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November 2009 |  Article

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) published a document to help boards of directors strengthen their oversight of enterprise risks. The fourpage paper, Effective Enterprise Risk Oversight The Role of the Board of Directors, calls attention to COSO’s Enterprise Risk Management—Integrated Framework (2004) and its definition of ERM.

September 2009 |  BY MARK S. BEASLEY, CPA, PH.D., BRUCE C. BRANSON, PH.D., BONNIE V. HANCOCK, M.S. |  Article

As the result of fallout from the ongoing economic crisis, failures associated with existing risk management processes are already generating calls for reform and increased regulatory scrutiny. SEC Chairman Mary Schapiro said in an April 2009 speech to the Council of Institutional Investors that “the Commission will be considering whether greater disclosure is needed about how a company—and the company’s board in particular—manages risks, both generally and in the context of setting compensation.” In July 2009, the SEC issued its first response through proposed rules that expand proxy disclosure information about the overall impact of

September 2009 |  BY STEVE ARNOLD, CPA |  Article

Conversion to IFRS will be far more than a technical accounting exercise. Implementing IFRS will impact many, if not all, aspects of your business operations, including information technology. It may bring companywide changes that will spawn new risks. These include system changes, modifications to processes impacting employees’ daytoday duties, and new accounting policies.

September 2009 |  Article

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) on Tuesday published a document to help boards of directors strengthen their oversight of enterprise risks. The fourpage paper, Effective Enterprise Risk Oversight The Role of the Board of Directors, calls attention to COSO’s Enterprise Risk Management—Integrated Framework (2004) and its definition of ERM.

July 2009 |  Article

At the AICPA’s national CFO Conference in May, Tom Ridge, former Pennsylvania governor and secretary of Homeland Security, spoke to CPA financial executives about risk management in the current economic environment. Ridge is CEO of Ridge Global, a Washingtonbased consulting firm that specializes in risk and crisis management.

April 2009 |  Article

U.S. Comptroller of the Currency John Dugan said the “incurred loss” model banks use to account for loan losses may need to be changed to a more countercyclical approach that would allow provisions to be made earlier in the credit cycle when times are good. Dugan, who is the administrator of national banks and chief officer of the Office of the Comptroller of the Currency, urged changes to the current accounting model for loan losses in remarks during the annual meeting of the Institute of International Bankers on March 2 in Washington.

March 2009 |  Article

The Small Business Administration issued an interim final rule for new lender oversight regulations in its guaranteed loan program. The regulations, which went into effect Jan. 12, give the agency greater enforcement authority and increase transparency on how risk is evaluated. The new regulations clarify supervision and enforcement actions for all SBA lenders and partners including banks, small business lending companies, certified development companies, microloan intermediaries, and the SBA’s National Technical Assistance Providers network.

February 2009 |  Article

The Federal Reserve announced two initiatives totaling $800 billion designed to address the financial crisis. To reduce the cost and increase the availability of credit for home buying amid the economic crisis, the Federal Reserve unveiled a $600 billion program to purchase the direct obligations of Fannie Mae, Freddie Mac and the Federal Home Loan Banks as well as mortgagebacked securities backed by Fannie Mae, Freddie Mac and Ginnie Mae.

January 2009 |  BY Marilyn Prosch |  Article

The Federal Trade Commission estimates that as many as 9 million people have their identities stolen every year. According to the Privacy Rights Clearinghouse, more than 200 million instances of data breaches have occurred since the beginning of 2005, and they show no signs of letting up. In the first quarter of 2008 alone, more than 85 million incidents were reported.

January 2009 |  Article

The major federal bank, thrift and credit union regulators issued proposed Interagency Appraisal and Evaluation Guidelines that clarify risk management principles and internal controls for ensuring that financial institutions’ real estate collateral valuations (both appraisals and evaluations) are reliable and support their real estaterelated transactions. The proposal was issued jointly by the Federal Reserve, the FDIC, the Office of the Comptroller of the Currency, the Office of Thrift Supervision and the National Credit Union Administration.