Tag Archives: Tony Klimas

Risk Management: Techniques for Regulatory Compliance Cost Reduction

Financier WorldwideTake a look at this article on Risk Management published in Financier Worldwide’s Strategies for Successful Public Companies in May 2008 written by BearingPoint’s Tony Klimas.

Compliance and regulatory costs can be a significant burden on global businesses. Some of these costs, such as environmental regulation and financial statement compliance are well documented while others, the cost of managing potential product liability for example, are less visible but significant.

Risk management business disciplines have become increasingly sophisticated and in many companies, the risk management function is a standalone business function under the responsibility of a senior executive. One key benefit of effective risk management can be an overall reduction in compliance and regulatory costs.

In this article, Tony specifically addresses the most recent audit standard developed as part of the Sarbanes-Oxley legislation, Audit Standard No. 5 (AS5). Tony explains how AS5 can help reduce the costs of compliance and explains the key changes that are incorporated into AS5 as compared to previous audit standards such as AS2.

About Tony Klimas
Tony is a Managing Director in BearingPoint’s Risk Management practice. He is based out of our Atlanta office.