On December 10, 2021, the Federal Trade Commission (FTC) issued a Notice that it was “considering initiating a rulemaking” in February 2022 that would empower the agency to take punitive action against companies for committing data privacy and security violations. The FTC’s objective for this rule is “to curb lax…
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On December 3, 2021, the Biden Administration released a National Action Plan to Combat Human Trafficking (“Action Plan”). The Action Plan focuses on the four pillars of global anti-trafficking efforts – prevention, protection, prosecution, and partnerships – and is a clarion call to the U.S. public and…
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As 2021 has drawn to a close, the transition away from the London Interbank Offered Rate (LIBOR) is at full speed. Outside the firms concentrated on USD rates, financial institutions have ended legacy LIBOR products. Sterling, Euro, and yen-based LIBOR products, as…
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Risk considerations during strategic planning Organizations need to consider and reassess risk throughout the strategic planning and Agile development lifecycle to /monitor the risks posed by adopting new digital technologies (e.g., cloud, artificial intelligence, robotic process automation) are identified and controlled. As…
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As evidenced by last month’s United Nations Climate Change Conference (a/k/a “COP26”) in Glasgow, Scotland, global leaders are keenly focused on climate-change and the environment. As a result, companies across all industries are rightly targeting the “E” branch of the ESG (Environmental,…
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Lately, we have seen an interest among clients in outsourcing parts of their legal operations to third party managed legal service providers. Specifically, labor-intensive, more mundane functions such as contract lifecycle management are being outsourced to cut costs and enhance efficiency to…
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The 26th United Nations Climate Change conference was held in Glasgow, Scotland from 31 October to 13 November 2021. While much has been written about the successes and failures of this Conference of the Parties (a/k/a COP26), a consensus has emerged that…
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On October 15th, 2021, the Office of Comptroller of the Currency (OCC) released its bank supervision operating plan for fiscal year (FY) 2022. The plan provides the foundation for policy initiatives and supervisory strategies for national banks, Federal savings associations, federal branches,…
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Environmental, Social, and Governance (ESG) regulations are emerging with speed and force, both within the United States and globally. Indeed, as we highlighted in Accenture’s 2021 Global Risk Management Study, 77% of risk leaders believe that complex, interconnected risks are emerging at a…
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Many financial institutions around the globe have committed to fight climate change by setting ambitious goals in the near and long-term future and working to embed the management of ESG risks into their risk management organizations. For example, Bank of America has…
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Environmental, Social and Governance (ESG) are three key factors used to measure a company’s sustainability and social responsibility performance. While the acronym has recently gained attention...
A Call to Action 2020 was the ‘tipping point’1 for the ESG (environmental, social and governance) movement, and the momentum is expected to mount in 2021 and beyond.2 Companies are facing pressure fro...
If you have paid any attention to the financial regulatory priorities of the Biden-Harris Administration, you know that U.S. regulators are keenly focused on environmental, social and governance (ESG)...
The adoption of the Paris Agreement in December 2015 was a landmark moment for both global cooperation and recognition of the urgency of addressing climate change. Despite the many disagreements betw...
The current business environment has exposed the need for firms to prioritize and implement significant changes in the way they think about and manage risk. This blog represents the first in a series...
Now that ICE Benchmark Administration (IBA) has announced that it would consult on its intention to cease publication of the one-week and two-month US Dollar LIBOR tenors immediately following the LIB...
Businesses are quickly implementing transformative technologies such as cloud, AI (Artificial Intelligence) and other leading systems and applications for strategic advantage, risk reduction and cost ...
In the previous blog in this series, we looked at the important roles that data, tools, and innovation play within Integrated Risk Management (IRM). Today we focus on the need for good risk management...
Executive Summary If passed, the Equality of Act of 2021 could have significant implications to the ways financial institutions are required to serve newly protected classes of customers and potential...
As the LIBOR journey approaches the final stage, all client efforts would now be focused on testing the data, processes and functionalities developed for the post-LIBOR environment. To support our cli...
