29 July 2020

Audit Committees, Senior Executives and Boards need to understand the impact of the coronavirus pandemic on internal controls. The pandemic has caused many to transition to a work-from-home arrangement, and your most important internal controls may not have kept pace with these rapid process changes. Now is the time to ensure that any issues with underlying transactions, data or controls are identified and corrected, to prevent misappropriation or fraudulent activities. 

Another unfortunate side effect of the current COVID-19 situation is that scammers are taking advantage of us working from home and using connected devices more frequently. Many companies and government agencies have increasingly become the primary target for cybercriminals who appreciate not having to contend with the mature controls of larger organisations. A good example is what has happened in Western Australia where a 15-year-old was allegedly involved in a data breach which saw thousands of sensitive medical records leaked online causing embarrassment for the State government. While private and public organisations revisit processes and procedures to respond to the pandemic, many expect to see a spike in security breaches over the next several months. 

I look forward to speaking with you face to face soon. Now more than ever, we need to work collaboratively as we drive forward to service our customers, focused on welfare of our people and strive to achieve our strategic vision.Image removed.     

In the meantime, please stay safe, and enjoy reading our 5th edition of Risk Insider. 

Warmest regards, 




Better practice fraud and corruption control guide AS 8001 in final draft for imminent release

Many who have responsibility for fraud and corruption control within their business (whether private or public sector) will know of the better practice guidance from the Australia Standard AS 8001 Fraud and Corruption Control.                  


Culture Drives Risk Outcomes

RSM partners with Peak Performance International, a Melbourne-based people and culture consultancy, to conduct Risk Culture Indicator surveys.



RSM expands its Risk Advisory division in Perth

RSM Australia has concluded a deal to take on the risk advisory division of BDO Perth. The move will further expand RSM Australia's risk advisory capabilities by adding BDO's former chairman of partners, Pippa Hobson.



Consumer Data Right (CDR) information security accreditation

With CDR going live on 1 July 2020, Accredited Data Recipient (ADR) applicants must demonstrate the security effectiveness of their people, processes and technology. The key is to demonstrate security, whilst minimising the cost.



Cyber security - What's old is new again

Much to the delight of millions of adults and children, Disney+ was launched in Australia in November last year as a competitor to other video streaming entities including Netflix, Stan and Amazon Prime. However, not long after Disney+ launched, a number of user accounts were hijacked by malicious attackers.



Enhanced Business Impact Analysis Methodology

With the emergence and escalation of COVID-19 as a global pandemic, organisations have been required to implement strategies that respond, adapt, and protect core business functions and their employees.



COVID-19 Post-pandemic Workforce Management

People are considered a company's most valuable asset, being instrumental to its success and failure. With extensive disruption caused by the COVID-19 outbreak, people have been significantly impacted resulting in workforce management instantly becoming more important than ever.



Business Continuity Plan (BCP): Development Methodology

BCP experts at RSM bring some of the deepest and most thorough understanding of underlying risk and incident management issues.     
We can help you avoid the mistakes that many organisations make when developing business continuity and disaster recovery plans.


You might also be interested in:

What's next for edition #6?

  • Key risks and opportunities for 2021
  • Our take on new Three Lines Model by The Institute of Internal Auditors
  • Mega Trends White Paper 5 - Digital Transformation (Click here to subscribe to the series)



CFE Exam Review Course for Australia       

The rise in contract management and the outsourcing of goods and services has created an increase in procurement fraud, which can occur at any stage of the contracting and procurement process. This 2-day virtual seminar on 20-21 August 2020 will teach you the best practices for preventing, detecting and investigating contract and procurement fraud.    

Who should attend?

  • Government procurement officers
  • Internal and external auditors, CPAs and CAs 
  • Professionals and educators seeking knowledge of fraud in the procurement process
  • Forensic and management accountants, accounts payable and financial analysts
  • Controllers and corporate managers                             




Missed a webinar? Click on the titles below to download related materials.

IIA TechTalk - Fraud red flags in a disruptive environment | 27 July 2020 >>    
Roger Darvall-Stevens, National Head of Fraud and Forensic Services at RSM Australia, presented at the TechTalk hosted by the Institute of Internal Auditors (IIA) - Australia and discussed Fraud red flags in a disrupted environment.    

IIA TechTalk - The latest news in cyber security | 2 July 2020 >>     
Darren Booth, National Head of Cyber Security and Resilience at RSM Australia, also presented at another IIA-Australia TechTalk and discussed The latest news in cyber security.    

Transitioning beyond COVID-19 | 4 June 2020 >>      
The webinar focussed on insights about what you can, and should, do during the recovery phase of the current crisis. Led by Jamie O'Rourke, National Chairman of RSM Australia, the session included presentations from Jerome Mohen (Restructuring and Recovery, RSM Australia), Jeremy Elman (Risk Advisory, RSM Australia), and Mike Courtney (Management Consulting Practice, RSM US LLP).



Our RSM professionals can help provide you with peace of mind about risks while you focus on your business. We are specifically experienced to help create, enhance and monitor your key workplace processes, controls and systems.

Jean-Marc Imbert     
National Head of Risk Advisory    

Jeremy Elman     
Principal, Risk Advisory    

Click here to learn more about our Workplace Assurance Services.



Want to keep reading? View the past editions of Risk Insider here >>