Internal Controls - The Real Business Drivers | Tim Layton ...

In light of the onslaught of major security breaches over the last few years of the world?s largest organization?s, businesses of all sizes and scope are being forced to look at the internal controls of their business partners in a new way.? It is no longer a matter of ?if? an organization may be compromised, but a more realistic view is that when they are compromised what does that mean to the business and their partners? While managing and containing risk is an obvious objective of internal controls, the real business driver is the continued ability to operate and deliver products or business services.? The products and services are the life blood of organization.? Their ability to thrive and grow as well as sustain operations is on the line.

The use of service providers and third-party vendors is the norm for most organization?s today as the business landscape is more interconnected than any other time in history. Small businesses in middle America are leveraging providers in Europe and Asia on a daily basis now.? Breaches of systems and private data is only part of the problem because fraud has also risen to new highs, not to mention the risk of unauthorized disclosure of intellectual property.

There are a number of business-related benefits when outsourcing or using third-party vendors, however the risks are greater today than ever before for the user entity organization?s. ? I?ve personally witnessed a significant rise in user entity organization?s requiring a more comprehensive disclosure and validation of internal controls of their service providers.? In fact, I have cited visibility of third party risks in my trends article as I personally see this as one of the greatest risks to organization?s today.? Service organization?s are being tasked with a growing wave of requests for reverse audits and review of their internal controls and associated processes.? This is one reason why more organization?s are adopting universal frameworks such as the ISO 27001 for the information security programs and SSAE No 16 for their internal controls as it relates to business partners.? The ISO 27001 and SSAE 16 can be leveraged as a single authoritative framework if designed by knowledgeable subject matter experts.

Today?s service organization?s must:

• provide evidence that relevant risks are addressed in the presence of prevailing threats and vulnerabilities.
• have a formal risk assessment process for identifying and reducing risks in their environment or scope of the system.
• employ a full lifecycle approach for risk identification through treatment of risks.
• employ a process for monitoring of controls and relevant risks.
• have deployed a program that includes continuous improvement.
• identify and select appropriate controls for the relevant risks.
• have a documented and fully disclosed method of identifying and reducing risks for any sub-service organization?s they utilize in their business processes.
• fully account for all applicable legal and regulatory requirements in addition to business requirements.
• develop and document detailed assertions that address the effectiveness of controls and their objectives.

?

Tim Layton

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Fulbright's Funhouse: Lunch with friends & movie time:)

This week in review:
Doctor's appointments out of the way .... check!
Braves/Yankees trip planned................. check!
Lunch with my sweet friends................... check!
Date set for sister's house warming......... (check, I think)
Baby shower gift for Hannah.................. check!
Dinner & movie...................................... check!
Play tennis............................................. (TBA)
Play soccer............................................ (TBA)
Game night........................................... (tonight!!!)

Doctor's appts:
Chloe had her 6 year check up, which was a good visit. I FINALLY got Shannon to go to the doctor & he has a few items to take to get all better, just thankful it was nothing serious. I am doing well, also. Glad to get all of that out of the way.

Braves/Yankees trip:
We are very excited to be taking Shannon & his daddy (for Father's Day) to see the Braves & Yankees play. Shannon has always wanted to see the Yankees & he is thrilled!!

Lunch with friends:
Erica, Bethany, Jennifer & I enjoyed some great times at 211 Main St. this past Thursday. It felt so good to be able to have some positive conversation and catch up on our day to day lives, as well as talk about the exciting news for the school year ahead!! Such a loving group of ladies!!!

Sister's house warming:
Been trying to plan (since beginning of Spring) a little party to welcome my sister & her family into their new home. They seem to be settling in nicely:) Hopefully can get a date/time confirmed for July.

