The Office of the Comptroller of the Currency has proposed new requirements for improving governance and risk management standards at big banks. Following the financial crisis, the OCC developed a set of “heightened expectations” to strengthen these specific areas and enhance its supervision. The proposed guidelines detail the minimum standards for the design and implementation […]
Risk Management
Posted inInternal Controls
Target’s Data Breach Could Spur New Privacy Rules
The timing couldn’t have been worse for retail giant Target’s massive data breach. Not only did the security failure compromise data, including credit card information, for as many as 110 million customers at the peak of holiday shopping season, it threatens to make the company a poster child for regulators and legislators who were already […]
Posted inRisk Management
Genworth Financial Names Chief Risk Officer
Genworth Financial, an insurance holding company, has named Lori Evangel as its new executive vice president and chief risk officer, with immediate effect. She assumes the role of chief risk officer from Michel Perreault, who will remain with the company as chief risk officer of its U.S. life insurance division. Evangel comes to Genworth from […]
Posted inAccounting & Auditing
Regulator Details Increasing Bank Risks, Examination Efforts
Slow economic growth, a low interest rate environment, and the threat of cyber-attacks increases the risk profile for banks of all sizes, according to a new report by the Office of the Comptroller of the Currency. Its latest Semiannual Risk Perspective details many of those risks and the responses its supervisory staff expects to see. […]
Posted inAccounting & Auditing
IA Gets Back Seat in Third-Party Risk Assessment
Chief audit executives are worried about organizational risks as a result of relationships with third parties, yet they are feeling a little left out in terms of addressing them. According to a recent survey of 164 chief audit executives by the Institute of Internal Auditors Research Foundation and Crowe Horwath, two-thirds said their organizations rely […]
Posted inRisk Management
Playing the Game of Risk in Workplace Education
In his acclaimed book, “A Theory of Fun for Game Design,” Raph Koster says: “Fun from games arises out of mastery. It arises out of comprehension. It is the act of solving puzzles that makes games fun. In other words, with games, learning is the drug.” Koster, a gaming industry thought leader, is focused on […]
Posted inRisk Management
Water, Water, Everywhere…And So Are Risks for Companies
It is easy to take water for granted, but a new report makes the case that it is behind an increasing number of risks businesses face and dealing with them goes beyond the traditional focus on conservation. The “CDP Global Water Report 2013,” released on Thursday, purports that “a misguided approach to water-related risk management […]
Posted inRisk Management
Extending Anti-Bribery Compliance to Third Parties
As companies continue to pursue new customers in emerging markets, they must constantly weigh the benefits of expansion with the risks that lurk there, including bribery and corruption risks. Relying on multiple partners in countries where bribes, gift giving, and mutual back scratching are a normal part of every-day business culture can make the chief […]
