April 2021, Chapter Meeting
Topic: Internal Controls for Project Management
Project management is an iterative process; projects evolve, start, stop, and budget, scope, and time can all be fluid. By using the COSO internal control process risks can be evaluated, mitigated, transferred, avoided, or accepted without facing unnecessary issues caused by not monitoring and controlling your project.
We will start with what is the COSO internal control process? COSO is a collaboration of financial professional organizations, such as the Institute of Internal Auditors, Certified Fraud Examiners, American Accounting Association, Financial Executives International, and American Institute of Certified Public Accountants, to improve organizational performance and governance. This is done through an integrated framework and enterprise risk management to reduce risk and fraud in operations. The final publishing of the Integrated Framework was in done in 2013, effective 2014, with continued revision and addition of the Enterprise Risk Management piece in 2017. The framework is scalable and is designed around the objectives of the unit, department, or organization. The focus of the framework is to ensure the entity will meet its objective in three areas - operations, reporting, and compliance. As this is scalable, it can be used to monitor, address, and employ corrective actions (as necessary) to any project, as well, as on an organizational level.
Internal controls are designed around the objectives and policies of the project and can be used to communicate those goals to all stakeholders. The design, implementation, and monitoring of the control system is flexible and allows for judgment in administering the control system. Through this process, project managers can define and communicate their risk tolerance throughout their stakeholder community. We will walk through designing of internal controls for multiple project monitoring to ensure reasonable assurance that the portfolio of projects meet the overall objectives of the organization. Then we will walk through how to design controls to ensure project objectives can be monitored by project managers to ensure the project goals across the stakeholders are properly monitored.
Finally, we will summarize the process and provide examples of controls employed and documentation used to support the continued monitoring of objectives.
Meet Our Speaker: Nancy Zikmanis, CHMM, PMP
Nancy Zikmanis, CHMM, PMP, Certified Public Administrator
Nancy has a Bachelor of Science in biology with a minor in chemistry and a Master’s in Business Administration with a focus on Sustainability. Her career has spanned 30 years in various areas including Environmental, Public Utilities, and Internal Controls. Her career has included work at an environmental laboratory; as a State of Ohio EPA regulator in RCRA regulatory compliance; in Ohio EPA’s CERCLA, Federal Facilities, and Brownfield arenas completing and overseeing investigations, cleanup, and grant management activities. She has experience in leading multimedia teams, as an expert witness in the environmental field, management duties, and conducted audits for Quality Control in Ohio. Nancy has managed over 100 projects simultaneously for Ohio EPA with continuously changing priorities of political and development needs in brownfields, CERCLA, and federal facilities. These needs included time and cost relations and ensuring the actions met environmental and safety standards. The project shifts and priorities varied across various political and environmental needs and wants of clients.
She moved to Collier County, Florida in January 2015 and has served Collier County in both the Wastewater Division and Internal Controls Division. At Collier County, Wastewater project management focused on providing laboratory and compliance assistance, responding to needs and requests for regulatory or permit issues expediently, and ensuring pretreatment operations were effective with continued communication with all clients. For the last 2.5 years, Nancy’s focus is COSO internal controls and applying these principles to bringing quality to divisional operations across Collier County. By using the COSO principles, she has provided many process improvements across the county including ensuring proper fiscal accountability, regulatory tracking, monitoring of daily activities for accountability, and ensuring quality operational and training functions. She has also been an active member of ASTM E50 and E 60 groups and worked on multiple ASTM standards.
6:00pm - Virtual Meeting Opens
6:15-6:30pm - Welcome and Announcements
6:30-7:45pm - Presentation
8:00pm - Virtual Meeting Ends
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This session will provide you 1.5 PDUs towards Strategic and Business Management
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