Monthly Compliance Insights Newsletter

Compliance-Insights-January-2021
Monthly Compliance Insights Newsletter

“The events of the past year put supply chains, and ultimately organizations’ operational resilience programs under pressure from customers, internal stakeholders, as well as the regulatory bodies. Organizations need to build more resilient ecosystems to address the various types of disruptions that can ultimately impact their ability to meet customer needs. This means not only working to mitigate identified supply chain bottlenecks but also paying particular attention to concentration risks arising from third parties and other outsourcing relationships, arrangements that are increasingly difficult to understand because they often involve multiple locations, businesses and layers of subcontractors.”

- Brian Kostek, Managing Director & Doug Wilbert, Managing Director at Protiviti

 

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Resilience Practices Can Help Firms Mitigate Supply Chain and Third-Party Provider Risks

The post-pandemic supply chain landscape requires companies to incorporate operational resilience concepts and practices, which, at their core, prioritize identifying important business services and setting tolerance levels for risk, and, perhaps most significant, are driven by the overarching goal of minimizing customer harm in all cases.

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ADDITIONAL INSIGHTS


FLASH REPORT: Leveling the Playing Field for Third-Party Risk Management Requirements

In this Flash Report, we summarize the opportunities for comment from the industry to seek additional clarity and share key takeaways around TPRM Lifecycle Considerations, Data and Infrastructure, and Program Governance that banks can act upon now to address the key considerations and any gaps in their TPRM programs.

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Blog: The SEC’s Technology Modernization Is Accelerating — Are You Ready?

The U.S. Securities and Exchange Commission (SEC) is catching up on the advanced technology front. For CFOs at public reporting companies as well as those with pre-public organizations and companies with close ties to public companies, these developments bear monitoring.

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Podcast: Griselda Rondon, VP Chief Model Risk Officer & Analytics Oversight at KeyBank and Harsh Singhal, Head of Decision Science & Artificial Intelligence Validation at Wells Fargo discuss the Future of Analytics

The current and future state of risk analytics is bedrock to empowering the compliance function’s forward-looking agenda. With the evolution of enterprise risks, advancements in analytics, and the ever-morphing regulatory landscape, compliance can be transformed by being further data driven, and monetize the deployment of advanced analytics in empowering intelligent decision-making and risk detection.

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Blog: Jo Ann Barefoot, CEO and co-founder of the Alliance for Innovative Regulation Discusses The Future of Regulation: Technology

“As humans we tend to underestimate it: Technology is transforming everything in our lives. And financial services, financial risk management and financial regulation are all undergoing transformation due to the move from the analog to the digital age.” Those sectors have always been innovative, but what’s happening now is different.

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Blog: Extraterritorial: The AML Act of 2020 Drastically Expands the Give-and-Take of Global Information Sharing

The Anti-Money Laundering (AML) Act of 2020, passed by the United States Congress on January 1, 2021, included two important provisions related to expectations for extraterritorial information sharing, which represent an expansion in policies around movement of AML records into and out of the United States.

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Internal Auditing Around the World, Volume 17 - Going Beyond Limits to Build Resiliency

Internal auditors, by nature, like order and certainty. But the global health crisis has allowed for none of that. Its disruption thrust internal auditors into the uncomfortable position of having to completely abandon or revise their well-thought-out plans and familiar checklists and processes — fast.

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COMING NEXT MONTH: Environmental, Social and Governance Issues

There has been a groundswell of industry-focused attention on ESG, such as the December 2020 Climate Finance Markets and the Real Economy report issued by several capital markets trade associations, as well as the letter issued by the New York Department of Financial Services (NYDFS) on October 29, 2020, explaining what NYDFS sees as the principal financial risks stemming from climate change and its expectations for managing these risks.

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UPCOMING EVENTS


Protiviti's Cost of Compliance Webinar Series

September - December 2021

Join Protiviti's experts as they discuss the topics that are top of mind for all compliance executives including culture and conduct risk, regulatory relations, financial crime, outsourcing and third-party risk, the future of compliance and more. Pre-register now to reserve your seat.

 

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ESG in Financial Services – Impact on Internal Audit Webinar

July 29, 2021

This session focuses on approaches taken by large financial services organizations – both in Europe and domestically – to manage ESG risk across a set of risk stripes; the session covers current and expected requirements, as well as best practices, lessons learned, and management’s key near-term priorities regarding ESG.

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SIFMA’s Operations Conference

October 4-7, 2021

Protiviti is proud to be a Silver Sponsor at this year's SIFMA Operations Conference and Exhibition. Join the discussion from operations, technology and regulatory leaders from across the securities industry as they address the most critical priorities.

 

 

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