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Category: Risk Management

November 15, 2023

6 Ways to Evaluate Investment Risk

Successful investments can be extremely profitable. But the stocks with the greatest potential tend to be the riskiest. And underlying risks aren’t always obvious. In fact, there are several different types of risks for investors to consider, based on your portfolio’s asset allocation. Here are six ways to review and calculate the risk of an investment before you decide to put down your money: 1. Market risk. This is the risk that the price will decline due to market factors… Read more ›

February 14, 2023

Develop a System of Oversight with Cruise Control

Making sense of financial statements can be a challenging job that is best left to your accounting firm. But you can achieve efficient oversight and help protect your auto dealership from internal theft by understanding and controlling the smaller numbers that are part of the bottom line. Many businesses inadvertently assign tasks to an employee that crossover in such a way as to allow an unscrupulous staff member to cover his or her own tracks. A classic example is when… Read more ›

January 18, 2023

Cyber Liability Case Study: How a Business Nearly Fell Prey to a Phishing Attack

Councilor, Buchanan and Mitchell (CBM) works closely with clients to protect their financial and data operations from phishing attacks and criminals seeking access to corporate networks to steal or hold private, customer-related information for ransom. Members of CBM’s outsourced accounting and advisory team recently prevented a business from falling prey to a phishing attack and potentially losing a considerable sum of money. The client had reached out to a vendor to obtain ACH information for sending a payment electronically. When… Read more ›

September 15, 2022

Avoid Tax-Related Identity Theft with the IRS’s New Identity Protection Program

Taxpayers will soon have access to a resource to protect against tax-related identity theft and the potentially serious outcomes that come with it. Before the next tax filing, the IRS will roll out to each tax filer a six-digit PIN number, as part of its new Identity Protection (IP) PIN opt-in program individuals can use. Participation in the program is voluntary and includes the following features: ●     The IP PIN should be entered onto an electronic tax return when prompted… Read more ›

August 23, 2022

Protecting Your Dealership from Vendor Fraud

As business owners, reliance on employees and vendors to help your dealership run smoothly is par for the course. Sometimes, those vendors and individuals take advantage of situations to increase their profits. Vendor fraud involves payments made to actual or fictitious vendors for personal gain. It is a lucrative industry that can take tens to hundreds of thousands of dollars off your bottom line. Types of Vendor Fraud There is a good chance your dealership has experienced some form of… Read more ›

March 25, 2022

How to Avoid Being the Victim in the Next Ransomware Attack Headline

  Dealership security goes far beyond securing buildings, vehicles, and cash deposit bags. Today’s crafty criminals have traded in their crowbars for keyboards, so your cybersecurity had better be top-notch when they start looking in your direction. Customer data and financial records may be bright, shiny objects they’re after, but the situation can become more complex when ransomware is involved. What is ransomware? Ransomware is software code deposited on computer networks or a single device with the intent of blocking… Read more ›

October 11, 2019

Protect Yourself from Trademark Torpedoes

© 2019 All Rights Reserved The follow is a guest blog post from Susan Colman, an attorney who concentrates her practice in the trademark and copyright areas, along with software protection and licensing. Read more about Susan following the post. When we were young kids, we were sure that there were monsters under our beds, right? Our moms and dads came into our rooms with flashlights and showed us that the only thing under our beds were, perhaps, dust bunnies… Read more ›

September 20, 2019

When It Comes to Rebounding from Disaster, Planning is Everything

When disaster strikes, it can severely affect your dealership operations. According to an analysis by Cox Automotive, approximately 1 million vehicles were damaged by Hurricane Irma and Hurricane Harvey. The effect of natural disaster on a business is catastrophic, sometimes resulting in a total loss. But what about other forms of disaster? Power outages, water leaks, fire, server crashes and cyber-attacks are threats as well. Statistics vary, but the consensus is that the survival of your business depends on how… Read more ›