IT Advisory Services
The proliferation of technology has resulted in both threats and opportunities for many middle market organizations. It seems like every week there is a new data breach or cybersecurity issue in the news. Organizations can also leverage their data to protect themselves from fraud and improve decision-making to drive better organizational performance.
The Threat: Cybersecurity
One of the unintended consequences of technology proliferation is the increased vulnerability of nearly every company’s private systems, customer records, and intellectual property. Some of the industries with the highest vulnerabilities include:
- Financial Services
- Restaurants & Hospitality
All of these have governmental or industry regulations that require higher standards of cybersecurity management and have fines or penalties for non-compliance.
The increased risks have even prompted the AICPA to publish a cybersecurity risk management attestation framework in April 2017; a framework that Briggs & Veselka is now leveraging for risk assessment, remediation, and internal education.
Cybersecurity is a Business Governance Issue, not an IT Issue
Just as the governance of financial reporting extends beyond the finance department for leading companies, information security has become integrated within corporate governance and risk management. Because Briggs & Veselka brings the discipline of internal and external audit to these engagements, we focus on the underlying processes and behaviors around cybersecurity risks, not just the software and hardware. We can collaborate with your internal or outsourced IT team to identify, assess, and mitigate risks should they occur, in a more holistic business-oriented approach. Click here to see how Briggs & Veselka helps provide clients a broader view.
The cyber framework developed by the National Institute of Standards and Technology (NIST) is the platform on which practical cybersecurity leading practices are being based.
The Opportunity: Information Insights for Competitive Advantage
Technology proliferation also provides increased access to non-financial data via the Internet of Things and other big data sources. Studies have shown that organizations can improve their performance over two-fold by increasing access to data and providing better insights from that data. We can help your finance department or financial planning & analysis team obtain access to the data and identify the technologies to help drive getting the right information into decision-makers’ hands at the right time. Leverage our cross-industry expertise and broad business acumen to accelerate your ability to obtain insights from your data and drive competitive advantage.
Data Analytics and an Auditor’s Mindset Help Detect Fraud
Increased use of electronic documents and transaction processing both increases the risk of fraud and makes it easier to detect. Leverage our expertise in data analytics and litigation support to help prevent and identify fraud using your own data and our analytic tools. These can also be used to create continuous monitoring or continuous auditing functions that reduce the risk of fraud and provides continuous evaluation of the effectiveness of your internal controls.
IT Advisory Services
- Information privacy risk assessment and remediation
- Information systems needs analysis & vendor selection
- Performance management / budgeting & forecasting
- Data analytics for fraud prevention and detection
- IT general controls assessment and IT performance improvement
For more information:
Senior Audit Manager
Briggs & Veselka Co.
CPA, CITP, CGMA
Managing Director IntrapriseTechKnowlogies, LLC