CAE Agenda: Your Monthly Audit News Roundup

Whitney Sunset by Michael Rosenberg

CAE Agenda: Your Monthly Audit News Roundup

 

Dear Colleague,

As we settle into 2019, Protiviti is here to help navigate the past month's top news stories, highlights and trends in internal audit for financial service organizations and deliver those stories straight to your in-box.

Welcome to the January 2019 edition of the CAE Agenda, your monthly internal audit news roundup!

News and Trends

  1. Agencies Allow Three-Year Regulatory Capital Phase-In for New Current Expected Credit Losses (CECL) Accounting Standard

    By: Federal Reserve Board, FDIC, OCC

    On December 21, 2018, the federal bank regulatory agencies approved a final rule modifying their regulatory capital rules and providing an option to phase in over a period of three years the day-one regulatory capital effects of updated accounting standard known as the Current Expected Credit Losses (CECL) methodology. The final rule also revises the agencies' other rules to reflect the update to the accounting standards.

  2. 10 Real Estate Finance Policy Issues to Watch in 2019

    By: ABA Banking Journal

    To ring in the new year, ABA policy staff have identified the top 10 issues that we expect to be in play for banks in 2019.

 

 

Protiviti Insights

Top Risks 2019 – Financial Services Industry Group Results Summary

For financial services globally, our top risks surveys conducted for 2018 and 2019 marked a shift away from an intensive and, for many firms, almost exclusive focus on risk management and regulatory compliance matters that transpired since the global financial crisis. While regulatory compliance matters remain a significant source of risk, digital disruption and other threats to business competitiveness are being viewed with increasing concern. The results for 2019 show this shift not only is continuing but also is, in many areas, accelerating.

 
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Legacy Core Systems Outlook: Advancing Technologies Are Hastening the Necessity to Modernize

If financial institutions fail to modernize their legacy systems, they will almost certainly lose ground to rivals. Read our blog and white paper that discuss the disruptive influence that the cloud and APIs have had on the industry. They also illustrate how rapidly expanding concepts such as open banking” are accelerating the need for change at financial institutions.

 
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