Risk Management

News & Analysis as of

New Guidance From FFIEC on Mobile Financial Services

Examiners will be paying more attention to mobile financial services (MFS) using new guidance recently issued by the Federal Financial Institutions Examination Council (FFIEC)....more

Dubai introduces new economic security centre regulator

In an effort to maintain Dubai's status as a global financial and economic hub, a new economic security regulator, the Dubai Economic Security Centre (DESC) has recently been established in the Emirate....more

Did My Employee Just Say That?!? Manage Risk with a Company Crisis Plan

Johnny Hotshot, the 11 year-old shortstop on the Dallas Rangers Little League team, suffered a horrific brain injury after a pitching machine at the Hitz-R-Us batting cage malfunctioned. Melanie Scoop, a reporter from one of...more

Data Breaches: Are You Ready (for the inevitable)?

In 2015, identity theft occurred every two seconds, disrupting the lives of 13.1 million people, according to Javelin Strategy and Research. Year after year, U.S. data breaches have hit record highs, reports the Identity...more

Think you’re covered? Think again

Commercial General Liability policies (CGL) typically do not include data protection loss coverage, although some insurers offer additional data protection endorsements. Normally those additional endorsements only cover data...more

Privacy Tip #35 – Employees still careless—don’t be that employee

According to a study by Softchoice, 1-in-5 employees still keep their passwords in plain sight (like a Post-it Note on their desk or in the top drawer of their desk—now that’s original), have accessed work files from a device...more

OCC Updates Comptroller’s Handbook to Include New Student Lending Booklet

On May 9, the OCC updated its Comptroller’s Handbook to include a new booklet titled “Student Lending.” Despite banks having to alter their private student lending strategies as a result of the 2008 financial crisis, the...more

New Study confirms that 9 out of 10 businesses have experienced a hacking incident in the last year

Hartford Steam Boiler released a study on May 17, 2016, that states that nine out of ten businesses have experienced at least one hacking incident in the past year, which represents a 21 percent increase since 2014....more

Agencies Issue Proposed Regulations on Incentive-Based Compensation

In late April and early May, the National Credit Union Administration, Federal Deposit Insurance Corporation, Federal Housing Finance Agency, the Board of Governors of the Federal Reserve System, Officer of the Comptroller of...more

UK Financial Regulatory Developments - May 2016 #9

Chancellor responds on tax deductibility of regulatory fines - The Chancellor has responded to a letter from Andrew Tyrie MP, Chairman of the Treasury Committee, to confirm that payments made by banks to regulators are...more

The Evolving Due Diligence Standards and Beneficial Ownership

In case you are not following all the latest scandals – Unaoil and the Panama Papers being two significant ones – we are seeing an evolution and possibly a revolution in due diligence expectations....more

SEC Seeking Comment on Potential Modernization of Public Company Disclosure

On April 13, 2016, the Securities and Exchange Commission issued a concept release concerning potential improvements to the business and financial disclosures required by Regulation S-K, the backbone and foundation of the...more

Teaching the Board How to Oversee and Monitor the Compliance Function

I have never let my schooling interfere with my education – Mark Twain (unverified). Everything has its limit–iron ore cannot be educated into gold. – Mark Twain (verified) Board members believe they know what they...more

Finding The Perfect Derivatives Risk Manager

The Securities and Exchange Commission proposed in December a rule addressing the use of derivatives by registered investment companies. As part of the proposal, boards overseeing funds that invest in more than a limited...more

Legal Risks for Banking Challengers and FinTechs

The banking market is being shaken up by digital innovation. New entrants, whether they are designated as FinTechs or challenger banks are beginning to make their mark, and the established banks are responding rapidly with...more

[Webinar] FCPA Spotlight: Best Practices for Controls and Records - May 20th, 1:00pm EDT

In this era of increased attention to corruption, the U.S. Justice Department and Securities and Exchange Commission are increasingly using the FCPA's books and records and internal controls provisions to prosecute improper...more

New Mobile Financial Services Appendix

The Federal Financial Institutions Examination Council recently issued a new appendix on “Mobile Financial Services” to the Retail Payment Systems booklet of the FFIEC Information Technology Handbook. The appendix...more

The Pen is Mightier than the Compliance Sword

Nicole Rose brings a breath of fresh air to compliance. 6 years ago she swapped her legal practicing certificate for her pen and has been thriving ever since. She founded Create Training almost 3 years ago, and over this...more

FFIEC Updates IT Examination Handbook

On April 29, the FFIEC updated its IT Examination Handbook, revising its Retail Payment Systems booklet to include an Appendix E, Mobile Financial Services. The Retail Payment Systems booklet consists of guidance intended to...more

The OCC’s Request for Comments and Discussion on the Future of Fintech Regulation

U.S.-based digital banking startups have raised more than $10 billion since 2010, and investment in financial technology (“fintech”) companies has surpassed $24 billion worldwide. These firms are attempting to disrupt the...more

CMS Issues Revised Rules for CO-OPs and Special Enrollment Periods

As implementation of the Affordable Care Act (ACA) continues, the federal government continues to make adjustments to its rules to respond to the needs and circumstances arising from this transformational legislation. On...more

Cybersecurity, Part 2: Firms should avoid these common mistakes

The idea of cybersecurity may be foreign—or even frightening—to many attorneys. However, as evidenced in Part One of this series ("Cybersecurity: You Can't Afford to Ignore It Anymore," April 25) law firms appear to be the...more

Georgia Department of Banking and Finance Authorized to Enact Money Transmission Regulations

On April 26, Georgia Governor Nathan Deal signed into law HB 811, an Act to amend Title 7 of the Official Code of Georgia Annotated, which includes banking and finance provisions. Notably, the Act authorizes the Georgia...more

EPA Poised To Make Sweeping Changes to the Risk Management Program Rule

Chemical manufacturers and petroleum refiners are closely tracking the latest activities of a high-level agency working group formed pursuant to President Obama’s Executive Order (13,650) responding to the West, Texas,...more

Expansion of HIPAA audit program now underway

As detailed in our latest webinar, “Daunting but doable: Preparing for the next round of HIPAA audits,” the Office for Civil Rights (OCR) has begun implementing the first full-phase HIPAA audit program. The 2009 HITECH Act,...more

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