Financial Services

Many public companies are in the process of preparing their annual 10-K reports for the SEC, and for these firms, it’s critical that management have a full understanding of the disclosure requirements. Ron Kral addresses several of the key challenges and questions organizations may have in conducting an effective ICFR evaluation.

In the wake of the Wells Fargo scandal related to the creation of millions of unauthorized accounts, government records revealed that former employees-turned-whistleblowers contacted the federal agency tasked with investigating whistleblower complaints as early as 2009, once again raising questions of how federal agencies can better protect whistleblowers.

The new payment card data security standard went into effect November 1, 2016. Some of the changes may require significant effort to achieve and could result in companies being out of compliance for an extended period of time. Now is the time to review your control environment and begin filling any gaps.

It used to be that no single regulator saw its job as protecting the economy and financial system as a whole, but the convergence of regulations and risk management is bringing transformative change. The EU’s Market Abuse Regulation targets EU financial firms, though U.S. based organizations must take notice as well.

Newspaper headlines blasting the news of major losses for a financial institution due to modeling error have become commonplace. Users must ensure that the models they rely upon are appropriately built and yield useful results, and for more than just regulatory compliance. Good models reduce losses and enhance decision-making.

Regulatory examinations shouldn’t be confrontational events, as the licensee’s and the regulator’s missions should be aligned – that is, honest, fair, equitable and efficient operations. This article discusses points and tips for you to keep in mind as you plan for your first or next examination.

As the use of social media becomes intertwined with daily business activity, a new threat is emerging: hackers are finding new ways of impersonating genuine business contacts, often portraying colleagues via fake profiles in order to gain access to sensitive data that can be used to commit fraud.

The Public Company Accounting Oversight Board has introduced a new auditing standard, AS-18, which is likely to present some challenges for companies – and their auditing committees in particular. In short, AS-18 is meant to enable auditors to best handle “related parties,” but this means more work than making basic inquiries. Read on to learn the full impact of the...

A critical component of any best practices BSA/AML compliance program is a periodic, independent review. The need for these evaluations is clear, but do you know what’s necessary to ensure your organization is sufficiently prepared for them?

The U.S. Department of Justice's Antitrust Division gives little credit for an existing compliance program. However, a recent criminal case in Ohio establishes that the Division will credit certain compliance programs after conviction by a guilty plea or trial.

Regulators have continually penalized banks for deficiencies in their financial crime programs, and this is especially evident in the case of correspondent banking. But is there room for improvement and increased sophistication?

Earlier this month the New York State Department of Financial Services announced proposed anti-money laundering and terrorist financing regulations. If adopted, the proposed rules will subject investment advisers to Bank Secrecy Act requirements for financial entities. Regulatory and private scrutiny of compliance programs is expanding, as is the cost of compliance...