- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jaclyn Jaeger2019-12-30T17:59:00
Boards of directors, audit committee members, and executive management teams interested in learning how to apply COSO’s Enterprise Risk Management framework to protect against cyber-attacks now have new guidance available.
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Representatives from the Committee of Sponsoring Organizations of the Treadway Commission and its partners explain how to implement the organization’s latest guidance on identifying, monitoring, and mitigating compliance risks.
Many compliance departments are not independent, but instead report to other departments. COSO recommends compliance be separated out into its own division, led by a chief compliance officer with an executive-level position.
Cyber-incidents, business interruption, and changes in legislation and regulation are the three biggest risks to companies globally, according to research by German insurer Allianz.
The Treasury Department’s Financial Crimes Enforcement Network updated an alert first issued in February warning financial institutions of Israeli extremists fomenting violence in the West Bank.
A Bank of England report warned of private equity risk management deficiencies as interest rates remain stagnant, with international coordination important.
Compliance departments at financial institutions must become more involved in ensuring their firm’s operational resiliency to address emerging risks, the Treasury Department’s Office of the Comptroller of the Currency said in its semi-annual risk perspective.
