News & Analysis as of

OCC Finalizes Heightened Standards for Large Financial Institutions

On September 2, the OCC published its final guidelines to purportedly strengthen the governance and risk management practices of large financial institutions. The guidelines provide that covered institutions should establish...more

OCC Issues Final Guidelines Calling for Heightened Standards for Governance and Risk Management of Large Financial Institutions

The OCC issued final guidelines (the “Final Guidelines”) that call for strengthened governance and risk management practices at the following categories of large financial institutions with $50 billion or more in average...more

OCC Finalizes its Heightened Standards for Large Financial Institutions

On September 2, the OCC published final guidelines to strengthen the governance and risk management practices of large financial institutions. The guidelines apply to insured national banks, insured federal savings...more

Board Oversight of Cybersecurity

Cyber-attacks on U.S. companies have increased over recent years resulting in significant costs to companies. According to surveys, U.S. companies have experienced a 42% increase between 2011 and 2012 in the number of...more

Information Governance: On-the-Ground Perspectives and Practical Guidance

“Information Governance is: The activities and technologies that organizations employ to maximize the value of their information while minimizing associated risks and costs.” – Information Governance Initiative Annual Report ...more

OECD calls for increased focus on Outsourcing, IT and Supplier Risk

At a recent conference, the Twelfth Annual Corporate Accountability Conference, 12 June 2014, Cercle National Des Armées, Paris, Pierre Poret, Counsellor, Directorate for Financial and Enterprise Affairs at the The...more

Boards of Directors Charged with Cybersecurity Risk Management by SEC Commissioner

Last week, SEC Commissioner Luis Aguilar outlined expectations for directors of public companies to manage cybersecurity risk. If you think it is enough that a board of directors reviews annual budgets for privacy and IT...more

Fed to Bank Directors: Pay Attention

Daniel K. Tarullo of the Board Of Governors of the Federal Reserve System delivered a speech on the intersection of corporate governance and prudential regulation. Some of the points he noted were (emphasis added)...more

SEC Commissioner Aguilar Speaks on Cybersecurity Issues for the Boardroom

Last week SEC Commissioner Luis A. Aguilar gave a speech at the New York Stock Exchange on ”Boards of Directors, Corporate Governance and Cyber-Risks,” in which he strongly urged directors to focus on the need for increased...more

Expanding Liability for Audit Committee Members

When one considers the corporate bureaucracy designed to ensure good corporate citizenship, the audit committee stands out. No committee of the board has the broad ranging purview of the audit committee, and those powers and...more

The Mann Gulch Fire and How Far Down the Chain Do You Need to Go?

Robert Sallee died last week. A smoke jumper, he was the last survivor of the Mann Gulch Fire, one of the worst disasters in the history of the US Forest Service. Sallee’s story and that of the Mann Gulch Fire was detailed in...more

“Sympathy” for the Board

Corporate boards have been under siege. If you ask a Board member about the changes in corporate governance, risk and accountability, they roll their eyes and lament that the job of a board member has become more complicated...more

Cybersecurity Securities Class Actions are Coming: Predictions, Analysis, and Practical Guidance

Last fall, I wrote about board oversight of cybersecurity and derivative litigation in the wake of cybersecurity breaches. I plan to update my thoughts later this year, after we see developments in the recently filed Target...more

Risk Management Committees–An Idea Whose Time Has Come

Earlier this year I wrote that directors have become much more educated in recent years about enterprise (not just financial) risk management and about their fiduciary responsibility to oversee ERM effectiveness. (See this...more

Cyber-Security Corporate Governance: Three Essential Steps To Form A Cyber-Security SWAT Team

Last year, Canadian Lawyer InHouse Magazine posed the question, "Should in-house counsel be asking more questions about the strength of their company's cyber systems…" and they cited the Association of Corporate Counsel 2012...more

Gehrig’s Streak Ends And Compliance Week 2014 Is Near

Today we celebrate greatness in two areas. The first is in baseball as on this day in 1939, “New York Yankees first baseman Lou Gehrig benches himself for poor play ending his streak of consecutive games played at 2,130....more

Comptroller Curry Discusses OCC’s Higher Expectations for Large Banks and the Members of Their Boards; States Community Banks Will...

On April 10, 2014, Comptroller of the Currency Thomas J. Curry presented remarks concerning risk management and related corporate governance issues before the American Bankers Association Risk Management Forum. Comptroller...more

Conversations on Goverance: Practical Insights for Public Company Leaders: Crisis Management: Key Questions

We live in a world full of high-stakes, high-profile corporate crises – environmental disasters, product liability issues, data breaches and government investigations, to name a few. No company is immune. Therefore, advance...more

Board-Level Risk Management – Bridging the Gap

The pendulum of board-level risk management has shifted. For many public companies, intentional risk management has evolved in recent years from virtually nonexistent to finance department driven (focusing on internal...more

The Federalist Papers And A Federated Approach To GRC

Today we celebrate one of America’s greatest political commentaries, The Federalist Papers. They were penned by James Madison, Alexander Hamilton and John Jay. They presented their three views on why the Federal Constitution...more

OCC Releases Guidelines on 'Heightened Expectations' for Large National Banks and Savings Associations

The Office of the Comptroller of the Currency (OCC) recently released proposed amendments to its Part 30 regulations, which reflect the agency's "heightened expectations" for large banks. That release, styled as an "Interim...more

A Practical Guide to Establishing an Effective Crisis Management Plan

Irrespective of the size of a company, whether for-profit or non-profit, being able to respond to crisis situations quickly and effectively is important. Indeed, the welfare of an organization’s employees and protection of...more

SEC National Examination Program Outlines 2014 Priorities

On January 9, the SEC National Examination Program (NEP) published its examination priorities for 2014. The NEP’s market-wide priorities include (i) fraud detection and prevention; (ii) corporate governance and enterprise...more

White Paper: The Integrated Approach to Managing Policies

Every business venture has risk. How an organization accepts and manages that risk defines the organization’s potential for success. Organizations use corporate policies to set the boundaries for risk appetite while...more

The Importance of Risk Management for Rhode Island Nonprofits

The Problem - The explosion of nonprofits across the country in recent years has been accompanied by significant increases in employment and capital management in the nonprofit world. Rhode Island is no different in...more

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