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  • Blog
    Trends in Credit Reserves Reflect Economic Optimism
    Many financial institutions reacted quickly in March 2020 to bolster credit loss reserves and incorporate anticipated near-term and longer-term impacts of the COVID-19 pandemic on loss reserve estimates. This came on the heels of adopting one of the most significant accounting changes for financial institutions in decades, the Current Expected Credit Losses (CECL) accounting standard. The CECL…
  • Blog
    An Approach to Measuring the Value of Human Capital
    Stakeholders have long believed that effective assessments of a company’s performance and prospects require solid information on workforce costs and productivity, on how employees are hired, developed and managed, and other human capital factors. Agencies, governing bodies and investors have recently exerted pressure on a number of authorities worldwide to ensure more human capital information is…
  • Blog
    Protiviti Advisory Board on Pandemic Lessons Learned and the Path to a “Better Normal” – A Virtual Event Recap
    One afternoon last week, Protiviti President and CEO Joe Tarantino welcomed more than 130 clients and friends of the firm to spend an afternoon with the members of Protiviti’s Advisory Board: Peter Henry, Fran Townsend, Evelyn Dilsaver and Susan Molinari. The afternoon included a panel discussion with all the Advisory Board members followed by fireside chats with individual members of the board.…
  • Blog
    Internal Controls Planning as Organizations Contemplate a Return to the Office
    2020 was certainly a year for change in so many ways, not the least of which was companies adapting their internal controls to the stay-at-home orders resulting from the COVID-19 pandemic. Now, as many are considering bringing people back to the office at least part time, the internal controls environment is up for yet another change. Protiviti’s SOX Champions Network, a global network of…
  • Blog
    Flash Report: European Court of Justice Invalidates the EU-U.S. Privacy Shield Framework
    In a landmark ruling with sweeping implications for global companies, on Thursday, July 16 the Court of Justice of the European Union (CJEU) ruled, in essence, that the personal data of EU citizens must be provided the same protections granted by GDPR, the European data privacy law, regardless of what jurisdiction the data is moved to or processed in – and that the Privacy Shield framework in…
  • Blog
    Digesting SWIFT’s 2020 Customer Security Programme (CSP) and COVID Guidance – and What the Changes Mean to Your Organization
    In response to the current business climate produced by the COVID-19 pandemic, the Society for Worldwide Interbank Financial Telecommunication (SWIFT) recently issued guidance to ease the strain on customers as they work to implement its updated Customer Security Programme (CSP) and Customer Security Controls Framework (CSCF). With a network that links more than 11,000 financial institutions in…
  • Blog
    Suspicious Activity Reporting: Government Aid Programs in the Spotlight
    Amid growing media coverage of fraud related to government loan programs and unemployment insurance claims, the Small Business Administration (SBA) issued an Information Notice (IN) on July 22 dealing specifically with the identification and reporting of suspicious activity related to the Economic Injury Disaster Loans (EIDL) Program. The IN is aimed at alerting depository institutions to the…
  • Blog
    Management’s Reporting on the Control Environment During COVID-19: Extra Attention Is Required
    Organizations across all jurisdictions and industries have been faced with the difficult task of drafting and submitting their financial statements to regulators and banks during the COVID-19 pandemic. This has led to unique challenges and logistics to ensure appropriate personnel are connected and able to perform their duties and, ultimately, report to regulatory bodies with accuracy. Many…
  • Blog
    Persevering and Prospering in the Time of COVID-19: Accounts Payable
    The accounts payable (AP) function has a significant effect on the bottom line, third only to sales and receivables. Now, many accounts payable teams have been caught short by the Coronavirus 2019 (COVID-19) pandemic, finding themselves unable to shift rapidly and securely to a remote payables workforce. Some businesses – whose workforce capabilities and processes are extensively paper-based –…
  • Blog
    Tech Can Help Oil and Gas Firms Survive Market Turmoil
    For organizations in the oil and gas (O&G) industry, the combined impact of COVID-19 and erratic oil prices have made for an unprecedented roller coaster ride. Many oil and gas companies are finding it difficult to cope, and others are likely to be severely impaired for the foreseeable future. However, even in the worst of times, there are tools and strategies that can help an organization…
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