CAE Agenda: Your Monthly Audit News Roundup - July 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 July edition of the CAE Agenda.
A Guide to Business Continuity Management Top 15 Questions
No one can predict when the next disaster or business disruption will strike; the only certainty is that something unplanned and disruptive will happen. Companies can prepare for this inevitability by making business continuity management a central part of their risk management efforts.
In our updated Guide to Business Continuity Management Top 15 Frequently Asked Questions, we examine critical and pressing concepts about business continuity management and related practices. The guide provides insights to help you prepare and plan to build resilience for the unknown.
The top 15 questions are available now. Read them online or download a copy. Look for our complete, updated guide to business continuity management FAQ (fourth edition) in September 2020.
June 29, 2020
On June 29, the Office of the Comptroller of the Currency (OCC) reported the key issues facing the federal banking system and the effects of the COVID-19 pandemic on the federal banking industry in its Semiannual Risk Perspective for spring 2020. The report presents information in four main areas: the operating environment, bank performance, special topics in emerging risk and trends in key risks. It focuses on issues that pose threats to those financial institutions regulated by the OCC and is intended as a resource to the industry, examiners and the public.
Federal Reserve Board Releases Results of Stress Tests for 2020 and Additional Sensitivity Analyses Conducted in Light of the Coronavirus Event
June 25, 2020
On June 25, the Federal Reserve Board released the results of its stress tests for 2020. In addition to its normal stress test, the Fed conducted a sensitivity analysis to assess the resiliency of large banks under three hypothetical recessions, or downside scenarios, that could result from the coronavirus event. The scenarios included a V-shaped recession and recovery; a slower, U-shaped recession and recovery; and a W-shaped, double-dip recession.
June 25, 2020
On June 25, five federal regulatory agencies finalized a rule modifying the Volcker rule's prohibition on banking entities investing in or sponsoring hedge funds or private equity funds—known as covered funds. Like the proposal, the final rule modifies three areas of the rule by streamlining the covered funds portion of rule, addressing the extraterritorial treatment of certain foreign funds and permitting banking entities to offer financial services and engage in other activities that do not raise concerns that the Volcker rule was intended to address. The rule will be effective on October 1.
June 24, 2020
On June 24, the Federal Financial Institutions Examination Council (FFIEC) announced the availability of data on 2019 mortgage lending transactions at 5,508 U.S. financial institutions covered by the Home Mortgage Disclosure Act (HMDA). Covered institutions include banks, savings associations, credit unions and mortgage companies.
LIBOR Transition During the Pandemic: Is Your Program Management Office Ready to Take on the Challenge?
Beyond Business Continuity Management: Building Resilience for Extreme but Plausible Events in a Post-COVID-19 World
As the pandemic stretches on, Business Continuity Management (BCM) teams are expected to continue to apply lessons learned and evolve their methods so they can respond effectively if and when another COVID-19-like event occurs. In this blog, we discuss a few things that can help organizations build resilience in this changing risk environment: Understanding BCM basics and the importance of regulations and standards; addressing concentration risk; and tapping into the unique benefits of cloud computing.
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