Tom Fox’s guest in this episode of Innovation In compliance is Adrienne Bellehumeur. They discuss the significance of gap analysis in the design of internal controls, and why having a thorough understanding of design is critical to the success of gap analysis. They emphasize the importance of continuous improvement and avoiding a “pass-fail” approach to internal control programs. Adrienne also shares her five principles for creating high-value compliance programs.
Adrienne Bellehumeur is the Director and Co-owner of Risk Oversight, a firm specializing in internal controls, internal audit, and compliance programs. She has written a book called The 24-Hour Rule and Other Secrets for Smarter Organizations: Including the 6 Steps of Dynamic Documentation, which is set to be published on March 7th and is geared towards managers who are seeking solutions through documentation. This book aims to provide a fun and foundational approach to documentation for the modern knowledge workforce and is the first mass-market book on documentation best practices.
Some of the key points discussed during the show include:
- Adrienne’s background and current role at her company, Risk Oversight, which specializes in delivering services to mid-sized oil and gas companies in the engineering sectors.
- The purpose of gap analysis is to identify areas for improvement in processes and controls to support operational effectiveness.
- Adrienne’s belief that internal controls should focus on good habits, accountability, and continuous improvement rather than just ticking boxes.
- How Risk Oversight helps companies fulfill their obligation of oversight by providing entity-level control review and understanding best practices in governance.
- The two best practices for board minutes, the “Goldilocks principle” and the “business judgment rule.”
- The Caremark doctrine in Delaware and the importance of documentation of major risk management decisions.
- Adrienne’s book The 24-Hour Rule, which is a mass-market book on documentation aimed at managers looking to solve problems through documentation and is applicable to various industries.
KEY QUOTATION:
“Risk management is about action.” – Adrienne Bellehumeur
Resources
Adrienne Bellehumeur | LinkedIn | Twitter
Risk Oversight | The 24-Hour Rule and Other Secrets for Smarter Organizations: Including the 6 Steps of Dynamic Documentation
