• Detecting, testing, and reporting shifted costs

    Cost shifting is the unauthorized transfer of costs from non-reimbursable cost centers to reimbursable cost centers. Reallocated costs are the authorized repurposing of budget dollars resulting from advantageous purchasing practices or efficient delivery of construction services.
  • Banking brief: A bank consolidation wave is forming

    As has been anticipated since the end of the Great Recession, a wave of bank consolidation is very much in formation and could swell to significant levels later in 2015. On its own merit, the increase in average pricing on Q1 2015 deals to a level of just over 150% of book value strongly indicates a more robust mergers and acquisition market for banks.
  • Strengthening collaboration between internal audit and risk management

    To meet OCC requirements and strategically connect the dots on assurance, compliance, and risk management, internal audit functions will need to be part of the risk management ecosystem and provide validation of the execution of risk management responsibilities by frontline units and management. This article outlines what internal audits bring to the table as well as opportunities for driving value through collaboration between risk management and internal audit, using the case example of concern about loan loss reserves.
  • Cybersecurity: It’s not just for businesses

    Our society depends on critical civic and social services provided by state and local governments. These services require effective cybersecurity to support the confidentiality, integrity, and availability of this data.
  • Insurers required to provide cybersecurity information by April 27, 2015 to the New York Department of Financial Services

    On March 26, Superintendent Benjamin Lawsky of the New York Department of Financial Services (NY DFS) issued a letter spelling out a requirement for insurers to provide information related to their cybersecurity programs by April 27. The letter states that the information requested will be used to perform a risk assessment for future inspection activities. The short response time may indicate the great sense of urgency and importance that the State of New York is placing on this initiative.