EXIGER, a global regulatory and financial crime, risk and compliance firm, has appointed John Melican as managing director. He joins EXIGER from Bank of Tokyo-Mitsubishi UFJ, where he most recently was head of anti-money laundering, sanctions and anti-corruption compliance for the Americas. Details inside.
Risk Management
Posted inRisk Management
Bottomline Acquires Intellinx; Offers Cyber Risk Management Solutions
Bottomline Technologies, a provider of cloud-based payment, invoice, and digital banking solutions, is now offering comprehensive cyber fraud and risk management solutions following its acquisition of Israel-based Intellinx. Details inside.
Posted inRisk Management
Smarter Assessments of Cyber-Risk
Image: Every compliance and audit executive wants to manage cyber-security risks. That assumes, however, that the whole organization agrees on what a cyber-security risk is. Taxonomies do exist to build a more disciplined approach to cyber-security. Try to take all steps to manage all such risks, and “it’s going to be very difficult to manage,” warns Greg Michaels, of Kroll’s cyber-security practice. More inside.
Posted inAccounting & Auditing
COSO Tacks Toward Cyber-Security
As cyber-security works its way onto the corporate board agenda, COSO is suggesting ways that its frameworks for internal control and risk management can be a starting point for companies to anticipate fast-emerging risks. “Just as the board is responsible for enterprise risk management, this is very similar,” says Mike Rose, a partner at Grant Thornton. So is the basic COSO approach, whether the risks are financial or cyber. More inside.
Posted inRisk Management
Survey: Cyber-Threats a Growing Concern for European Risk Managers
Image: Title: HirsWhile traditional risks due to business interruption and the supply chain remain risk managers’ top concern, cyber-risks are moving up the list, particularly in some European countries. Allianz SE’s Risk Barometer 2015 showed cyber-risks cracked the top five concerns globally for the first time, up from 8th last year, and they rose into the top three for Germany, Austria, and the United Kingdom. “The growing interdependency of many industries and processes means businesses are now exposed to an increasing number of disruptive scenarios … Risk management must reflect this new reality,” Allianz CEO Chris Fischer Hirs said. More inside.
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Hidden Costs of Compliance: Reducing Transactional Tax Risk
Debates over online sales tax and related statutory rules and rate changes have vaulted sales and use tax compliance to the top of every finance organization’s 2015 action list. The challenge is on to understand how to implement safeguards and systems, monitor widely varying statutory rules, and find efficient ways to collect and remit the […]
Posted inRisk Management
BofA Moves Compliance From Legal to Risk Management
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.
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.
