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.


Finance Priorities in the COVID Era

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.

2020 Finance Trends


Podcast: Planning for Business Continuity and Disaster Recovery

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.


Listen to Podcast

Agencies Invite Comment on Proposed Rule Under Bank Secrecy Act

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.


Read Proposed Rule

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.



How 2020 Reignited the AI Revolution in Financial Services

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


Ready Survey Results


COVID-19: Initial Lessons Learned and Considerations for Managing a Global Pandemic

In this report, COVID-19: Initial Lessons Learned and Considerations for Managing a Global Pandemic, SIFMA and Protiviti discuss the range of issues and events accentuated by the global coronavirus pandemic and the financial industry’s multifaceted and effective response thus far. We identify key lessons learned to date from managing this crisis, weighing the benefits and disadvantages of various responses and approaches, and provide key considerations that should be top of mind for business leaders as they strategize over how to build resilience and thrive in this new environment.

Credit Pulse October 2020: COVID Shockwaves and Aftereffects


On October 27, Protiviti issued the second edition of Credit Pulse, our semiannual analysis of economic indicators impacting financial institutions and the strength of their credit portfolio.
This newsletter highlights industry-leading insights and actionable recommendations to help your organization maintain profitability.

Regulatory Drumbeat on Operational Resilience Grows Louder With Fed’s Sound Practices Paper

On October 30, the Federal Reserve, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation released a paper titled Sound Practices to Strengthen Operational Resilience, amid a ravaging global pandemic and on the heels of a high-stakes U.S. presidential election. In our flash report, we review the interagency paper, which, drawing from existing regulations, statements and common industry standards, proposes a set of resilience practices aimed at the largest and most complex domestic firms.

10 ESG Reporting Questions Directors Should Consider

Environmental, social and governance (ESG) reporting has come into its own as a discipline, with most public companies now issuing sustainability reports. What’s the board’s role in ensuring that these reports are responsive to investors’ needs? Inspired by the global rise of reporting beyond financial results, we lay out 10 questions for boards to ask themselves and their management teams. This discussion applies to companies issuing sustainability reports.

Operational Resilience at the Intersection With Public Policy

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.


Watch Video



CFO Insights: Change the Way Finance Works

Protiviti’s latest newsletter CFO Insights summarizes the latest news, blogs, articles and webinars curated specially for the finance audience.

Read October edition


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