Baby shower gift:
We were unable to attend Hannah's shower, but Chloe & I picked out some cute this last night!!! Chloe is super excited to give them to her:)

Dinner & movie:
Shannon, Chloe, and I went to see the new Snow White movie. It was alright, but I enjoyed Mirror, Mirror more. Chloe is a Snow White fan, as people are always saying she looks like Snow White or that she looks like a porcelain doll! I would give the movie 3 out of 5 stars. Mirror, Mirror would have been 4 out of 5 stars. I just particularly loved the Snow White in the newer version (the twilight girl). She fit the part!

Play tennis/soccer:
I have been wanting to take Chloe to play tennis, but seems like we are having storms most evenings, so hopefully we can get a game in soon!! She has really shown some interest in soccer lately and wants to give up taking dance to play soccer. Anyone have any tips??? I know NOTHING about soccer... give me a softball, I am good. Give me a soccer ball, I have NO clue!...LOL! We bought her a new purple ball & hope to learn something this summer, before signing up for fall ball!

Game night:
This is something we do often and LOVE! We along with a few other guests gather at the house to plan board games or wii/xbox games... just whatever floats our boat. We are looking forward to it tonight with Samantha, Nick & a few others:)

Not sure what is in store for next week...... Just grateful for TIME with my family! Here are a few pics from my camera from the past few months:

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Personal Budgeting Strategies ? 4 Common Personal Finance

"Personal budgeting strategies", "what is budgeting" and "why is budgeting important" are very important topics and questions these days. The truth is, if you do not have sound personal budgeting strategies, you will always be in debt and you will always be unable to save money - regardless of how much money you earn.

Studies have shown that poor personal finance management is one of the major causes of rift among couples. Apart from affecting your personal life, your future is dependent on the way in which you control your expenses. That is why it is so important to follow a carefully considered budget, which can help you to manage your financial situation in a better manner and have enough savings to live the rest of your life in peace.

For many people, a large percentage of their income is wasted in paying huge credit card bills because these credit cards are used to pay for shopping, eating out excessively and buying expensive items.

If we can learn to manage our finances in the right manner, then we can be better equipped to handle other necessary expenses in our life. There are plenty of emergencies which may arise like health problems, paying for educational expenses of children and household expenses. This means that you need to have some money saved and available to be used in these emergencies.

Having sound personal budgeting strategies means you can settle your debts and mortgage loans early, pay regular bills comfortably and still have some money left to help you purchase things for your house or even plan for a small vacation.

Mistakes that you must avoid in personal finance management

One of the common mistakes which most of us make while managing our finances is not keeping track of our monthly savings. You need to prepare a worksheet that shows your monthly expenses and the amount which is left which you can save. This practice can help you to save a fixed amount of money every month after meeting all your necessary expenses. Besides, doing this helps you to develop the habit of forced savings, which can help you to meet your long-term financial goals such as investing in property or home renovation.

Many people are not consistent in their monthly savings and tend to over-spend, which affects their budgeting goals. It is necessary to set a specific goal towards saving money and increasing that amount every month by cutting down on unnecessary expenditure so that the money goes towards your savings.

Excessive use of credit cards is one of the major cause of financial debts, which needs to be restricted as much as possible at the time of shopping. High interest rates can put a huge burden on your finances, which can result in debt accumulation over a period of time, if it is not repaid on time. Debit cards can be better option as it restricts your amount of spending to limited availability of cash in your account.

Lack of emergency funds is one of the worst mistakes that you can make in managing your finances. It is advisable to open a fund where you can put regular savings, which can be used to meet any unforeseen expenses that may arise suddenly. Clearing off all your personal debts is the key towards good money management and improving your personal finances.

Follow sound personal budgeting strategies if you want to be able to save more money, pay off your debt and achieve financial freedom in the long term.

For more personal budgeting strategies; how to save money and how to get out of debt, visit: http://www.mindmyfinance.com/

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U.S. nuns push back against Vatican crackdown

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Queen announces Northern Ireland visit in advance for first time

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Video: Closing Bell Exchange: 'Good Riddance' to May

CNBC's "Closing Bell" crew shares perspective on May's market performance. Larry Glazer, Mayflower Advisors Managing Partner and CNBC contributor Rebecca Patterson, weigh in.

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