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  • Blog
    Security and Privacy in Financial Services: Q&A Addressing Top Concerns
    Global cybersecurity risk has never been higher, especially at financial institutions, which are often targeted for their high-value information. Earlier this year, Protiviti published its 2017 IT Security and Privacy Survey, which found a strong correlation between board engagement and effective information security, along with a general need to improve data classification, policies and vendor…
  • Blog
    SEC Expands JOBS Act Registration Filing Provisions to All Companies
    Good news for companies that are planning or considering an initial public offering (IPO): The confidential IPO review period, created in 2012 to assist emerging growth companies, is now available to any company considering a public offering, regardless of size. The June decision by the U.S. Securities and Exchange Commission (SEC), effective July 10, 2017, is the first major policy move by new…
  • Blog
    High Performance Procurement: Getting More Savings to the Bottom Line, Faster
    Only a low percentage of chief procurement officers and chief finance officers feel that they have “very effective” sourcing, according to the most recent research we conducted among 400 procurement and finance professionals. Effective sourcing equates to 10 percent or more in savings year over year. Unfortunately, finance executives say only a small fraction of those potential savings ever make…
  • Blog
    Digital Reporting, Dashboards Help Execute Store-Level Audits in Real Time
    Retailers are under increasing pressure from all directions these days. In May, Credit Suisse estimated that a record 8,600 stores will close in 2017 and that 25 percent of U.S. shopping malls will be shuttered by 2020. At the same time, retailers are facing increasingly complex regulations on everything from public health to environmental issues. All of these pressures are creating a need to…
  • Blog
    Criminal Finances Act 2017 Aimed at Terrorist Financing Affects All Firms With UK Operations
    One of the recent examples of efforts to clamp down on terrorist financing and tax evasion comes from the UK, where the Criminal Finances Act 2017 received Royal Assent in April. The Act, expected to take effect this September, is being touted as a powerful new tool in the investigation and prosecution of tax evasion and terrorist financing crime in the UK. In response to concerns raised by…
  • Blog
    New Survey — Bridging the Gap Between Finance and Procurement
    My colleague Bernie Donachie wrote earlier this week about high-performance procurement, focusing on some top performer characteristics that emerged from our procurement survey prior to its release. The full report is now out, and, top performers notwithstanding, it shows that there are divergent perspectives across stakeholders when it comes to the value generated by the procurement…
  • Blog
    Internal Auditing Around the World: Stepping Up to the Challenge of Culture Audits
    Weak organizational cultures are widely considered to be one of the primary causes of the global financial crisis that struck a decade ago. As a result, maintaining a strong risk culture has become a top priority for all major businesses today — as well as an expectation by their stakeholders, regulators and customers. Business leaders are looking to the internal audit function to assess not…
  • Blog
    Regtech: An Innovation Quickly Going Mainstream
    Last year, we wrote about the various ways financial institutions were using technology to streamline and improve regulatory compliance. We thought it was time to revisit the topic, given regtech’s quiet but steady advancement in the financial services industry in the time that has passed. A specific definition of “regtech” is still evolving, but generally speaking, the term applies to any…
  • Blog
    Top Risks in Financial Services: Ever the Same, Always Changing
    Protiviti and North Carolina State University’s ERM Initiative teamed at the end of last year to survey directors and executives across a wide spectrum of industries for our fourth annual Executive Perspectives on Top Risks report. We are drilling down, over a series of blog posts, to provide insight into these executive perspectives within key industries and how these risks may have evolved…
  • Blog
    Compliance Issue Resolution: Responsible Business Conduct in Financial Services
    In April, I joined several of my Protiviti colleagues on a webinar hosted by The IIA’s Financial Services Audit Center. The two-hour session, titled Hot Topics in Compliance: Consumer Protection and Compliance Governance, focused on recent regulatory developments in consumer protection reforms related to the Dodd-Frank Act, including mortgage lending disclosures and debt collection practices. It…
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