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  • Blog
    From New York to Hong Kong: The Need for a Global AML Program
    Money launderers don’t recognize geographical boundaries and, while they often seek to launder money in those jurisdictions with the weakest regulatory environment, they are also attracted to major markets, which can accommodate large-scale movement of funds. They are masters at exploiting any weaknesses caused by differences among national anti-money laundering (AML) systems, which is why the…
  • Blog
    Sourcing SOX Compliance Costs: Fewer Controls, More Scrutiny
    In a recent post recapping our webinar on rising SOX compliance costs, we cited increased external auditor scrutiny of “information produced by entity” (IPE), or electronic audit evidence, as contributing significantly to the increase in costs, with the testing and validation of IPE requiring almost twice the eight-hour average time required to test other internal controls. External auditors of…
  • Blog
    Strategic Risks: How Can CAEs Up Their Game?
    The latest Common Body of Knowledge (CBOK) survey of internal audit stakeholders reports 7 out of 10 stakeholders want audit leaders to focus on strategic risks, as well as operational, compliance and financial risks, during an audit. The message is loud and clear. Board members and senior executives are saying they wish to look to the internal audit function for insights that will help them…
  • Blog
    Blockchain Unchained: Bitcoin Was Just the Beginning
    These days, it seems that everyone in the financial services industry is talking about distributed consensus ledger (DCL) technology, commonly known as blockchain. The real-time transaction and settlement technology is viewed by some as the breakthrough that’s going to revolutionize electronic payments systems, and by others as the technological grenade that’s going to rip a hole in the world of…
  • Blog
    Introducing Compliance Insights: Protiviti’s Monthly Roundup of News for Financial Services Firms
    With global banking regulation consistently ranking as a top concern for financial service industry executives and directors, Protiviti has launched Compliance Insights, a monthly advisory newsletter designed to provide financial services industry (FSI) executives with timely news on issues that are relevant now. Although primarily focused on banking compliance matters related to consumer…
  • Blog
    Global CAEs Seeing Regulatory Convergence
    At The Institute of Internal Auditors International Conference in New York this July, I had the privilege of moderating a panel of CAEs on global audit issues, emerging risks and challenges in the financial services industry. We had a large international group, including hundreds of CAEs, who were eager to hear from our panelists representing some of the world’s largest financial institutions.…
  • Blog
    PCI DSS 3.2 – What You Need to Know
      We’ve been getting a lot of inquiries from clients on the new payment card industry (PCI) compliance standard issued by the PCI Security Standards Council in April. The new data security standards (DSS) release, dubbed PCI DSS Version 3.2, contains some major changes from the previous version. The changes are explained pretty clearly in our May 9 Flash Report, but we recently had the…
  • Blog
    CECL/IFRS 9 Update: New Credit Impairment Model Deadlines and Implementation Considerations
    As Protiviti reported back in May, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) have been looking for lessons in the global banking crisis of 2007-08 and have come up with new forward-looking predictive models for financial institutions to use when estimating how much to reserve against potential loan losses. The FASB’s CECL model will…
  • Blog
    The Evolution of Risk Reporting
    One of the key questions financial services firms ask every morning is, “Am I riskier today than I was yesterday?” Institutions need to know whether their risk profile has changed, and why. In such a highly competitive industry and a constantly evolving economic environment, knowing how and why their risk profile is changing – or is about to change – is a significant advantage because it can…
  • Blog
    Recent Serious Violations Confirm Compliance Vigilance Is Continually Required
    The September edition of Compliance Insights comments on two recent regulatory actions – one related to overtly discriminatory lending practices and one related to apparent violations of the Kingpin Act. Both demonstrate failings of the cited institutions’ compliance management systems to properly detect and prevent these issues, which have had significant monetary and reputational impacts. This…
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