Sep 2006  |  Issue #14
 

Accume Partners is pleased to share the most up-to-date banking industry news and information with our clients through our monthly newsletter, eFocus on Banking.

We hope you find it useful, and appreciate your input. Send comments and suggestions to our editor, Mark Benner.

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This Month's Focus...


Non-Accelerated Filers — Don't Be Lulled; Jump-Start Your SOX 404 Effort

This month’s feature article by Gerald Stussy, CPA – Accume Partners’ Director – provides a comprehensive overview of recent developments in the SOX 404 arena for non-accelerated filers, including advice for smaller, community banks on how to take charge of the SOX 404 effort at your institution to stay ahead of the compliance curve, and to avoid common material-weakness pitfalls.

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Information Technology

Promoting IT Governance at the CEO Level, IT Compliance Institute
Today's chief executive officers (CEOs) must deal with equally compelling priorities simultaneously. Internal auditors are in the perfect position to promote the significance of IT governance due to their knowledge of governance and compliance best practices.

Auditor Answers: Maintaining Compliance in Home Offices, IT Compliance Institute
Out of sight can’t mean out of mind, when it comes to upholding policies and procedures in the home offices of your workers. Work environments, wherever they are located, should reflect and meet the requirements for privacy, security, and other compliance regulations.

Authentication in an Internet Banking Environment, FDIC
FFIEC has published the attached frequently asked questions to assist financial institutions and their technology service providers in conforming with the FFIEC guidance on Authentication in an Internet Banking Environment.

Treasury Rebukes OCC's Handling of Wells Fargo Lapses, BankNet 360
The Office of the Inspector General has ruled that a federal regulator of national banks erred last year when it decided not to issue a cease-and-desist order against Wells Fargo & Co. for soft anti-money laundering controls.

 

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Information Technology

Better operational-risk management for banks, The McKinsey Quarterly
Banks with robust approaches to managing operational risk can often take on and succeed in businesses that others are unable or unwilling to accept. By focusing on three areas – new risks, the routine business practices that permeate companies, and the culture that surrounds these practices.

Hurdling the Execution Gap, Risk Management 
Why is it so hard for even successful companies filled with very smart people to align their objectives with their activities when it comes to altering operations? Here are common hurdles and the best solutions for how any organization can better position itself to successfully execute change.

Enterprise Risk Management  and Technology Spending, Wall Street & Technology
Risk management and compliance requirements continue to increase and overlap. The translation of regulatory requirements into tasks and activities creates a portfolio of projects at the activity block level. When analyzed, the activity portfolio can yield areas of commonality and allow for the development of a portfolio implementation plan, rather than a project implementation plan, and enable sequencing and prioritization of activities.

Disaster-Proofing Your Contact Centers, Risk Management
It is imperative to take effective measures to protect your customer contact centers and the services they provide before a disaster threatens or strikes.

 

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Information Technology

High Risk of Control Weaknesses Common in Financial Reporting Cycles, CRM Today
A recent revealed 92% of all public companies use spreadsheets for critical accounting activities in their revenue reporting processes, increasing the likelihood of compliance failures and financial restatements.

Does Compliance Have a Silver Lining? Enterprise
Enforcement of best practices delivers performance and reliability gains for the network. Daily configuration checks identify devices with non-compliant configurations, so that problems can be rectified before they affect performance, availability or security.

Small Biz Sits Out Sarbanes-Oxley, TheStreet.com
For all the complaints about the costs to small businesses of complying with the internal-controls provisions, indications are that those are the companies in most need of scrutiny, according to corporate and accounting watchdogs.

Graduate-Degreed Compliance Execs, eWeek
There are no shortage of job opportunities for IT people wishing to specialize in compliance. The need for security, risk management , and compliance specialists has put executive-level information security officers in great demand.

Audit fees for SOX compliance on rise, InvestmentNews
Despite predictions that audit fees associated with the Sarbanes-Oxley Act would fall, the cost of corporate governance compliance continues to get more expensive for public companies.

 

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Information Technology

CIOs Need to Understand Their Roles to be Successful, Bank Systems & Technology
This Q&A discusses how to figure where your IT role may be within your organization – as a solid utility, trusted supplier, or and partner player -- the last being the strategic level to which we've all pushed CIOs to aspire.

Banks Starting to Adopt Authentication Technology As Deadline Nears,  BankInfoSecurity
It’s going to be a race to the finish for financial institutions to meet the December deadline for implementing better authentication for online banking systems.

Improving IT Compliance: Guidance for Midsize Organizations, Symantec
The paper details three critical IT compliance success factors that can help mid-size companies overcome common deficiencies and improve audit results.

Measuring the Performance of the Information Technology Function, TechRepublic
It's important that IT teams differentiate themselves through improved value to the organization. APQC has incorporated every major process IT departments perform to develop 87 standard measures that organizations can use to benchmark their IT performance.

 

 

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