The internal management of an elastic enterprise might resemble old enterprise practices but its management of its external environment had to change dramatically.

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Yet no matter who actually placed the trades, this loss not only reflects poor risk management and weak internal controls but could also reveal fraud if it can be established that trading losses were intentionally hidden, as has been alleged (and is subject to investigation by regulatory authorities).

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The Vatileaks episode offered a glimpse into some of the disfunctionality, normally due to petty squabbles among internal factions within middle management, but also drew attention to the traditional feudal structure of governance within and among the offices, and how the current structures and attitudes impede the distribution of information to facilitate efficient governance, thereby hampering the Church's mission to evangelise.

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But Attorney General Steve Bullock said his office's investigation did find "serious internal problems in the management" of the Bozeman, Montana-based Central Asia Institute that Mortenson helped create.

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Pensions are in a better position to know of the conflicts of interest related to an advisor but all-too-often accept assurances from management of these firms that Chinese Walls and other internal operating procedures are adequate to protect against harm.

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But no internal employee, no matter how full of integrity and brimming with ethics can ever operate fully independent of management.

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More than 50% of companies can do all of the SOx work internally, but the largest companies sometimes use up to two outside service providers, often controlling internal and external resources via a project management organization (PMO ).

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