Regulatory change is a fact of life for many businesses, so it follows that an efficient way of handling it is needed if costs are to be kept down and reaction times up. Surprisingly, many businesses still manage regulatory change through inefficient manual processes and high levels of resourcing. It’s time, saysFrench Caldwell, for these businesses to take stock.
As cyber risk continues to increase, companies need to step up their security skills when it comes to procurement, audit, compliance, and legal on a variety of fronts. And that is just the beginning, says Bill Sweeney, financial services evangelist at BAE Systems Applied Intelligence, in an exclusive interview with CW’s Joe Mont.
Point of sales systems are the weak link in the chain when it comes to retail cyber-security. Recent data breaches at a number of prominent companies—including three in January alone—highlight the ever-increasing stakes for any organization responsible for handling customer data. Increasingly this is an issue that a strong compliance program can help to address. But how?
Increased regulatory scrutiny and the sting of billions in fines and penalties resulting from misconduct have prompted many financial firms to pour money into their compliance programs—investments that may be in vain without a unified view of risk. The tech challenges to build that view are considerable, but not impossible if you try to harmonize all the risk data you have. Inside this week, a closer look at how to get started.
A recent survey by Compliance Solutions at Charles Schwab found that compliance officers spend 11 hours per week monitoring their employees’ personal brokerage accounts, while half are closely monitoring social media platforms. One of the main challenges that compliance officers face is chasing data, which are “owned” by other departments. Industry experts claim that compliance professionals should spend more time on “real monitoring” instead of simply collecting data.
Most companies still have much work to do to turn their information governance into “mature” programs, where they can extract insight from their troves of data while minimizing security and privacy risks, according to a new report from the Information Governance Initiative. “To date, very few organizations have taken a coordinated approach to how they manage their data,” says Barclay Blair, IGI founder. More inside on how to get data governance started.
Trending online are the #Compliance and #Corpgov hashtags that compliance officers and governance practitioners around the world often turn to for emerging trends and latest news. Whether it’s sharing ideas about the ever-changing regulatory landscape or covering industry-related events, both hashtags are known to provide real-time information. This week our Digital Content Editor Aarti Maharaj takes a quick look at some top tweets.
The push to adopt a new ISO standard for financial transactions is gaining momentum on a global scale—even as the United States continues to weigh the business case for it. “It’s important because it is seen as the standard that all new financial transactions will move to over time,” says Barry Kislingbury at consulting firm ACI Worldwide. Compliance technologists in the U.S. banking sector, however, remain unconvinced. Details inside.