- The final rules for the Basel III international capital accord, which will be phased in between the beginning of this year and 2019, include some relief for community banks. There are also some changes that affect the capital standards and reporting for community banks.
- Understanding insurance industry trends, NAIC developments, Financial Condition Examiners Handbook updates, and preparing for reviews of Own Risk Solvency Assessment (ORSA) are some of the key items for State regulators and insurer regulatory examination liaisons.
- As one of his first acts in the new year on January 9, 2015, New Jersey Governor Chris Christie signed into law Senate Bill 562 to ensure that any personal information compiled or maintained by a health insurance carrier is adequately encrypted.
- Because fraud inherently involves efforts of concealment, many cases will never be detected. Therefore, organizations are encouraged to implement certain anti-fraud internal controls, in order to lessen the opportunities to commit fraud.
- 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.
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