Financial Services

The People Factor in Cyber Breach: Three Key Elements for Building an Effective Human Firewall

INTRODUCTION Without a change in perspective, we risk losing the cyber war being waged on businesses by sophisticated nation states and criminal organizations. Traditional approaches to evaluating risks and controls are insufficient to prevent cyber-attacks. Risk assessments focusing on the people, processes and technology overemphasize the information technology organization. The critical focus needs to be […]

Evolving Role of IA With Cyber Risk

Cyber as an Organizational Risk In 93% of data breaches, the targeted systems were compromised within minutes. 83% of the time, those breaches were not discovered for weeks, leaving the attackers with plenty of time to do their damage and exfiltrate data1. The average consolidated total cost of a U.S. data breach in 2016 was […]

Easing the Complex World of Hedge Accounting

The expected number of financial institutions that use derivatives and hedging to manage interest rate risk is expected to rise as a result of Accounting Standards Update (“ASU”) No. 2017-12, Derivatives and Hedging, issued by the Financial Accounting Standards Board (“FASB”) in August 2017. While the ASU made targeted improvements to current hedging practices, the […]

Let’s Make the Regulatory Capital Rule Simple

On September 27, 2017, the Federal Reserve Board, the Federal Deposit Insurance Corporation and the Office of the Comptroller of the Currency (the “Banking Agencies”) issued a proposed joint rule to simplify several requirements in the Banking Agencies’ regulatory capital rule for banks. The proposed rule would apply only to banking organizations that are not […]

The Evolution of Claims Processing

Technology is evolving daily, and consumers want product and service information in real-time, not weeks, days, or even hours.  Many operational leaders are laden with disparate data, limited tools, and budgets to invest.  In addition, the number of potential solutions in the market is vast and confusing, leaving consumers in a quandary on where to […]

Recent PCAOB Developments in the Broker Dealer World

Another Annual Inspection Report It’s late summer, which means the PCAOB Annual Report on the Interim Inspection Program Related to Audits of Brokers and Dealers (“Sixth”) results are in.  The Sixth brought more information for consideration, but no clarity on the PCAOB’s direction in proposing the final inspection program.  A permanent inspection program was expected […]