CAE Agenda: Your Monthly Audit News Roundup

Whitney Sunset by Michael Rosenberg

CAE Agenda: Your Monthly Audit News Roundup


Dear Colleague,

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

We hope our monthly newsletter will continue to be a valuable source for audit executives to stay informed on the industry and regulatory developments impacting your organization.

News and Trends

  1. Federal Reserve Board Invites Public Comment on Framework That Would More Closely Match Regulations for Large Banking Organizations with Their Risk Profiles

    On October 31, the Federal Reserve Board invited public comment on a framework that would more closely match the regulations for large banking organizations with their risk profiles. The changes would reduce compliance requirements for firms with less risk while maintaining more stringent requirements for firms with more risk.

    The framework establishes four categories of standards for large banking organizations – those with more than $100 billion in total consolidated assets. The proposals build on the board's existing tailoring of its rules and would be consistent with changes from the Economic Growth, Regulatory Reform and Consumer Protection Act.

  2. New ABA White Paper Helps Bankers Understand AI

    As part of its efforts to help bankers understand the benefits and applications of fintech, ABA has published a new white paper that focuses on artificial intelligence. A supplement to the ABA’s Fintech Playbook, the paper provides an overview of AI technology – including machine learning, robotics process automation, natural language processing and speech/object recognition – and explores its many uses in banking.

  3. SEC Investigative Report: Public Companies Should Consider Cyberthreats When Implementing Internal Accounting Controls

    On October 16, the Securities and Exchange Commission issued an investigative report cautioning that public companies should consider cyberthreats when implementing internal accounting controls. The report is based on the SEC Enforcement Division's investigations of nine public companies that fell victim to cyber fraud, losing millions of dollars in the process.

  4. Federal Reserve Payments Study finds U.S. payments fraud a small but growing fraction of overall payments

    The value of fraudulent noncash payments in the United States rose significantly between 2012 and 2015--outpacing growth in noncash payments overall, according to a new report based on Federal Reserve Payments Study data.


Latest Insight From Protiviti

Managing Cyber Risks in a World of Rapid Digital Change

By 2021, cybercrime is likely to cost the world $6 trillion annually (more than the combined GDP of the UK and France), but as companies embrace new technologies, so do hackers, and the reluctance of organizations to share cybersecurity information makes benchmarking and planning more challenging – until now.

Protiviti joined ESI ThoughtLab, WSJ Pro Cybersecurity and a group of prominent organizations to launch The Cybersecurity Imperative: Managing Cyber Risks in a World of Rapid Digital Change, a thought-leadership survey drawing on global research, CISO expert interviews and insights from an advisory board of executives.

Read the interactive ebook and the WSJ Pro Cybersecurity white paper covering the key findings, along with insights into best practices, performance metrics and calls to action from CISOs. You can also check out our webinar replay for detailed study results.

Join Us For a CPE Webinar

Complimentary CPE Webinar: The Next Generation of Internal Auditing – Are You Ready?

A forward-looking audit function should provide insight, oversight and foresight around an organization’s current and future risks and controls, especially in today’s fast-paced “innovate or die” business environment. Data- and technology-enabled business transformation is occurring at a pace we have not previously seen. Internal audit must respond to stay relevant, not just in its risk-assurance role, but in the way it organizes itself, manages resources, delivers its services, and makes use of data and technology.

Join Protiviti’s Brian Christensen, Michael Thor and Andrew Struthers-Kennedy on Thursday, November 8, 1– 2 pm ET as they offer a point of view on what the next generation of internal audit looks like and steps organizations can take to get there. Eligible attendees will receive 1.2 CPE credits.


Register Here


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