From the editor.
Author | Marshall, Jeffrey |
It can be extremely important in formulating good risk management to settle a chicken vs. egg question: which comes first, managing risk or setting strategy? Two consultants at Protiviti Inc., Everett Gibbs and James DeLoach, argue in our cover story that both really need to be considered, and integrated--that effective risk management can guide good strategic decisions, and vice versa.
Last spring, the Securities and Exchange Commission (SEC) asked companies to take part in a voluntary program to test filing financial reports in XBRL, the emerging technology that vastly simplifies the sharing of data among preparers and users. There wasn't exactly a stampede to enlist, but nine companies had signed on by December. Financial Executives Research Foundation Director of Research William Sinnett spoke with executives from three of the companies about their experiences, and heard from SEC Chairman Christopher Cox about why he is making XBRL a top priority.
In most organizations, internal audit (IA) groups are focused tightly on their role as an independent reviewer and critical appraiser of internal controls and the company's overall financial health. A group of consultants argues that while IA still owns this responsibility, it has new opportunities under the Sarbanes-Oxley Act of 2002 to provide much greater value to the organization.
Noted self-help promulgator and author Stephen Covey's The 7 Habits of Highly Effective People has been a perennial best-seller since it came out in 1989. In an interview with Executive Editor Ellen M. Heffes, Covey talks about his original seven habits--and the newest eighth habit--and how these apply to the senior finance executive and his/her team today.
[ILLUSTRATION OMITTED]
A devastating fire at Knowlton Specialty Papers a few years ago almost put the company under--and quickly sent management into a fire-drill mode. After rebuilding the plant...
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