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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
    IT Innovation: Does Your IT Budget Have Room for It?
    One of the budget struggles chief information officers are continually faced with is reducing operating costs to make room for innovation. And while several studies, including our own, show that they have succeeded in bringing down “lights on” expenditures over the past decade or so, in many cases those savings have been absorbed by urgent non-strategic needs, such as compliance and security, too…
  • Blog
    Managing Your Organization’s Culture During Rapid Growth
    Early in December 2016, I had the pleasure of leading an in-depth webinar exploring how fast-growing companies can prepare for challenges related to changes in their culture and talent requirements, particularly when ramping up for an IPO or following one. I was joined by Carmela Krantz, Vice President of Human Resource at WideOrbit; Danielle Soucek, Director of Insight Product at Equilar; and…
  • Blog
    Considerations for SOC 2 Readiness
    As more organizations trade in-house IT applications, systems and related processes for third-party services to enhance capabilities, simplify operations and lower costs, it is critical to demonstrate that data and systems are well-controlled, regardless of where the data resides. While the COSO Internal Control – Integrated Framework clearly states that management is responsible for the design…
  • Blog
    IT Innovation, Part 2: Maximizing the Value of Security Investments
    As my colleague Ed Page indicated in his January 11 post, digital transformation represents one of the biggest innovation opportunities of the 21st century, and failure to respond quickly to innovation opportunities is one of the biggest risks faced by any business today. A recent Protiviti white paper, Catching the Digital Wave of Change, points out that no industry is isolated from the…
  • Blog
    Bank Charters for Fintech Companies Top January Compliance News
    In December 2016, the Office of the Comptroller of the Currency (OCC), which oversees many of the largest banks in the country, released its plans to consider granting special-purpose national bank charters to a broad range of financial technology (fintech) companies, who are engaged in providing technology-driven financial products and services to consumers and small businesses. The idea is not…
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