While I am sure there is more to the story about law firm Clayton Utz and their report for AMP, but how do you think their credibility as a provider of independent advice was impacted by this simple line in this news article “Just appalling’: AMP misconduct and lies exposed”.
“Mr Hodge told the hearing that Clayton Utz provided 25 drafts of the report to AMP which resulted in detailed changes being made, including the removal of Mr Meller's name from an earlier version of the report.”
My blog
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Don’t assume you’re immune from this European regulation with huge fines
All may be relatively quiet on the regulatory front in the U.S., but this May new privacy regulations are taking effect in the European Union, which will likely impact even the most provincial U.S. financial institutions.
The E.U.’s General Data Protection Regulation (GDPR), approved in April 2016, is much broader than the U.S.’s most well-known privacy regulations, the Gramm-Leach-Bliley Act (GLBA) and the Health Insurance P
Year over year, scandals like Wells Fargo, Equifax, Chipotle and so many others have dominated news headlines as they wreak havoc on consumers, investors, and awaken industry and government regulators. What is driving this trend?
Consumers have entrusted corporations with increasing involvement and influence in their lives through the decades. In 2014, for example, the Supreme Court ruled that corporations have some of the rights and responsibilities as natural persons. In other words, corporatio
Sanjay Verma was 5 years old when he was at parent teacher night with his older sister. He turned to her and asked why other kids in the room had parents there and he didn’t. It was then his world turned on its head. It was too much for his young mind to fully comprehend but he knew what his sister told him was big. She told him that once they were ten. They were mother, father and eight children. Now they were three, the two of them and their older brother. There had been a bad accident.
That ac
Wells Fargo has suffered the consequences of repeat scandals since 2016. This week, the bank agreed to a $1 billion settlement with federal regulators who have cited their lack of effective risk management practices as the root cause of their woes.
This settlement with the Consumer Financial Protection Bureau and Office of the Comptroller of the Currency would be another blow to Wells Fargo in a long line of many.
Let’s look at a timeline of Wells Fargo’s risk management scandals:
Investigating a vendor’s cybersecurity can be a time-consuming hassle. Wouldn’t it be nice if you could pay someone else to monitor and report back on a vendors’ cyber risk? That’s the appeal of cyber-security ratings. Firms provide scorecards on third-party vendors’ cyber risk, supposedly making it easier for financial institutions to manage their own risk.
But these scorecards mostly provide a false sense of security. Here are three reasons why:
There may be 50 ways to leave your lover, but when it comes to ending a relationship with a vendor there’s really just one path to follow: the documentation in your service level agreement (SLA).
Financial institutions find themselves ending vendor relationships for many reasons. Sometimes the relationship is great, but the product or service no longer meets the institution’s needs. Maybe another vendor is just better. Or maybe the vendor wasn’t meeting expectations.
The Contract
Regardless of t
All of us have cell phones these days, and if you are like the vast majority of the population, you access everything from social media to banking information right from your mobile phone. However, if you do this, which everyone does, you are putting yourself in the position to get hacked. With only your mobile phone number and a couple other pieces of information, a hacker can get into these accounts and your life could drastically change.
How does this work? If a hacker already has your mobile
Last week I urged you to stand in the shoes of your board so you could identify their problems and align what you do with what they need. The next challenge is showing them you understand their problem. Yes you can use words, however, as I said last week, the hardest thing to do in business is to communicate effectively.
In my Winning Conversations program I run for corporate/shared service teams to help improve their influence and their impact on the organisation, I emphasise over and over again
I recently created my next video tip. It only takes about 3 minutes. However, this one is not about cyber exposure in organization but rather some advice regarding your personal cyber exposure. You can find the post at:
https://mediaexplorers.lpages.co/cyber-security-tips-series-tip-2-your-personal-privacy-and-security/
The text copy is below.
Hi, this is Doug Nagan with my second cybersecurity tip.
However this one is not about the cybersecurity of your organization but rather your personal priva
When risk increases, the natural response is to take action to reduce that risk. But not every increase requires action. In fact, it may distract you from more important issues.
I’m talking about the risk of treating every risk the same.
Astute observers of risk have a variety of tools to monitor risk, from near real-time indicators to audits, exams, and reviews. But it’s not enough to recognize that risk has increased. Its ultimate impact must be considered.
For example, a review might show that e
Boris: Hello ladies and gentlemen and welcome to our meeting. We are speaking today with Richard Moss who is a Product Manager at AxiomSL. As we move from VAR to expected shortfall regulation coupled with the focus on liquidity, I thought of sharing a perspective on one of the hottest regulations around the corner - the Fundamental Review of the Trading Book (FRTB).
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You can watch a video recording of the interview here https://www.youtube.com/watch?v=BVcJleqmIbU&t=2s
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This has resulted
marcus evans will host the 4th Edition CECL Methodologies, Implementation & Reporting Conference on June 11-13, 2018 in New York. This conference will give financial institutions a critical insight into the best strategies to hone their CECL implementations methodologies. You will deepen your knowledge of the modeling challenges, improve your strategies for CECL scenario development and tailoring models for different asset classes. Delegates will have the opportunity to consider the challenges o
With the General Data Protection Regulation, the EU is taking privacy very seriously. They expect the same from you – and your third parties. How are you preparing your Vendor Risk Management program to handle these sweeping changes?
Join ProcessUnity for a 45-minute webcast on Wednesday, April 18, 2018 at 11:00 AM EDT and see how forward-thinking organizations are incorporating GDPR best practices into Third-Party Risk processes. Our team of experts will:
I have been running with a series of blogs about the boardroom. My R is for CanceR blog last week suggested some boards are totally disconnected with the discussion on risk. Is it their fault or yours?
Whether it is about risk or any other topic, through my career I have concluded that the hardest thing to do in business is to communicate effectively. And when it comes to being an adviser to boards, that means to communicate influentially. I have become so enthralled with the challenge I am about
A Message From Our Partner:
Getting actionable insights and effectively responding to change are staples for any corporation, especially when looking to optimize potential outcomes. In order to do this, the heads of businesses must be able to visualize entity relationships and recognize patterns. By using entity relationship diagramming, you can deliver stories that are easily processed by the brain, rather than extensive data sheets that don’t provide any context.
When data is organized as a v
On Sunday April 1, Retail group Hudson’s Bay disclosed that it was the victim of a security breach that compromised data on payment cards used at Saks Fifth Avenue and Lord & Taylor stores in North America.
As many as 5 million cards may have been compromised, which would make the breach one of the largest involving payment cards over the past year.
Customers, investors, and regulators learned of this breach not through any press release issued by the company itself, but through news of the data a
I have created my first cyber security video tip. The tip involves identifying IoT devices and determining if they are a potential cyber exposure for your organization. If you are interested there is a video page here:
https://mediaexplorers.lpages.co/cyber-security-tip-1-iot/
Hope you find it useful.
Here is the text version:
Our first tip addresses the Internet of Things, or IoT. Iot cyber security is a complex topic because of its nature. IoT implementations are generally done without the overs
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