While the financial crisis has made risk management a hot topic in boardrooms and C-suites, most corporate executives say they need to overhaul their risk-management approach, according to results of a study by Accenture. A survey of 260 chief financial officers, chief risk officers, and other risk executives found that only about half of those […]
Risk Management
Posted inRegulatory Enforcement
Investor Group Offers Views on Reg Reforms
A high-profile group of investors, led by two former Securities and Exchange Commission chairmen, has published its own views on how best to reform regulation of the U.S. financial markets, which include calling for the creation of an independent Systemic Risk Oversight Board. The Investors’ Working Group, sponsored by the CFA Institute Center for Financial […]
Posted inAccounting & Auditing
Audit Committees Feel “Very Effective,” Despite Crisis
The quality of corporate governance among the world’s leading companies has been widely criticized of late, with some blaming poor boardroom practice in the financial sector for the global downturn. But audit committee members around the world feel they have been doing a good job, according to a new KPMG survey: 89 percent rated themselves […]
Posted inRegulatory Enforcement
Exec Comp Reform Debate Picks Up Steam
The national debate on executive compensation reform picked up steam this week, as the Treasury Department laid out its principles for compensation reform, unveiled its Interim Final Rule on the compensation and corporate governance standards that apply for TARP recipients, and appointed Kenneth Feinberg as Special Master for TARP Executive Compensation (aka the Pay Czar). […]
Posted inRisk Management
Shareholder Bill of Rights Act Introduced
The highly anticipated Shareholder Bill of Rights Act of 2009 has reportedly been introduced in the Senate today and press releases opposing and supporting the legislation are already flying. As Compliance Week has reported, the bill, sponsored by New York Democrat Charles Schumer, would, if passed, require companies to: Provide an annual non-binding shareholder vote […]
Posted inRisk Management
Swine Flu and 10-Q Risk Factor Disclosures
With H1N1 (aka Swine influenza A) making headlines, and the filing deadline for Form 10-Q rapidly approaching for most companies, issuers need to quickly consider whether they need to add swine flu as a risk factor in their 10-Q risk factor update. “Responsible companies as part of the disclosure process at least want to think […]
Posted inInternal Controls
Cos. Not Covering Increased Fraud Risks Amid Crisis
While it’s not surprising that the vast majority of experts say the economic crunch has led to an increase in occupational fraud, companies may not be doing enough to address their increased risk, according to a survey of anti-fraud professionals. More than half (55 percent) of Certified Fraud Examiners say the number of frauds increased […]
Posted inRisk Management
OCEG Releases Red Book 2.0
The Open Compliance & Ethics Group has unveiled an updated version of its standards for corporate conduct and risk management, known as the Red book. The OCEG GRC Capability Model, or Red Book 2.0, provides a blueprint for the integration and strategic alignment of compliance, governance, and risk-management practices. Red Book 2.0 updates the original […]
Posted inRisk Management
CFTC Establishes Risk Management Advisory Committee
The heightened regulatory focus on risk continues: The Commodity Futures Trading Commission has establish a new Risk Management Advisory Committee to conduct public meetings and make reports and recommendations on risk-management issues involving or relevant to participants in the markets it regulates. The CFTC will use the committee’s reports and recommendations in evaluating regulatory and […]
Posted inAccounting & Auditing
How to audit business continuity programs
Being able to continue critical business functions while responding to a major disaster, and then to return to normal operations efficiently and cohesively afterward, is a critical success factor for all organizations.