Image: Bank of America has moved its compliance function out of the legal department and into its risk-management organization, reporting to Chief Risk Officer Geoff Greener (left). The compliance shuffle comes as bank regulators continue to prod financial firms to do a better job of integrating compliance efforts with risk mitigation. More inside.
Risk Management
Posted inRisk Management
U.K. Stress Tests Show Few Capital Hiccups, Improved Resiliency
Image: Dec. 17—Three of eight major U.K. banks reviewed by regulators need to bolster their capital positions, but overall the banking system’s resiliency has improved, according to results of Bank of England stress tests meant to test banks’ ability to withstand a housing shock. “The results show that the core of the banking system is significantly more resilient, that it has the strength to continue to serve the real economy even in a severe stress, and that the growing confidence in the system is merited,” Bank of England Governor Mark Carney said. Details inside.
Posted inAccounting & Auditing
Effective governance and the Three Lines of Defense
Compliance officers, internal auditors, fraud investigators, controllers—all of them might work at one company together to assist the business in managing risk. The trick to effective governance is to assign all those professionals (and more) to their proper places in the Three Lines of Defense model.
Posted inRisk Management
SWIFT’s KYC Registry for Banks Goes Live
Banks seeking to increase efficiency and reduce risk related to their correspondent banking know-your-customer (KYC) compliance activities now have a new resource at their fingertips. SWIFT this week announced the official availability of the KYC Registry, a community-driven financial crime compliance initiative that more than 20 global and regional banks have joined. Details inside.
Posted inRisk Management
New IntelligenceBank GRC Tool Simplifies Risk, Compliance Management
IntelligenceBank, an Australia-based privately-held business process management company, has announced the launch of IntelligenceBank GRC, a new customizable plug-and-play solution that enables risk managers to create their own registers for risk, incidents, conflicts of interests, manage internal controls within a single platform, and more. Details inside.
Posted inRisk Management
Hearsay Social Launches New Social Media Compliance Capabilities
Hearsay Social, a social business platform provider for the financial services industry, this week launched new capabilities for its Compliance Solution, providing improved efficiency and control for compliance teams and the financial professionals whom they supervise. Details inside.
Posted inBoards & Shareholders
Five Steps to Enhance the Board’s Oversight of Cyber Risk
The National Association of Corporate Directors (NACD), in collaboration with AIG and the Internet Security Alliance, has just released its latest issue from the Director’s Handbook Series, Cyber-Risk Oversight. The handbook is organized around five key principles to help directors enhance their oversight of cybersecurity. It covers a wide range of board-level considerations, including disclosure […]
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How to avoid common pitfalls in your ORSA process
As with so many regulatory mandates, the development of an ORSA Summary Report is dependent upon much more than just data. Regulators are looking beyond the final numbers to determine if organizations are meeting the mandate, and the process used to get that final report is under equal scrutiny. While your organization’s risk management framework […]
Posted inAnti-Bribery
Are Your Business Partners Letting the Hackers In?
For Target, it was a heating and air conditioning company. At a large oil company it was a nearby Chinese restaurant. Hackers increasingly use third-party relationships to gain access to computer networks and steal data. The trend means that companies need to conduct even better due diligence on third-party relationships than they do already. And here’s the hard part: Even the smallest, most insignificant relationship can be the avenue for a breach. More inside.
Posted inRisk Management
HHS’s Plan to Target Data Security in 2015 Means More Audits
The Department of Health and Human Services plans to raise the bar on data security in the healthcare industry in the year ahead. The renewed focus likely means more audits and enforcement actions for providers and insurers. On HHS’s checklist are required contingency plans that establish procedures for responding to an emergency in the event that systems containing personal health information are damaged. More inside.
