CAE Agenda: Your Monthly Audit News Roundup

Whitney Sunset by Michael Rosenberg

CAE Agenda: Your Monthly Audit News Roundup


Welcome to the May edition of the CAE Agenda, Protiviti's monthly roundup of internal audit news and developments for financial services organizations.


Taking RPA to the Next Level

How companies are using robotic process automation to beat the competition

Companies across all industries are pumping resources into robotic process automation (RPA). In as little as two years, RPA leaders — those companies we’ve identified as already ahead of the curve — will be using bots in virtually every function within their organizations.

To help executives make the most of this fast-growing technology, Protiviti partnered with ESI ThoughtLab to survey 450 companies across various regions, industries and sizes to understand the differences between the practices of RPA leaders and organizations that are less advanced. Our research highlights the most effective best practices and powerful lessons learned from those adopting RPA.

For more information and to download the full report, visit Register here for our May 14 webinar.



News and Trends

  1. CFPB Proposes Changes to HMDA Rules

    On May 2, the Consumer Financial Protection Bureau (CFPB) issued a Notice of Proposed Rulemaking (NPRM), which proposes to raise the coverage thresholds for collecting and reporting data about closed-end mortgage loans and open-end lines of credit under the Home Mortgage Disclosure Act (HMDA) rules. The NPRM would provide relief to smaller lenders from HMDA’s data reporting requirements, and would clarify partial exemptions from certain HMDA requirements that Congress added in the Economic Growth, Regulatory Relief and Consumer Protection Act (EGRRCPA). The CFPB also issued an Advance Notice of Proposed Rulemaking (ANPR) seeking information on the costs and benefits of reporting certain data points under HMDA.

  2. ARRC Releases Recommended Contractual Fallback Language and User’s Guide to SOFR

    On April 25, the Alternative Rates Reference Committee (ARRC) released recommended contractual fallback language for U.S. dollar LIBOR denominated floating rate notes and syndicated loans.

    Earlier that week, on April 22, the ARRC issued A User’s Guide to SOFR, a handbook to help market participants understand the Secured Overnight Financing Rate, its preferred alternative to the London Interbank Offered Rate and how it can be used in cash products.

  3. Federal Reserve Board Invites Public Comment on Proposal to Simplify and Increase the Transparency of Rules for Determining Control of a Banking Organization

    On April 23, the Federal Reserve Board invited public comment on a proposal that would simplify and increase the transparency of the board's rules for determining control of a banking organization. If a company has control over a banking organization, the company generally becomes subject to the board's rules and regulations.


Protiviti Insights

The Shared Assessments Program and Protiviti Examine the Maturity of Vendor Risk Management

This is the fifth year that the Shared Assessments Program and Protiviti have partnered in researching the maturity of vendor risk management programs. The research, which looks at organizations’ maturity of vendor risk management, provides helpful benchmarks to evaluate third-party risk management programs against a comprehensive set of best practices. For more information and to download the full report, visit To view our on-demand webinar, register here.

Applying Qualitative Factor Overlays on CECL Models: Key Considerations

Protiviti’s Ariste Reno shares insights from the CECL 2019 conference in New York as well as key considerations when incorporating qualitative factors into the overall CECL framework.

Identity and Access Management in Financial Services – Staying Ahead of the Curve

To remain relevant and allow the business to succeed in a rapidly changing landscape while maintaining a strong risk and security posture, IAM programs, process and governance, and technology need to be aligned.



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Join Us Online: Managing Risks Amid Market Forces Webinar Series



Key Considerations for Finalizing CECL Model Implementation & Validation

View on-demand to measure your organization's CECL implementation progress against industry best practices and become better equipped to comply with the new standard.

Original live date: Wednesday, May 1, 2019 | 2 p.m. EST


View Recording



A Road Map to the Transition from LIBOR to SOFR

Join this session to better understand what the LIBOR transition will mean for your institution and proactive steps that can be taken to accelerate transition plans. Register here.

Original live date: Thursday, May 9, 2019 | 2 p.m. EST


Register Here



Validating AI Machine Learning Models

Join our webinar to learn about the challenges and benefits of incorporating machine learning models into your risk management program. Register here.

Original live date: Wednesday, July 31, 2019 | 2 p.m. EST


Register Here



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