- More punitive regulatory approach raises financial statement audit scrutiny: In the aftermath of the Great Recession, regulators have turned dramatically to a far more punitive approach in dealing with actual and alleged instances of noncompliance with laws and regulations by financial institutions. The increased presence of significant financial consequences, brings into greater light a financial statement auditing standard that previously had infrequent application and limited effect on the financial condition and results of reporting companies’ operations.
- At the recent Mortgage Bankers Association annual convention, Federal Housing Finance Agency (FHFA) Director Met Watt and US Secretary of Housing and Urban Development (HUD) Julian Castro announced a relaxation of lending standards for Government-Sponsored Enterprise (GSEs).
- The Office of the Comptroller of the Currency (OCC) recently updated its risk-management guidelines for third-party relationships, and the new guidelines give banks more responsibility than ever. According to the new guidelines, financial institutions have many of the same responsibilities for managing risk from vendors as they do from their own operations.
- When you don’t properly secure your IT infrastructure, risk is sure to follow.
- The Society of Actuaries recently released new mortality tables for use by plan sponsors when measuring benefit plan costs and obligations. The new tables, RP-2014 (mortality tables) and MP-2014 (longevity improvement scale), will most likely result in higher defined benefit obligations in benefit plans.
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