Expectations for transaction monitoring (TM) governance are quickly evolving due to the complexity of detection systems, the demand for additional operational oversight, increased regulatory scrutiny and the need for an adequate control framework to guarantee proper risk management.
Topics: Enterprise Risk Management, Laws & Regulations, Fraud, Foreign Corrupt Practices Act, Compliance, Financial Services Industry
In January 2013, the updated version of the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Integrated Internal Control Framework went into effect (https://www.coso.org/). If you’re wondering what this model is, you probably work for a privately held corporation or a non-profit or are very new to internal audit.
Topics: Compliance, COSO, Internal Controls, Risk Assessment, Entity-Level Control
Social Media Risk: What it Means to Your Risk Profile
Social media platforms and applications have been implemented rapidly by most organizations over the past decade. New ways to utilize social media crop up weekly and new social media tools seem to hit the market just as frequently.
Topics: Compliance
Positioning Compliance for Effectiveness
Positioning the compliance function for effectiveness is a matter of first defining the roles executive management and the board want the function to play. An understanding of those roles provides a powerful context for evaluating how to position the compliance function within the organization.
Topics: Compliance
Most, if not all, business transactions executed today touch the information technology (IT) environment at some point in their lifecycle. As organizations plan for the next calendar year, it’s logical to regard the IT risk assessment as a critical component that should be reviewed through the internal audit function.
Topics: Laws & Regulations, Compliance, Risk Assessment, Performance Management/Measurement
What is Financial Instrument Risk?
Buyers and sellers may enter into sub-optimal financial or commodity instrument structures that have been standardized for efficient electronic trading. Conversely, buyers and sellers may enter into transactions where some trade terms were not anticipated due to shortcomings in the electronic communication means portraying the transaction.
Topics: Compliance, Investments & Foreign Exchange, Financial Services Industry, Energy & Utilities Industry, Performance Management/Measurement
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