compliance (106)

EMIR timeline push-backs: blessing or curse?

The European Securities and Markets Authority (ESMA) has done it again. They quietly published a revised European Market Infrastructure Regulation (EMIR) timeline which postpones commencement of Trade Repository (TR) reporting until February 2014. This is no surprise as the recent third round of their Questions & Answers (Q&A) still left uncertainty among market participants.

There is no doubt that the regulation comes at a significant cost and requires wide-ranging operational enhancements to en

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Risk Leadership: 3LoD

Risk Leadership: 3LoD

I saw this abbreviation, 3LoD, in a presentation the other day and it took me a few seconds before I worked out it refers to the Institute of Internal Auditors' whitepaper entitled The Three Lines of Defence. There are some very good aspects to the paper and a few I am not so keen on.

3LoD has a good summary of the different roles and responsibilities of management, risk and compliance teams and internal audit:

  • Managers manage their risks by putting into place processes and s
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ERM vs GRC: Which adds more value?

Businesses began with Enterprise Risk Management (ERM) from the dawn of civilization. The first businesses were small and therefore one person knew all their customers, suppliers and processes. They knew all the risks within their business how they were connected to affect their business goals, which made it easy to manage both the upside and downside “impact of uncertainty on objectives”.

However, as the size of organizations grew in the industrial age, everyone became a specialist and groups of

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Federal and state regulatory compliance requirements have grown exponentially and touch all operational areas. Compliance has become very complex and expensive with extensive new regulations, multiple overlapping information sources, and operational impacts that are difficult to identify and track. Financial Institutions typically manage compliance workflows manually, which is difficult in multiple branch or interstate operations, and across multiple lines of business. As a result, compliance an

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The business community spends a lot of time worrying over the hidden costs of compliance and risk management programs--but what about the hidden returns?

Business Executives are looking to find ways to gain far more value beyond risk mitigation or regulatory conformance from the monitoring and policy enforcement technology and procedures they put in place to support compliance program. They just need to know where to look. According to governance, risk and compliance experts, there are a multitud

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MiFID II is coming – are you prepared?

After EMIR, Basel III and Dodd Frank, MiFID II is now on the horizon. Are you keeping up with the latest regulatory developments in the market?

Alarmed by the impact of the latest financial crisis, regulators globally have released a set of new regulations. While most financial institutions are already working diligently on the implementation of EMIR, Basel III and Dodd Frank, the change in the EU Council presidency to Ireland and the current consultations around MiFID II give further incentives

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The past three years have seen a number of man-made and natural disasters bring risk management demands to the forefront of executives and board directors. Fat-tail risks that have a low probability, but a very high impact to the organization, such as the Japanese tsunami, the Gulf of Mexico oil spill or the euro-zone liquidity crisis, have been front and center, creating a renewed interest in enterprise risk management (ERM) practices.

John Brown, Director, Risk Management, Supply Chain & Techni

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Risk Leadership - What is GRC?

I just returned from GRC 2012 - The inaugural industry conference bringing together the Australian Compliance Institute and the Risk Management Institution of Australasia. If you are wondering what GRC stands for, why the associations combined their conferences and what GRC really means, here are my views.What does GRC stand for? GRC is an acronym for Governance, Risk and Compliance. It has its origins in the US, particularly post the large corporate collapses of a decade ago, where there was a
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ERM Compliance and Enforcement

8028222470?profile=originalIn my last blog and On-Demand Webinar “Presenting Risk Management to the Board,” I was asked for help identifying government regulations that hold Boards responsible for Enterprise Risk Management (ERM) compliance.

Definition: First some background, the SEC Proxy Disclosure Enhancements rule defines ERM compliance as extending the board's role in risk oversight to the threshold of material impact of the risk regardless of the level. Boards of Directors were previously only responsible for CEO- le

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Poor Risk Management and Stinky Diapers

chemical plant explosion in Japan on Sunday shows the consequences of poor risk management in a really personal way. The Nippon Shokubai Co. produces a chemical that is a critical link in the supply chain for one-fifth of all the world's diapers. A diaper shortage is expected.

One, where was the risk management program to prevent the explosion? As is always with these things, in the next 6 weeks, evidence of an employee warning their management about conditions that could result in an explosion

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Better Risk Assessments: Free On-Demand Webinar

Looking back over my most popular blogs, there was a lot of interest in "5 Steps for Better Risk Assessments" back in March this year. Due to this interest I have created a complimentary 25 minute on-demand video webinar on this same subject complete with detailed "how to" examples and visuals that are not possible in a blog format.

Click here to watch this On Demand Webinar or read the full invitation below:

On-Demand Complimentary Webinar Invitation:

Risk managers are charged with ensuring transp

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First, what is Sarbanes-Oxley (SOX) 404 compliance? It is the legal requirement for public companies that senior management state that their company's financial reporting is accurate. Sounds simple? The expense and the value are all in the execution. How is that done? Simply put, the flow of information from the financial reports themselves is traced and connected to the activities that generate that information and the resources that are depended upon to generate that information. That sounds l

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This white paper presents a low risk, high impact approach to gaining control of regulatory compliance. The procedures, tasks, and behaviors that bear upon compliance can be overwhelming. Yet organizations that can master these activities, operate more efficiently, compete more effectively, and build their brands. Learn how Governance, Risk, and Compliance technologies can help.

Learn more: ===⇒

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(A report from 
the Economist Intelligence Unit)

More than ever, boards and senior management want to understand overall risk exposures, and be provided with clear, consistent information in a timely manner. With corporate governance legislation increasingly stressing the importance of personal liability and accountability for executives and non-executives, companies cannot afford to be in the dark about their risk position

 Visibility into decision making can help preserve a company’s reputatio

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This white paper presents a low risk, high impact approach to gaining control of regulatory compliance. The procedures, tasks, and behaviors that bear upon compliance can be overwhelming. Yet organizations that can master these activities, operate more efficiently, compete more effectively, and build their brands. Learn how Governance, Risk, and Compliance technologies can help.


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As the economic horizon continues to shift and belts tighten, small and medium sized companies — who typically have between 10 to 500 employees and represent 99.7 percent of all employer firms according to the U.S. Small Business Administration (SBA) — may wind up being so focused on core business issues that they overlook one of their most potentially serious and costly issues — human resource compliance. Unlike their large-company counterparts, they lack the time and resources to build infrast

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In this challenging environment, board members and management executives are striving to maintain their tight grip on costs while maintaining a proper focus on enterprise-wide risk.

Jack S. Dybalski is Vice President and Chief Risk Officer at Xcel Energy. He will be a key speaker at the marcus evans 5th Annual Enterprise Risk Management Conference taking place in from March 19-21, 2012 in Chicago, IL.

Jack Dybalski is the Vice President and Chief Risk Officer of Xcel Energy based in Denver, Colora

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It is inevitable for governance, risk and compliance (GRC) to converge. They are all about achieving the objectives of the organisation. For me, the greater debate is what role should an individual take as a leader in the convergence of the GRC space in an organisation?

It was no surprise that the International Federation of Accountants (IFAC) Survey , which assesses the need to align risk management and internal control guidelines internationally, found the need for an alignment is strong and t

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What Cantaloupe and Citigroup has in Common

Two stories in the news recently have caught my eye: one involving a listeria outbreak caused by tainted cantaloupe, and the other involving Citigroup losing $285 million for defrauding investors.

In the cantaloupe story, the deadly, nationwide listeria outbreak was traced to a packing facility in Colorado operated by Jensen Farms, in which factors such as workers and trucks accidentally carrying the disease into the facility, and machinery being hard to sanitize created the environment in which

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