PwC's 2019 Global Risk, Internal Audit & Compliance Survey Join us as we explore how risk, internal audit and compliance functions are digitally overhauling their capabilities to keep pace with business needs. This year’s global survey focuses on the impact that effective risk management has on digital outcomes and the role that risk functions play in their organizations’ digital journeys.
The US Federal Reserve's inaugural Supervision and Regulation Report found that more than 40% of large US banks failed to "meet supervisory expectations in certain risk-management areas." The report also showed the banking sector's profitability was at a 10-year high.
Libor is likely to be discontinued, and other benchmarks are available, but Libor alternatives aren't being written into financial contracts. Banks say there is too much uncertainty to reference alternative benchmarks, despite regulators' frustration the process is moving slowly.
Michelle Bowman has been confirmed by the Senate to the Federal Reserve Board's community banking seat. Bowman, who served as chief bank regulator in Kansas and was an executive at Farmers & Drovers Bank, is expected to advocate for changes to the Dodd-Frank Act.
Banks in areas hit by California's wildfires will not be penalized for missing reporting requirements, state and federal regulators say. Regulators also agreed that banks could ease some loan terms to help borrowers.
Banks' living wills may need to be updated to focus on interconnectedness and cross-border relationships, said Jelena McWilliams, chief of the Federal Deposit Insurance Corp. Changes to the Volcker rule are also a priority, she said.
FSAC Report: Comparing SR 13-1 to IIA Standards The U.S. Federal Reserve System's guidance on internal audit and its outsourcing is often used as a baseline by bank inspectors. Learn how this guidance relates to, and compares and contrasts with, The IIA's International Standards for the Professional Practice of Internal Auditing. Read more.
A European bank processed up to $150 billion in suspicious payments, according to the whistleblower who reported alleged money laundering involving Danske Bank. The whistleblower also said two US banks handled dollar payments for Danske in Estonia.
FSAC Brief: Leveraging Analytics and Data Visualization Growing demands from boards and senior management include an expectation that internal audit provide deeper insight into the strategic risks that organizations face. Consequently, internal auditors need to expand their views on the opportunities available through technology. Read more.
International Monetary Fund Managing Director Christine Lagarde has told a financial-technology conference that central banks should consider issuing digital currency. Lagarde acknowledged risk and that "the case for digital currency is not universal" but said "technology will change, and so must we."
Registration Is Now Open Discover THE must-attend, sellout event for anyone in internal auditing, featuring "Looking Ahead: Turning Disruption Into Opportunity." There's never been a better opportunity to explore emerging issues with industry executives and peers. Don't Miss Out - Register Today!
Cassian Jae is in conversation with Chris Paulison from Grant Thornton on innovations applied to the three lines of defense model. Paulison discusses innovation and examples in the coordination of the three lines of defense in numerous areas, including risk detection and issue reporting. Listen now.
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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.