Tougher enforcement of anti-bribery laws around the world has resulted in more companies facing prosecutions, according to a new report from anti-corruption watchdog Transparency International. Countries involved in the Organization of Economic Cooperation and Development’s Anti-Bribery Convention, a coalition established to fight global corruption, added a total number of 144 open cases of criminal prosecutions, […]
Risk Management
Posted inAccounting & Auditing
Studies Confirm New Ideas on Risk Management
A pair of recent studies by accounting firms confirm an increasing number of companies are retooling their risk strategies as a result of recent economic turmoil and persistent uncertainty. More than half of the nearly 200 executives who participated in a joint study by Deloitte & Touche and Forbes Insight said they expect their organizations […]
Posted inAccounting & Auditing
AML Compliance Back in the Spotlight
Well, one explosive report about drug cartels and terrorist groups funneling money through U.S. banks, plus one compliance officer announcing his resignation during a U.S. Senate committee hearing, and presto—anti-money laundering efforts, and the lack thereof, are back in the news. The specific bank on the anvil of public discontent right now is HSBC, the […]
Posted inAccounting & Auditing
The Evolving Role of Internal Audit
A confluence of increased regulation, intense focus on corruption, and heightened scrutiny of risk management is changing the role of the internal auditor. From evaluating and mitigating fraud and corruption risks, to improving IT and business operations, the internal audit function must evolve to meet the expanding needs of management and other stakeholders—so said industry […]
Posted inAccounting & Auditing
FASB Calls for New Liquidity, Interest Rate Risk Disclosures
All public companies will soon face new requirements to provide investors a better picture of their pending cash obligations and available funds to meet them, with banks facing even more requirements to explain their risks. The Financial Accounting Standards Board has proposed a new accounting standard that will require companies to present additional tables in […]
Posted inRisk Management
New COSO Guidance on Managing Risks From Cloud Computing
Companies working to assess and mitigate the risks that result from cloud computing just got some much needed help. The Committee of Sponsoring Organizations (COSO) published new guidance on the topic last month. The paper, “Enterprise Risk Management for Cloud Computing,” leverages the principles of COSO’s “Enterprise Risk Management—Integrated Framework” document to help management and […]
Posted inAccounting & Auditing
FASB Calls for New Disclosures on Liquidity, Interest Rate Risks
The Financial Accounting Standards Board has proposed a new accounting standard to require companies to explain more to investors about where companies may face risks due to liquidity or interest rates. The proposed Accounting Standards Update is intended to draw out disclosures about exposures to certain risks related to financial assets, liabilities, obligations, and other […]
Posted inAnti-Bribery
Companies Struggle to Manage Third-Party Corruption Risk
Corporate compliance departments are increasingly uneasy about their exposure to bribery risks, and many say they are still not up to snuff when it comes to policing third parties and eliminating facilitation payments. According to a recent study from Kroll Advisory Solutions, 69 percent of 139 compliance executives surveyed say their companies have either high […]
Posted inBoards & Shareholders
The Metrics System: Measuring Compliance Effectiveness
Compliance officers are under increasing pressure to demonstrate to senior officers, their boards, and regulators that the compliance function works. At the Compliance Week 2012 conference, a panel of executives shared their approaches to measuring compliance program effectiveness. Measuring the effectiveness of a compliance initiative can help an organization better manage its risks and prioritize […]
Posted inInternal Controls
COSO Decides Against Integrated Frameworks, For Now
Despite calls for integration, the update to the COSO internal control framework will not include any effort to fold in the concepts of COSO’s Enterprise Risk Management framework. Marie Hollein, president and CEO of Financial Executives International, said the COSO board has considered and dismissed the idea of integrating COSO’s ERM framework into its Internal […]