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  • Blog
    August 16, 2016
    Cloud Adoption: Putting the Cloud at the Heart of Business and IT Strategy
    Cloud computing is on the rise as businesses respond to rapidly evolving consumer behaviors, changing business models, and the opportunities and risks brought by new market entrants. Chief information officers and chief technology officers must manage this shift under mounting regulatory pressure and growing concerns about data security and privacy, while simultaneously managing complex and…
  • Blog
    August 18, 2016
    AICPA Issues Audit Risk Alert on Revenue Recognition, With More Guidance to Come
    The American Institute of Certified Public Accountants (AICPA) recently issued an Audit Risk Alert on Revenue Recognition – an early and significant entry in what will be a growing body of guidance concerning the Financial Accounting Standards Board’s (FASB’s) new revenue recognition standard. It’s an important resource for preparers and auditors, because it explains the new revenue recognition…
  • Blog
    August 19, 2016
    Internal Audit Around the World: Collaboration, Technology and the Female CAE
    Technology is creating new areas of risk for businesses, requiring a collaborative mindset and strong relationships to manage risk effectively. At the same time, technology is creating new opportunities to improve how internal auditors manage risk – opportunities that come with the same requirements of collaboration and relationship-building. These changes to the internal audit landscape are…
  • Blog
    August 22, 2016
    From New York to Hong Kong: The Need for a Global AML Program
    Money launderers don’t recognize geographical boundaries and, while they often seek to launder money in those jurisdictions with the weakest regulatory environment, they are also attracted to major markets, which can accommodate large-scale movement of funds. They are masters at exploiting any weaknesses caused by differences among national anti-money laundering (AML) systems, which is why the…
  • Blog
    August 23, 2016
    Sourcing SOX Compliance Costs: Fewer Controls, More Scrutiny
    In a recent post recapping our webinar on rising SOX compliance costs, we cited increased external auditor scrutiny of “information produced by entity” (IPE), or electronic audit evidence, as contributing significantly to the increase in costs, with the testing and validation of IPE requiring almost twice the eight-hour average time required to test other internal controls. External auditors of…
  • Blog
    August 25, 2016
    Strategic Risks: How Can CAEs Up Their Game?
    The latest Common Body of Knowledge (CBOK) survey of internal audit stakeholders reports 7 out of 10 stakeholders want audit leaders to focus on strategic risks, as well as operational, compliance and financial risks, during an audit. The message is loud and clear. Board members and senior executives are saying they wish to look to the internal audit function for insights that will help them…
  • Blog
    August 29, 2016
    Blockchain Unchained: Bitcoin Was Just the Beginning
    These days, it seems that everyone in the financial services industry is talking about distributed consensus ledger (DCL) technology, commonly known as blockchain. The real-time transaction and settlement technology is viewed by some as the breakthrough that’s going to revolutionize electronic payments systems, and by others as the technological grenade that’s going to rip a hole in the world of…
  • Blog
    August 31, 2016
    Introducing Compliance Insights: Protiviti’s Monthly Roundup of News for Financial Services Firms
    With global banking regulation consistently ranking as a top concern for financial service industry executives and directors, Protiviti has launched Compliance Insights, a monthly advisory newsletter designed to provide financial services industry (FSI) executives with timely news on issues that are relevant now. Although primarily focused on banking compliance matters related to consumer…
  • Blog
    September 2, 2016
    Global CAEs Seeing Regulatory Convergence
    At The Institute of Internal Auditors International Conference in New York this July, I had the privilege of moderating a panel of CAEs on global audit issues, emerging risks and challenges in the financial services industry. We had a large international group, including hundreds of CAEs, who were eager to hear from our panelists representing some of the world’s largest financial institutions.…
  • Blog
    September 9, 2016
    PCI DSS 3.2 – What You Need to Know
      We’ve been getting a lot of inquiries from clients on the new payment card industry (PCI) compliance standard issued by the PCI Security Standards Council in April. The new data security standards (DSS) release, dubbed PCI DSS Version 3.2, contains some major changes from the previous version. The changes are explained pretty clearly in our May 9 Flash Report, but we recently had the…
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