Bank audit refers to the procedures for evaluating the services and processes in banks and other financial institutions. All financial firms need to undergo this routine procedure to ensure that they are complying with the industry-specific as well as jurisdictional laws and regulations. Bank audits are conducted by specialist accountants known as bank auditors that focus on the completeness, accuracy and legitimacy of the financial activities. Although many banks and financial institutions find the audits a dreaded and strenuous experience, periodic audits are essential to ensure that the institute is fully in compliance with the regulations and is operating with high efficiency. Considering the significance of such audits, it’s important for an auditor to have a checklist for bank audits and use it as a tool to test and evaluate the processes. It also helps the auditor to ensure compliance with the laws and regulations of U.S. Securities and Exchange Commission (SEC) and International Financial Reporting Standards (IFRS).
Return on Investment (ROI) is defined as the ratio of net profit and financial investment of a business. It is the financial return a company receives from spending money on its business. For business owners, increasing ROI depends on how well they manage the company finances and business assets. In small businesses covering expenses requires well thought strategies to ensure that “less is more.” Often employees need to take care of multiple roles and work with limited resources to minimize investments and increase profits. However, be it small or big, for every business, it’s crucial that the ROI keeps on increasing. Although, business always comes with multiple risks, there are a few strategies that can help in increasing ROI of your business:
Financial modeling is the process of creating mathematical models for representing the financial performance of business entities. Financial models are usually used for cash management and budgeting but there are many more valuable benefits. They also provide important insights about the company which help in decision making. Such models help in analyzing how much profit is required for achieving target which, in turn, helps in formulating effective strategies. A good financial model should be detailed yet simple. No matter whether you are a startup or an enterprise, financial models help in predicting and estimating opportunities, investments, risks, outcomes and other important scenarios.
After the Sarbanes–Oxley Act was passed in the year 2002, many firms were forced to review their internal controls for Accounts Payable. Although implementation of effective internal controls could be a tedious job, it could prove to be extremely beneficial in preventing frauds. One of the most common ways in which a company can encounter significant financial losses is Accounts Payable fraud. It’s often perpetrated by the employees of the organization and could go undetected for a long period of time leading to major losses. The signs for such frauds cannot be always easily observed. But fortunately, there are effective strategiesto detect and prevent accounts payable frauds. However, once you detect the crime, it’s quite easy to identify the offender as there are always paper trails leading to the perpetrator.
When you start a business, one of the most taxing and confusing tasks could be managing the payroll. Calculating taxes, overtime, vacations and benefits, even for a small business having a few employees, could take hours. There are many companies out there which still lack effective management of payroll processing which leads to various problems like legal issues, dissatisfied employees and many more. Being an employer, you also need to make many payroll related decisions and if your payroll process is disorganized or has errors, you may land in a serious trouble.
Continuing education programs refer to learning activities aimed at educating professionals and helping them advance their skills and knowledge regarding their field of work. The programs include webinars, seminars, formal lectures and many more. These are optional for certain professionals whereas for some these are required for maintaining certification or licensure. A continuing education credit (CEC) or continuing education unit (CEU) is a measure used in continuing education programs. A CEU equals to 10 hours of participation in an accredited program. Training Doyens offers CEU approved webinars for various industries. By attending the webinars you can not only enhance your knowledge and skills but can also earn CEUs to establish yourself as a competent and expert professional. Training Doyens features webinars approved by SHRM, HRCI and IRS.
There are a number of good reasons why professionals from different industries are becoming more inclined towards Professional Certifications. Such certifications not only validate the skills and expertise of an individual but also help industries in defining and maintaining specific standards. Earning a professional certification takes you much ahead of competition and provides more credibility to you as a professional. Also, these programs help you in staying updated and informed about what’s going on in your industry. Many organizations offer professional certification programs and Training Doyens is one of them, featuring top notch certifications.
Membership Packages & Corporate Training in today’s era internet plays a very important role in, practically, every industry. Businesses are highly dependent upon internet based tools and services for operations, strategy formulation, and what not. Moreover, internet has also made professional learning more and more convenient and one such example is webinars.Webinars help you learn about the things relevant to your profession from a convenient location. All you need is a device with internet connectivity and you can enhance your professional capabilities to unimaginable extents. Training Doyens organizes insightful webinars related to multiple industries including, but on limited to, healthcare, banking, human resources and cross industry functions. Experts hailing from different industries present interactive sessions, where you can also discusses your thoughts and ideas. However, the ultimate aim is to enrich you with acumen and skills for shaping up effective business plans and strategies.
Every industry needs to evolve with time to keep up with the changing trends and business landscape. Challenges in the Banking industry is no exception. With time, bankers are encountering more risks and regulations, in light of growing concerns about third party relationships, workforce management and many other issues. Keeping in view all the concerns, banks and financial institutions are focusing more towards better strategies and modern technologies to deal with multiple challenges. Let’s have a look at the major challenges that the banking industry is facing and what should be the focus to overcome those challenges. Continue reading “Major Challenges in the Banking Industry”
Cyber security threats are heightening day by day and businesses, whether big or small, must take appropriate measures to strengthen their cyber security policies. Technologies are advancing and hackers are adopting more and more sophisticated techniques for data breaches, costing organizations millions. And, in addition to monetary loss, data breaches also damage the reputation and client relationships. Continue reading “Techniques to Strengthen the Cyber Security of Your Organization”