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  • Blog
    July 17, 2017
    High Performance Procurement: Getting More Savings to the Bottom Line, Faster
    Only a low percentage of chief procurement officers and chief finance officers feel that they have “very effective” sourcing, according to the most recent research we conducted among 400 procurement and finance professionals. Effective sourcing equates to 10 percent or more in savings year over year. Unfortunately, finance executives say only a small fraction of those potential savings ever make…
  • Blog
    July 18, 2017
    Digital Reporting, Dashboards Help Execute Store-Level Audits in Real Time
    Retailers are under increasing pressure from all directions these days. In May, Credit Suisse estimated that a record 8,600 stores will close in 2017 and that 25 percent of U.S. shopping malls will be shuttered by 2020. At the same time, retailers are facing increasingly complex regulations on everything from public health to environmental issues. All of these pressures are creating a need to…
  • Blog
    July 20, 2017
    Criminal Finances Act 2017 Aimed at Terrorist Financing Affects All Firms With UK Operations
    One of the recent examples of efforts to clamp down on terrorist financing and tax evasion comes from the UK, where the Criminal Finances Act 2017 received Royal Assent in April. The Act, expected to take effect this September, is being touted as a powerful new tool in the investigation and prosecution of tax evasion and terrorist financing crime in the UK. In response to concerns raised by…
  • Blog
    July 20, 2017
    New Survey — Bridging the Gap Between Finance and Procurement
    My colleague Bernie Donachie wrote earlier this week about high-performance procurement, focusing on some top performer characteristics that emerged from our procurement survey prior to its release. The full report is now out, and, top performers notwithstanding, it shows that there are divergent perspectives across stakeholders when it comes to the value generated by the procurement…
  • Blog
    July 24, 2017
    Internal Auditing Around the World: Stepping Up to the Challenge of Culture Audits
    Weak organizational cultures are widely considered to be one of the primary causes of the global financial crisis that struck a decade ago. As a result, maintaining a strong risk culture has become a top priority for all major businesses today — as well as an expectation by their stakeholders, regulators and customers. Business leaders are looking to the internal audit function to assess not…
  • Blog
    July 25, 2017
    Regtech: An Innovation Quickly Going Mainstream
    Last year, we wrote about the various ways financial institutions were using technology to streamline and improve regulatory compliance. We thought it was time to revisit the topic, given regtech’s quiet but steady advancement in the financial services industry in the time that has passed. A specific definition of “regtech” is still evolving, but generally speaking, the term applies to any…
  • Blog
    July 27, 2017
    Partnering for CAE Success: Building the Audit Committee Relationship
    There’s a lot of talk these days about what’s important for CAEs to be doing and why. It’s always useful to exchange sound practical advice on how to do what needs to be done. So it was gratifying for me to be participate in a recent MIS Training Institute Masters Program dedicated to providing real world solutions through peer-to-peer discussion on many of the issues raised by audit committee…
  • Blog
    July 28, 2017
    SEC Clarifies Revenue and Lease Deadlines for Private Entities Included in Public Filings
    With transition deadlines fast approaching on new revenue recognition and lease accounting rules from the Financial Accounting Standards Board (FASB), the Securities and Exchange Commission (SEC) has opted to clarify some confusion among certain private businesses regarding their specific deadlines for the new standard. One specific area that was unclear was the deadline for private companies…
  • Blog
    July 31, 2017
    GDPR: Strict New EU Data Privacy Rules Have Global Reach
    European regulators are giving individuals new rights to control how their personal data is used. A new law, the General Data Protection Regulation (GDPR), scheduled to become effective May 25, 2018, is the most important change in data regulation to come from European Union (EU) regulators in 20 years. It introduces strict new rules for the protection of the personal data of EU citizens, and…
  • Blog
    August 2, 2017
    AI in AML, Consumer Protection Developments Discussed in Protiviti's Latest Compliance Insights Podcast (Now Available)
    Christine Bucy of Protiviti's Risk and Compliance practice joins Steven Stachowicz in this latest podcast to discuss the next frontier in  AML compliance — artificial intelligence. Also hear Steven's take on the latest in consumer protection activity from the Consumer Financial Protection Bureau. This discussion is in addition to what you'll find in the complete July issue of Compliance…
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