guide to the Best Practices in Operational Risk Management Operational Risk Management offers a comprehensive guide that contains a review of the most up-to-date and effective operational risk management practices in the financial services industry. The book provides an essential overview of the current methods and best practices applied in financial companies and also contains advanced tools and techniques developed by the most mature firms in the field. The author explores the range of operational risks such as information security, fraud or reputation damage and details how to put in place an effective program based on the four main risk management activities: risk identification, risk assessment, risk mitigation and risk monitoring. The book also examines some specific types of operational risks that rank high on many firms' risk registers. Drawing on the author's extensive experience working with and advising financial companies, Operational Risk Management is written both for those new to the discipline and for experienced operational risk managers who want to strengthen and consolidate their knowledge.
Audits provide essential accountability and transparency over government programs. Given the current challenges facing governments and their programs, the oversight provided through auditing is more critical than ever. Government auditing provides the objective analysis and information needed to make the decisions necessary to help create a better future. The professional standards presented in this 2018 revision of Government Auditing Standards (known as the Yellow Book) provide a framework for performing high-quality audit work with competence, integrity, objectivity, and independence to provide accountability and to help improve government operations and services. These standards, commonly referred to as generally accepted government auditing standards (GAGAS), provide the foundation for government auditors to lead by example in the areas of independence, transparency, accountability, and quality through the audit process. This revision contains major changes from, and supersedes, the 2011 revision.
The increasing pressure on the bottom line of healthcare provider organizations requires leaders who understand and can adeptly apply the basic principles of effective financial and operations management. To be successful in today's environment leaders must simultaneously improve quality and service while reducing expense. Improving Financial and Operations Performance: A Healthcare Leader's Guide is a collection of proven effective tips, tools, and techniques accumulated from real-world challenges and lessons learned logically organized to provide a straightforward approach to planning, assessing, managing, and monitoring a business enterprise to improve profitability. This book provides a clear, step-by-step "how to" approach for both new and experienced leaders seeking a leg up in tackling the myriad of common and complex challenges they are facing including conducting a budget variance analysis, managing labor and non-labor productivity and expense, performing a comprehensive financial condition analysis, growing profitable volume and market share, developing an effective business case for improving quality, and evaluating the financial impact of a future project. Written for clinical and administrative leaders working in the trenches, it provides practical and applicable tools with relevant, real-world, and replicable case study examples. The essential value of Improving Financial and Operations Performance: A Healthcare Leader's Guide is improving decision-making effectiveness, enhancing operations efficiency know-how, and developing strong financial management acumen to overcome the challenges in today's healthcare environment. Key Features: Author experience with extensive expertise as a former investor-owned hospital CEO, integrated health system vice president, managing director for the renowned turnaround experts, the Hunter Group, and graduate business school professor in management, finance, and economics. Realistic case examples to apply the key lessons through detailed practical and relevant case studies using clear step-by-step instructions. Calls-to-action at the end of each chapter with critical leadership imperatives to help prioritize and focus efforts on what matters most. Comprehensive glossary of key terms and concepts using plain easy to understand language. Appendices and Excel templates containing easy-to-use plug-and-play financial worksheets, checklists, best practice pathways, and performance assessments.
Operations in Financial Services establishes a framework for this research area from an operations management perspective. The first section presents an introduction and provides an overview of the topic. The second section establishes links between the current state of the art in relevant areas of operations management and operations research and three of the more important aspects of operations in financial services - (i) financial product design and testing, (ii) process delivery design, and (iii) process delivery management. The third section focuses on the current issues that are important in the financial services operations area. These issues center primarily on mobile online banking and trading in a global environment. The fourth section discusses operational risk aspects of financial services. The final section concludes with a discussion on research directions that may become of interest in the future.
Essential tools and guidance for effective nonprofit financial management Financial Management for Nonprofit Organizations provides students, professionals, and board members with a comprehensive reference for the field. Identifying key objectives and exploring current practices, this book offers practical guidance on all major aspects of nonprofit financial management. As nonprofit organizations fall under ever-increasing scrutiny and accountability, this book provides the essential knowledge and tools professional need to maintain a strong financial management system while serving the organization’s stated mission. Financial management, cash flow, and financial sustainability are perennial issues, and this book highlights the concepts, skills, and tools that help organizations address those issues. Clear guidance on analytics, reporting, investing, risk management, and more comprise a singular reference that nonprofit finance and accounting professionals and board members should keep within arm’s reach. Updated to reflect the post-recession reality and outlook for nonprofits, this new edition includes new examples, expanded tax-exempt financing material, and recession analysis that informs strategy going forward. Articulate the proper primary financial objective, target liquidity, and how it ensures financial health and sustainability Understand nonprofit financial practices, processes, and objectives Manage your organization’s resources in the context of its mission Delve into smart investing and risk management best practices Manage liquidity, reporting, cash and operating budgets, debt and other liabilities, IP, legal risk, internal controls and more Craft appropriate financial policies Although the U.S. economy has recovered, recovery has not addressed the systemic and perpetual funding challenges nonprofits face year after year. Despite positive indicators, many organizations remain hampered by pursuit of the wrong primary financial objective, insufficient funding and a lack of investment in long-term sustainability; in this climate, financial managers must stay up-to-date with the latest tools, practices, and regulations in order to serve their organization’s interests. Financial Management for Nonprofit Organizations provides clear, in-depth reference and strategy for navigating the expanding financial management function.
This edition of the OECD Sovereign Borrowing Outlook reviews developments in response to the COVID-19 pandemic for government borrowing needs, funding conditions and funding strategies in the OECD area.
