- Is your financial institution Regulation O compliant? How transparent are transactions among insiders of your financial institution? Insider abuse can be difficult to detect and cannot only lead to substantial FDIC penalties but will increase the reputation risk of your financial institution.
- Too many banks prepare a business continuity/disaster recovery plan that collects dust on a shelf or ignores critical components. Plans aren’t tested or updated. They fail to plan for certain contingencies, such as a CEO who’s unavailable when disaster strikes. Federal and state agencies require a written business continuity and disaster recover plan. Smart business requires something more: a thorough plan that takes every contingency into account and is tested and updated regularly.
- The Office of the Comptroller of the Currency (OCC) released guidance in October 2013 to national banks and federal savings associations on how to assess and manage risks of third parties. Concerns over how effectively banks are managing risks of their outsourced providers have increased along with their use. This increased use has consisted of both greater numbers of service organizations employed by banks and increased complexity in the services they provide. This, coupled with the fact that service organizations may also be domiciled in foreign countries, has raised concerns within the OCC and the banks themselves.
- COSO’s Internal Control-Integrated Framework makes it easier to design and evaluate the effectiveness of internal controls. The framework is also used by public companies to assess effectiveness of internal control over external financial reporting (ICEFR) under Sarbanes-Oxley (SOX) section 404.
- During and following the 2013 ORSA, insurance accounting, and financial reporting updates webinar, the Baker Tilly insurance team fielded several questions around ORSA – Own Risk Solvency Assessment. Here are some of the most common questions and answers.
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