CAE Agenda: Your Monthly Audit News Roundup - November 2020
Our team has collected the top internal audit news, insights and resources for financial services organizations to help you and your teams.
Thank you for reading the November edition of the CAE Agenda.
CFOs and finance leaders are leveraging hard-earned lessons from the worldwide pandemic to strengthen organizational agility and resilience.
Entering 2020, CFOs and finance leaders already were focused on shoring up working capital, addressing cybersecurity risks, completing financial statements promptly and efficiently, meeting internal and external customer expectations, and making talent sourcing decisions. Their progress toward these and broader finance transformation efforts subsequently received unvarnished real-world appraisals in full view, courtesy of COVID-19.
We take a look at the key priorities of finance and the impact of COVID-19 in our latest Global Finance Trends Survey. Visit our interactive site to view our key findings, listen to our experts provide their insights, and download the full report.
In this podcast, Ken Bentsen, SIFMA president and CEO, along with Tom Price, Protiviti managing director, and Charles DeSimone, a vice president of SIFMA, both of whom work on SIFMA’s operations, technology, cyber and BCP efforts, provide an informative overview of the industrywide business continuity test facilitated by SIFMA on October 24, 2020, and highlight its successful completion.
On October 23, the Financial Crimes Enforcement Network (FinCEN) and the Federal Reserve Board invited comment on a proposed rule that would amend the record-keeping and travel rule regulations under the Bank Secrecy Act. Under the current record-keeping and travel rule regulations, financial institutions must collect, retain and transmit certain information related to funds transfers and transmittals of funds over $3,000. The proposed rule lowers the applicable threshold from $3,000 to $250 for international transactions. The threshold for domestic transactions remains unchanged at $3,000.
Consumer Financial Protection Bureau Releases Advance Notice of Proposed Rulemaking on Consumer Access to Financial Records
On October 22, the Consumer Financial Protection Bureau issued an advance notice of proposed rulemaking (ANPR) requesting information related to consumer access to financial records. In issuing the ANPR, the bureau is asking the public how it might most efficiently and effectively develop regulations to implement Section 1033 of the Dodd-Frank Act, which provides for consumer rights to access financial records.
A survey of leaders across financial services finds that the COVID-19 pandemic has spurred companies in every industry to dramatically accelerate their adoption of AI and automation — even in cases where investments to date have proven inconclusive or disappointing. Two key findings:
- Almost two-thirds of leaders surveyed said that COVID-19 had caused their organization to explore or reexplore uses of AI and automation
- Almost three-quarters called AI either very important or critical to their eventual recovery
Watch our interviews with Bank of England's Paul Williams, industry subject-matter experts Amy Shanle from BNY Mellon and Nicky Russell from HSBC, and SIFMA's Tom Wagner to learn more about their forward-looking views on regulatory and policy developments for resilient capital markets.
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