CAE Agenda: Your monthly audit news

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 July 2022 edition of the CAE Agenda.

-The Protiviti Team

News & Trends

Wall Street Banks Quietly Test Cyber Defenses at Treasury’s Direction

Bloomberg - 3 min read | Some of the nation’s largest banks are now working with the Treasury Department, engaging in role play and sharing information they would have guarded closely in the past.

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The Responsible Financial Innovation Act: A Comprehensive Proposal to Regulate Digital Assets

National Law Review - 13 min read | The 69-page bipartisan proposal—which consists of eight titles and 54 sections—covers a myriad of issues related to taxes, securities, commodities, consumer protection, payments and stablecoins, banking laws, interagency coordination, and further agency research.

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How Businesses Can Hold Their Banks Accountable on Climate Change

Harvard Business Review - 5 min read | Companies are under scrutiny for how major banks that they partner with are financing carbon-intensive projects. How can companies wishing to be “green” respond? One solution is to switch to a low-carbon bank if possible.

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FDIC Probing How Bankrupt Crypto Broker Voyager Marketed Itself

Bloomberg - 3 min read | Voyager posted in 2019 on a company web page stated that this protection would take effect in the “rare event your USD funds are compromised due to the company or our banking partner’s failure,” according to the Wayback Machine, which keeps an archive of Internet content.

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ECB Stress Test Shows Most Euro Zone Banks Don't Include Climate Risk in Their Credit Models

CNBC - 3 min read | In a report published Friday, the ECB said the findings reaffirm the view that banks must sharpen their focus on climate risk and that most euro zone banks do not sufficiently incorporate climate risk into their stress-testing frameworks and internal models.

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Big Banks Pass Muster in Fed's Annual Stress Test

Banking Dive - 2 min read | The 33 largest U.S. banks would be able to maintain adequate capital levels in the event of a severe recession, the Federal Reserve found in its latest annual bank stress test.

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Key Differences Between the OCC’s Rescinded 2020 CRA Final Rule and the 2022 CRA Revisions Proposed by U.S. Banking Regulators

Consumer Finance Monitor - 8 min read | This blog post explores the Proposal in more detail by discussing some key differences between the Rescinded Rule and the Proposal, namely differences in(1) how banks delineate assessment areas; (2) the evaluation framework used; and (3) data collection and data retention require...

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Will the U.S. Supreme Court Deny Investors the Climate-Risk Information They Need?

Morningstar - 5 min read | Under the best of circumstances, Congress struggles to enact major legislation and to base it on expertise rather than purely political considerations. Suffice it to say, Congress is not operating under the best of circumstances today. Thus, the court’s ruling makes an already chaotic federal...

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ERM, PERCHÉ MISURARSI È GIUSTO.

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