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  • Blog
    Get Ready to Resume Elective Procedures and Surgeries
    One major impact of the COVID-19 pandemic was the recommendation from the Centers for Medicare & Medicaid Services to cancel elective surgeries and procedures, essentially redirecting hospital resources to manage the insurgence of COVID-19 patients. The initial response was one of cooperation and concern for patient safety, which resulted in a significant loss of hospital revenue. It was…
  • Blog
    SOC Reports: Anticipating Challenges Can Help Minimize Disruption of SOX Compliance Programs
    Many organizations outsource business processes and obtain SSAE 18 Service Organization Control (SOC) 1 reports. Due to the COVID-19 pandemic, some of these SOC-1 reports may either be delayed in their issuance, as external auditors navigate the new remote working environment, or contain adverse opinions due to changes in controls at the service providers as a result of COVID-19. Additionally,…
  • Blog
    Managing and Mitigating Credit Risks and Losses Through the Crisis and Beyond
    Many financial institutions have moved quickly to operationalize changes needed to address the near-term and longer-term impacts of the COVID-19 global pandemic. In a recent webinar conducted by Protiviti, credit risk management and mitigation techniques were explored in depth. More than 1,100 people attended, and many of them shared their most pressing concerns and views through polling…
  • Blog
    A Finance Labor Model Tailor-Made for Navigating Crises
    What happens to a business that is heavily reliant on its finance operations located in a foreign country, and it discovers that a government response to a global pandemic has sent the members of that team to shelter at home, cutting it off from access to the office with little or no warning? Clearly, that’s not a theoretical question today. It is what happened in the past weeks to dozens of…
  • Blog
    Paycheck Protection Program: A Good Idea Going Bad?
    The basis for the Paycheck Protection Program was (and remains) compelling: COVID-19 and associated stay-at-home orders were wreaking havoc with the small businesses that form the backbone of the U.S. economy. Something had to be done, and quickly, to save those businesses from their demise. The solution was the inclusion of the paycheck protection program, also known as PPP, in the Coronavirus…
  • Blog
    So You Had a Plan … Resetting the Technology Portfolio to Align With the Reemergence Strategy
    With the COVID-19 global pandemic upending life as we know it, organizations face a landscape and a future that is drastically different from what they perceived at the start of 2020. Altered priorities of customers, disruptions throughout the supply chain and new emerging opportunities are causing significant shifts in the corporate strategies in boardrooms across the globe. The goals and…
  • Blog
    Opportunities Abound in Pandemic Reemergence Planning
    As businesses face the uncertainties created by the COVID-19 pandemic, many are also shifting their forward-looking strategic objectives and priorities. Meanwhile, employees are in waiting mode, perhaps waiting for business to resume more or less as it was before the crisis. But the post-pandemic reality will likely be very different. Businesses may find, for example, that their trading…
  • Blog
    Treasury Department Weighs In on Contentious BI Claims Dispute
    The insurance industry has received substantial help in its pushback against various legislative and legal efforts seeking to compel insurers to cover business interruption (BI) claims stemming from COVID-19, including in cases where policy language may exclude coverage for pandemics or lack of physical damage. In a letter to lawmakers, the U.S. Treasury indicated it opposes the seemingly…
  • Blog
    Going Back to the Office: Determining Key Personnel Risk in a New Reality
    Team leads around the world know the feeling. The late-night text from a trusted colleague: “This is Mike. I don’t feel well, not sure I’ll be able to work the next few days.” Not a big deal, you think to yourself, a few days is doable. The team’s new high-profile project is in the planning phase and, so far, all systems and Mike’s daily responsibilities are running smoothly. A few days pass…
  • Blog
    Paycheck Protection Program: A Forgiveness Application, But Still No Regulations
    Amidst media reports that significant changes to the Paycheck Protection Program (PPP) may be forthcoming to provide greater leeway for how loan proceeds are used and to extend the current eight-week period for spending the funds, the Small Business Administration (SBA) issued a Loan Forgiveness Application on May 15. The form, its accompanying worksheet and step-by-step instructions provide…
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