Objectives of the Presentation:
- Five Elements of a Successful Vendor Management Program:
- - Vendor Culture - Setting the right tone and commitment to integrity and ethical values in every step of vendor engagement
- - Vendor Risk Assessment - Importance of interjecting vendor risk assessment into your ERM and fraud risk assessment process to identify vulnerabilities created by third party vendors as it relates to these risks: strategic, operational, compliance, financial, fraud and reputational. Key with regulators
- - Ensuring Effective Controls Around Vendor Management: Such as 1) vendor due diligence programs, and 2) strong contracts to prevent problems
- - Monitoring Vendor Programs - Detecting issues early on is key to minimizing losses and reputational damage, including establishing controls to monitor red flags of vendor-related fraud schemes
- - Vendor Communication - Sharing information related to vendor feedback with internal audit, external auditors, procurement and all finance groups
- Case Study
Why should you Attend:
Third party vendors present innumerable risk. Regulators hold management and the board of directors responsible and accountable. This webinar will discuss the need to develop a third party risk management process that aligns with ERM, the need to know your vendor, the necessity to employ a culture of integrity embedded in the organization, the need to proactively identify where you are vulnerable to risks related to your third party vendors or you can’t prevent the risk from materializing, and the importance of monitoring your changing vendor landscape with a risk based approach in order to focus your efforts effectively.
Finally, the session will also focus on why not documenting vendor feedback and sharing fraud schemes means you are losing the opportunity to prevent and detect vendor misconduct.
Organizations today are increasingly using third party vendors to perform a wide variety of services such as outsourcing accounts payable, hosting human resources in the cloud, hiring a third party to provide their information security function or making financial payments and holding assets. There are numerous risks associated with using third party vendors in this manner and management is responsible for addressing these risks and ensuring the activity is performed in compliance with laws and regulations. Regulators have responded accordingly, acknowledging these higher risks, and possibly global turmoil, through laws and regulations such as the Sarbanes Oxley Act, the Gramm-Leach-Bliley Act, the FCPA, the Health Insurance Portability and Accountability Act, as well as the Payment Card Industry Data Security Standard (PCI DSS) requirements.
Capitol Financial Forensics & Accounting LLC (CaFFA)
Anne is the President of Capitol Financial Forensics & Accounting LLC, an accounting firm offering a full range of forensic accounting services to investigate, prevent, detect and deter fraud. She is also the founder of TAXimus, the uberization of tax preparation service through its revolutionary business model. Until November 2014, she was the Director of Fraud Risk Management at AARP in Washington, DC, where she directed comprehensive forensic investigations, performed enterprise-wide fraud risk assessments, conducted fraud awareness training, and directed fraud monitoring projects.
She has over seven years of public accounting experience in the Forensic Services practices of "Big Four" accounting firms, where she worked closely with the Office of General Counsel and outside counsel, leading the forensic accounting component of complex financial investigations and dispute matters. During that time, she worked with the audit teams of SEC registrants as the fraud subject matter expert, analyzing financial statements and interviewing corporate executives to appropriately consider fraud in the course of the audit.
She has led fraud and misconduct investigations related to financial reporting, misappropriation of assets and corruption involving CEO's, CFO's, Treasurers, and Senior Vice Presidents. She holds a Bachelor of Science in Chemical Engineering degree from the University of Maryland and a Master's degree in Business Administration from Johns-Hopkins University. She is a Certified Public Accountant (CPA) in Virginia, Washington, D.C. and Maryland, a Certified Fraud Examiner (CFE), is Certified in Financial Forensics (CFF) by the AICPA, and holds the Chartered Global Management Accountant Designation (CGMA) from the AICPA.
Anne is a volunteer Social Security Administration Representative Payee, FINRA Arbitrator,a member of the NASDAQ Listing Qualifications Hearing Panel and a member of the Disciplinary Hearings Panel for the Nasdaq OMX PHLX Futures Exchange. She is on the Advisory Board of the Representative Payee Program of the Department of Social Services in Anne Arundel County, Maryland.
- Chief Risk Officer
- Chief Compliance Officer
- Chief Security Officer
- Legal/Regulatory Counsel
- Compliance Professionals
- Accounting and Finance Professionals
- Audit and Finance Committee Members
- Chief Procurement Officer
- Purchasing Department
- Internal Audit Manager/Director
- Employees who hire and pay vendors