The Institute of Internal Auditors North America (a group whose conventions are, we are sure, absolutely lit) has quite a bit to say about the purpose of internal audits. They’ve even boiled it down to a mission statement: the purpose of audit is to “enhance and protect organizational value by providing risk-based and objective assurance, advice, and insight.” What does that mean? It means looking at yourself and figuring out what’s wrong, and what you can be doing better to minimize risk, streamline operations, and reduce the chances of error.
Participating in global trade opens up an abundance of opportunities for your business. The potential market for your products is, on the surface, limited only by the constraints of your industry. When you trade in a country that fits your market, your revenue will grow. Simple. However, there is another aspect to global trade that causes many international businesses to miss out on potential revenue.
Businesses are facing a growing need of governance, risk, and compliance (GRC) -related regulatory and security pitfalls. The costs of meeting and maintaining a GRC and security program with the wide range of compliance and security regulations are increasing in pace, volume, and absolute dollars—with no signs of slowing down. The challenge has global organizations looking for ways to reduce the costs and risks associated with increasing regulations and security requirements.
Greta Villagran, CEO and Founder of Pinary, Inc. (PI) is one of the world’s leading experts on SAP GTS implementations, having overseen them in North America, the European Union, and throughout Asia. After steering through a planetful of trade rules and regulations, she has a surprisingly positive view of them: Regulations don’t have to be a burden.