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  • Blog
    March 10, 2020
    Further Measures From the Bank of England to Support LIBOR Transition
    In what has become a steady stream of advisories from regulators globally about the financial institution’s preparedness for LIBOR transition, the Bank of England (the Bank), on February 26,  announced further measures designed to “turbo-charge sterling LIBOR transition” in a speech by Andrew Hauser, Executive Director of Markets at the Bank. The Bank recognises the progress made in 2019,…
  • Blog
    March 12, 2020
    The Future of Privacy Regulations: Coping With a Complex and Evolving Landscape
    Data privacy regulations are in flux, not only at the state and national level, but globally. Even as companies put the finishing touches on extensive preparations to comply with the European Union’s landmark GDPR law, new laws were introduced in the U.S. states of California, Vermont, Nevada, and Maine. While new laws are being passed, those in effect are already being amended. There is…
  • Blog
    March 13, 2020
    Pre-IPO Companies – Put Your Vendors’ SOC Reports on Your 2020 Reading List
    For public companies, collecting service organization control (SOC) reports is one of the important activities as of the end of their fiscal year. Companies that have not yet gone public but are considering it are advised to request these reports as part of Sarbanes-Oxley (SOX) internal control analysis, and review them for any exceptions or deficiencies, to avoid potential audit problems down…
  • Blog
    March 16, 2020
    COVID-19: Is Your Business Immunized Against Supply Chain Disruption?
    Coronavirus disease 2019 (COVID-19), which emerged in central China in late 2019, had spread to 144 countries by March 15, infecting over 124,800 people. More than 6,500 deaths have been linked to the virus. And there are concerns that the pandemic, which has also disrupted manufacturing operations and supply chains around the world — not to mention caused one of the steepest declines on record…
  • Blog
    March 16, 2020
    Financial Institutions Should Prepare for High Absenteeism, Operational Disruptions as Coronavirus Outbreak Worsens
    While the scale and duration of the Novel Coronavirus (COVID-19) pandemic is not yet fully understood, financial institutions, lawmakers, government and regulatory officials are working urgently to implement measures that will arrest the disruption to employees and customers, financial markets and systems, the economy, and business operations. So far, several agencies have issued updated guidance…
  • Blog
    March 18, 2020
    CECL and the New AICPA Practice Aid (Part 3): Internal Controls and Governance
    A new current expected credit losses (CECL) standard changes the way financial institutions estimate loss reserves from an “incurred loss” to an “expected loss” model. The AICPA has published a Practice Aid to help managers, internal auditors and audit committees prepare for the transition. We are offering our perspective on some of the sections in the Practice Aid that we think warrant…
  • Blog
    March 19, 2020
    The People Side of COVID-19: The Ultimate Test of Resilience?
    By any measure, the COVID-19 crisis represents an extraordinary set of circumstances, a perfect storm that could pose the ultimate test of resiliency for business organizations: Can they pivot through this daunting environment in a way that keeps both their operations and their brands intact? Some have referred to this global pandemic as a black swan. But it really isn’t. The World Economic…
  • Blog
    March 20, 2020
    Leading Remote Teams in Times of Uncertainty
    As the COVID-19 pandemic continues to disrupt business activity across the globe, organizations are reacting to unexpected challenges and adopting new business practices to align with social distancing, school closures and other public health measures. While the long-term impacts of these changes are unclear, the rapid shift to remote employee working arrangements has emerged as a major trend…
  • Blog
    March 24, 2020
    Operational Resilience: Measuring Impact Tolerance the FAIR Way
    Among the UK supervisory authorities’ proposals and expectations for building operational resilience, the rules on “impact tolerance” have generated substantial debate and confusion. Mostly, the discussion has centered around how firms would go about quantifying that point in time when the viability of their important business services and processes is irrevocably threatened by a disruptive event…
  • Blog
    March 26, 2020
    CECL Deferred for Banks Due to the Impact of the COVID-19 Pandemic
    CECL is on the verge of being deferred. Late yesterday, the Senate passed its $2.2 trillion stimulus package. The final bill indicates that no insured depository institution, bank holding company, or any affiliate thereof shall be required to comply with the Current Expected Credit Loss (CECL) standard during the national emergency, until as long as December 31, 2020. We expect the Senate…
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