HR Auditing: Important Issues for 2020
OVERVIEW
There are numerous
external and internal forces and factors that have an impact on organizations.
Increasingly this list includes the strategic, tactical, and legal activities
of managing their human capital. Like the management of their financial capital,
effective management of organizations’ human capital play a critical role in
determining their success. And like the benefits of financial audits, HR audits
provide management with a method of determining whether human capital is
effectively used, where human capital is incorrectly – or unlawfully — used,
and how to improve human capital return on investment.
HR audits are designed to help organizations focus their attention on their
human resource management practices, policies, procedures, processes, and
outcomes by providing them with a structured and systematic series of questions
about key compliance, risk management, internal auditing, and human resource
management issues. As an auditing process, HR audits are designed to
help organizations identify potential and actual problem areas, help assess the
effectiveness of HR management activities, help assess weaknesses in HR
internal control processes, and help assess human capital strategic and
compliance related risks. HR audits then typically provide suggestions
for corrective action.
Importantly, HR audit process considers human capital related risks and
opportunities from an enterprise risk management (ERM) perspective. That is, HR
audits take a holistic approach in assessing human capital risks and attempts
to indicate the interrelationships and interactions between HR and other
management and organizational issues.
Recognizing that no two employers are alike and that the practices, policies,
and processes that may be appropriate and effective for multinational
corporations may not be appropriate for small and medium size companies or
non-profits, HR audits are typically designed to help organizations develop and
tailor their employment practices, policies, procedures, and processes to meet
their specific needs. Thus, HR audits typically provide organizations with the
“right” questions to ask about various employment practices issues; then help
them determine the optimal answer.
While an human resources audit program alone will not guarantee that an
organization’s workplace will be selected as a “best place to work” or be free
from all legal challenges, it will serve as an important guide through the maze
of human resource management best practices and employment and labor laws and
regulations. As a result, an HR audit will further enhance the value of your
organization’s human capital, enhance your organization’s competitiveness, and
reduce your organization’s exposure to employment practices liabilities.
WHY SHOULD YOU ATTEND
In the global economy,
human capital has become for many organizations the single most important
determinant of competitiveness, productivity, sustainability, and
profitability. Increasingly, an organization’s human capital is the
source of innovation and a driver of business success.
Additionally, there is a
confluence of economic, political, and social factors that have resulted in
increased statutory and regulatory requirements, a call for greater
transparency, and increased internal and external audit activity.
Finally, governmental
agencies have become more active—some would argue more aggressive—and have
committed more resources to conducting assessments of employment policies and
practices. Importantly, the EEOC, the OFCCP, U.S. DOL, and ICE have
advised employers that they consider self-assessments and audit a “best
practice.”
How effectively is your
organization managing its human capital? Is your human capital helping
you achieve organizational objectives? Are your employment practices creating
material risks and liabilities? This session discusses the development and use
of HR Audits in answering these questions and in addressing critical risk
management and due diligence issues.
AREAS COVERED
The threats and risks
from human resource management issues are increasing. No longer measured
in only fines, and penalties for non-compliance, human resource management
affects keys business metrics, including the organization’s valuation and
credit rating. Further, improper human resource management can significantly reduce
managerial prerogatives, and seriously damage the organization’s reputation and
employment brand. Thus, HR audits have become a critical tool in
identifying problem areas and are evolving from an ad hoc audit activity to a
critical element of an organization’s risk management and compliance processes.
In this environment, HR
audits have become an independent, objective, and systematic evaluation that
provide assurances that:
1) The organization is in
compliance with employment laws and regulations and that governance
requirements are being met;
2) The organization’s
business and talent management objectives are being achieved;
3) The organization’s
human resource management risks are fully identified assessed, and managed; and
4) The organization’s
human capital adds value. Under this definition, HR audits are more than
an audit activity that solely collects and presents evidence of
compliance. HR audit processes are increasingly expected to look behind
and beyond the organization’s assertions of sound and proper HR management
practices and to assess the assumptions being made, to benchmark the
organization’s processes and practices, and to provide the necessary
consultative services that help the organization achieve its business goals and
objectives.
As a result, there has
been a significant change in the HR auditing process, the value derived from HR
auditing, and the HR audit tools used. HR audits have evolved from a
simple HR audit checklist of dos and don’ts or periodic affirmative action plans
to a comprehensive, sustainable process that: 1) is an integral part of the
organization’s internal controls, due diligence, and risk management; 2) is a
fundamental activity of strategic management; and 3) uses sophisticated
auditing products and consulting services.
These changes and the
growing importance of human capital now require ongoing and continuous HR
auditing activities.
LEARNING OBJECTIVES
This session discusses
the development and use of HR Audits in addressing such critical risk
management issues as:
· How effective is your organization’s human resource management?
· Is your human capital
helping you achieve organizational objectives?
· Are your employment
practices creating material risks and liabilities?
· What are the key
organizational issues that should be audited?
· What HR audit tool
should be used
WHO WILL BENEFIT
· HR professionals
· Internal auditors
· External auditors
· Risk managers
· Compliance officers
· CEOs
· CFOs
Use Promo Code FALL19 and get flat 30% discount on all purchases
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link:
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