Risk Assessments, Control Environments and Plug Power

Compliance into the Weeds

The award winning, Compliance into the Weeds is the only weekly podcast which takes a deep dive into a compliance related topic, literally going into the weeds to more fully explore a subject. Looking for some hard-hitting insights on sanctions compliance? Look no further than Compliance into the Weeds! In this episode, Tom and Matt consider the recent pronouncements from the SEC regarding risk assessments together with control environments and all this played out in the Plug Power enforcement action.

The importance of risk assessments and a strong control environment in companies cannot be overstated. These elements are crucial for effective internal controls and proper financial reporting, as emphasized by the SEC's chief accountant, Paul Munter. In this episode Tom and Matt underscore the need for thorough evaluation of potential pitfalls in risk assessments, citing insufficient personnel, changes in board or management composition, and hasty adoption of new strategies or technologies as potential triggers for flawed assessments.

They highlight the significance of small control failures and entity-level failures, such as weaknesses in IT controls, as indicators of a weak control environment.. Join Tom Fox and Matt Kelly as they delve deeper into the topic of risk assessment in the latest episode of the Compliance into the Weeds podcast.

Key Highlights

· Munter’s statement

· Enhancing Control Environment through Risk Assessments

· The Importance of Risk Assessments and Controls

· Attracting and Retaining Competent Individuals

· Flaws in Risk Assessment Beyond Insufficient Personnel

· Lessons Learned

Resources

Matt in LinkedIn

Matt blogged twice on these issues. A report on Munter’s statements here and on the Plug Power enforcement action here

Tom

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