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 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… Blog March 30, 2020 Hackathon to Save Small Business As with millions of other people around the globe, I am sheltering in place. Until last Thursday, my plan for the weekend was to immerse myself in a novel from the never-ending list of “books I intend to read.” But, on Thursday, I and several of my Protiviti colleagues received an invitation from the Alliance for Innovative Regulation (AIR) to participate in a hackathon to save small… Blog March 31, 2020 Working Together: Bank Regulators Encourage Flexibility and Offer the Same During COVID-19 Pandemic It goes without saying that COVID-19 has disrupted the world in a manner not seen before in our lifetimes and has required everyone to make adjustments to their personal and work routines. In response to the outbreak, bank regulatory agencies in the U.S. have encouraged financial institutions to be flexible and work constructively with customers impacted by these events. In return, the… Blog April 1, 2020 COVID-19 Impacts on Accounting, Reporting and Internal Controls The coronavirus 2019 (COVID-19) pandemic has brought major disruptions worldwide, with further impacts yet to be felt. For many businesses, operations are curtailed or dramatically shifted, and supply chains are disrupted. New regulatory and operating guidance is issued daily, with a fair amount of it impacting financial accounting and reporting. For example, the SEC just issued an announcement… Blog April 2, 2020 Treasury Department Issues More Detailed Guidelines for Small Business Paycheck Protection Program (updated May 4, 2020) The Coronavirus Aid, Relief, and Economic Security (CARES) Act that was signed into law last Friday offers a lifeline to small businesses and sole proprietors (generally those with 500 or fewer employees) in the form of the Paycheck Protection Program (PPP) administered by the Small Business Administration (SBA). This program authorizes $350 billion in forgivable loans, based on the size of their… Load More
