Citizens Property Insurance Corp. has hired a team of forensic auditors, the state-funded property insurer announced Friday.
Claiming it has raised its ability to "root out" fraud to a level on par with the industry's, the company said the new internal auditors come from backgrounds that include the Big Four accounting firms and the FBI.
Editor: Citizens is fighting to restore confidence after highly publicized investigations by the state office of the inspector general. Remember, it’s always better to do maintenance than it is to do damage-control.
(Reuters) - A New York City bar group is calling on the New York Stock Exchange to revise a rule that gives audit committees a role in overseeing risk management at companies listed on the exchange.
The NYSE Rule 303A.07 requires audit committees at companies listed on the exchange to "discuss policies with respect to risk assessment and risk management."
Editor: Risk Management and Sarbanes-Oxley are constantly changing arenas. It’s best to take advantage of every outlet to stay up to date for your business.