The Federal Reserve has proposed reduced requirements for banks' boards of directors to help directors focus on the big picture, rather than getting lost in details. The five main criteria for evaluating boards of banks with assets exceeding $50 billion will include institutions' support of independent internal audit and risk-management functions.
Reference Guide: Finance Auditing with Data Analytics Successful audit leaders today recognize that data analytics optimizes the internal audit process. Whether you're a novice or a super user of analytic tools, download this guide of finance audits and learn about the wide variety of tests and analyses that you can perform to enhance your audits.
While central banks' actions after the financial crisis helped prevent a greater fallout and have strengthened the financial system as a whole, governments have not stepped up to the plate, writes Mohamed El-Erian. Many pre-crisis stability risks have moved to nonbank entities and governments have failed to step in to improve current and future growth dynamics.
Becoming a relevant partner through combined assurance. Many departments have taken on an advisory role to help deepen trust in auditors as risk and control experts. Within internal audit, we have an opportunity to assume the role of relevant partner through the process of combined assurance.
The Office of the Comptroller of the Currency has invited industry comment on possible amendments to the Volcker rule, aiming to clarify permissible and nonpermissible activities and to implement the rule without full revision or repeal. Banks have said the rule is unclear on which investments are banned and puts an unnecessary compliance burden on banks with little systemic risk.
The Federal Reserve has published additional guidance on Volcker rule compliance for banks starting up and spinning off hedge funds and private equity funds. Banks can apply for a two-year extension to the one-year limit to complete seeding investment.
Financial Services Exchange, Washington, D.C. As the regulatory environment becomes more complex, the Financial Services Exchange is the event for internal auditors. New session highlights J. Keith Mularski, supervisory special agent, cyber initiative and resource fusion center, cyber division at the FBI shares how to fight cyber crime with a criminal mind. Uncover cyber underground. Register today and stop hackers in their tracks. Earn up to 14.4 CPE credits. Sept. 18-19. Register by August 31!
Former high-speed trader Michael Coscia -- convicted of manipulating futures prices, or spoofing, and sentenced to three years in prison -- lost last week in a federal appeals court, which dismissed his lawyers' assertions that the evidence was insufficient and the anti-spoofing statute is unconstitutionally vague. Coscia's is the first criminal case brought to court under an anti-spoofing regulation embedded in the Dodd-Frank Act.
South Korea's Financial Services Commission says it will increase financial holding firms' fines for false disclosures of accounting and other business reports. The regulator plans to raise fines as much as 12 times above their current levels, which an official called too weak to prevent wrongdoing.
FSAC Talks Responsible Deregulation with Richard Chambers There is danger in signaling the shackles are being taken off without a companion message that organizations should remain committed to sound risk management. In the Chambers on the Profession video, IIA President and CEO Richard Chambers makes the call for responsible deregulation. Watch now.
Major finance-sector companies are among those working to harness artificial intelligence and machine learning, which have potential to help hedge fund managers handle data more efficiently and effectively, experts say. Blockchain innovation could aid regulatory compliance, says Cillian Leonowicz of Deloitte.
Chief data officers are expanding from a largely compliance role to helping firms tap into data as a source of innovation. With all banks passing the Federal Reserve's Comprehensive Capital Analysis and Review, CDOs can look beyond meeting data provenance regulations.
Stand Out From Your Peers Interested in advancing in the competitive niche of financial services auditing and communicating your breadth of knowledge? Earning your CFSA designation can be your key to demonstrating your competence and distinguishing yourself as an expert.
Audit Focus: Sales practice risks
Financial-services retail operation sales are under increased scrutiny by boards. Learn how internal auditors at financial-services organizations can leverage data analytics to monitor, assess and report on retail sales practice risk. Read more.
Poll results: Technology audit capabilities
Technology disruptions are increasing the demand for cyber-related audits. Find out how your peers in the financial-services industry are addressing these challenges. Download the infographic.
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Elizabeth Gilbert, writer
About the IIA Financial Services Audit Center (FSAC)
FSAC is an IIA specialty center for audit professionals in the banking, asset management, and insurance sectors. FSAC advances the
professional practice of auditing in the financial services industry through
education and training events,
professional guidance, and advocacy. Learn more about
FSAC and how you can
add the center to your IIA membership.