Results for Search Submit Filter by: Advanced Filter All results Solutions Industry Typelist People Client Story Insights/Blogs Sort by: Relevance Date Filter Search Sort by RelevanceDate Order AscDesc 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 February 28, 2022 Setting the 2014 Audit Committee Agenda to Address Tough Issues As those of you who serve on audit committees know, setting an effective and strategically sound audit committee agenda is no easy task. For one thing, a lot is already on the agenda and there are certain things audit committees are required to do according to the company’s exchange listing standards and other legal requirements. So aside from the things the committee is obligated to do, is there… 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… Blog September 21, 2016 CECL/IFRS 9 Update: New Credit Impairment Model Deadlines and Implementation Considerations As Protiviti reported back in May, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been looking for lessons in the global banking crisis of 2007-08 and have come up with new forward-looking predictive models for financial institutions to use when estimating how much to reserve against potential loan losses. The FASB’s CECL model will… Blog September 29, 2016 The Evolution of Risk Reporting One of the key questions financial services firms ask every morning is, “Am I riskier today than I was yesterday?” Institutions need to know whether their risk profile has changed, and why. In such a highly competitive industry and a constantly evolving economic environment, knowing how and why their risk profile is changing – or is about to change – is a significant advantage because it can… Load More