The Federal Deposit Insurance Corporation yesterday approved the final rule mandating bank holding companies designated as Systemically Important Financial Institutions (SIFIs) with assets of more than $50 billion draw up their resolution plans in the event of bankruptcy.The Federal Reserve Board, the other agency tasked with the job to jointly issue the rule, will consider […]
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FASB Unveils Proposed 2012 GAAP Taxonomy
With a critical wave of XBRL submissions winding down, companies now have an opportunity to review next year’s taxonomy and to comment on what they see.The Financial Accounting Standards Board has released the proposed 2012 Taxonomy for U.S. Generally Accepted Accounting Principles to gather feedback on whether it meets the needs of public companies that are […]
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New Century Bancorp Promotes CCO to Head ERM
New Century Bancorp, the holding company for New Century Bank, has named Celia DeBiase as chief risk officer. In this role, DeBiase will serve on the company’s executive management team.DeBiase’s responsibilities will include managing a process for assessing, identifying, monitoring, and reducing business risks that could interfere with the company’s objectives and goals. Her areas […]
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After WikiLeaks, What’s Next for Document Protection?
In this white paper, Brainloop CEO, Peter Weger, discusses document compliance management (DCM) as a discipline that proactively manages information risk arising from sharing documents electronically. The key information security issues discussed include:• Security issues becoming more pervasive in the coming months• How most businesses enable collaboration today• Where current methods fall short• What is […]
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BIS Proposes Export Control Reforms
The Bureau of Industry and Security has proposed tweaking export control regulations to shift some military goods from one control list to another. In this week’s podcast, we explore how that seemingly bureaucratic change could possibly cause larger licensing headaches for defense contractors.(11 min., 2 Mb)
Posted inRegulatory Enforcement
Must-Read: Prof. Jonathan Macey on ‘The SEC’s Publicity Hounds’
In the Hoover Institution of Stanford University’s Defining Ideas Journal, Professor Jonathan Macey argues that the SEC suffers from “three serious maladies” that are causing it to fail. Prof. Macey’s article (“The SEC’s Publicity Hounds”) is a must-read piece that offers some deeper-level thinking on the reasons why, in his view, the SEC is failing […]
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The U.K. Bribery Act: How to Mitigate the Risks of Prosecution for Making Facilitation Payments
Facilitation or “grease” payments (small payments to facilitate routine government action) have historically been illegal under prior legislation and common law in the U.K., although there has been only limited enforcement. The U.K. Bribery Act, which is now in force, specifically prohibits the issue of facilitation payments, a stance not taken by the US Foreign […]
Posted inAccounting & Auditing
Internal Auditors Reminded to Check ‘Soft’ Controls
The Institute of Internal Auditors has published a practice aid that serves as a kind of mid-year reminder to internal auditors to assure a company’s governance is rooted in the those critical intangibles—integrity and ethics, for example—that steer people in the right direction.The practice guide, titled “Auditing the Control Environment,” is a compilation of lessons […]
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Regulators Update Guidance for Online Financial Services
On Tuesday, the Federal Financial Institutions Examination Council issued a supplement to its 2005 guidance for financial institutions that let customers conduct transactions online. The goal of the supplement, Authentication in an Internet Banking Environment, is to “reinforce the risk-management framework described in the original guidance, and update the FFIEC member agencies’ supervisory expectations regarding […]
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XBRL Compliance Is Upon Us
All public companies must now comply with the SEC’s mandate to use XBRL technology when filing financial statements. How hard has compliance been? How do you amend a filing when you discover an error? We chatted with Jill Radloff, partner at the law firm Leonard, Street & Deinard, to find out. (9.5 minutes, 2.2 Mb)
