Microsoft’s Compliance and Risk Process Management Pack and IT Compliance Library – an update from Sai Sireesh

Last week was extremely exciting for our team. Our focus on simpler, faster and cost effective solutions got a boost. Over the years, Microsoft has a fairly large footprint in the Risk Management and Compliance Solutions technology.  We work with a rich ecosystem of over 150+ best of breed Risk Management and Compliance solution providers…

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Visualization Challenge: Use of 3-D Virtual Environments to Portray GRC Issues – Jeff Jinnett

One challenge facing chief risk officers, chief compliance officers and other c-level officers of large, regulated companies is how to better understand the governance, risk and compliance (GRC) issues facing their companies. This can be an especially acute problem for conglomerates engaged in multiple lines of business (e.g., banking, securities and insurance) regulated on an…

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Federal Preemption in the Area of Data Security Breach Laws – an update from Jeff Jinnett

As we have noted in previous postings on this weblog, there appears to be an increasing trend toward the federalization of regulatory areas impacting the financial services industry. Thus, the legislation to create a new Consumer Financial Protection Agency (CFPA), which passed out of the House Financial Services Committee on October 22, 2009  includes a…

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Sai Sireesh: Australian secret sauce for managing risk sprinkled with APRA’s Meta Regulation!

I was fortunate enough to have short work stints in Australia (both Sydney and Melbourne), a beautiful country with its free spirited fun loving sporty population. I continue to be amazed at the sophistication and depth of their financial markets. There is also a lot of cross pollination of global markets expertise, ideas and world…

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Jeff Jinnett: The Nimble Approach to Compliance: Multi-Purpose IT Solutions and “Nexialist” Compliance Attorneys

Regulatory compliance has become an increasingly costly burden. For example, SIFMA has estimated that the U.S. securities industry in 2004 spent $23.2 billion on compliance-related activities(1). In addition, regulatory mandates have become more intrusive in their application to how business is conducted. In response to corporate scandals such as Enron, the mandates have shifted from…

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Susan Hauser, VP of Microsoft Financial Services, on New Challenges in Risk Management and Compliance

As the global economic crisis rumbles on, financial firms of all kinds anticipate an overhaul of risk management and regulatory frameworks. I asked Microsoft’s global head of Financial Services, Susan Hauser, for her views: Sai: Susan, as the global head of Microsoft Financial Services, what has the past year meant for financial firms in terms…

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Jeff Jinnett: The Catch-22 of Record Retention

At the heart of the record retention challenge is the difficult question as to what types of documents to maintain for compliance purposes and how long to maintain them. In certain cases, applicable laws and regulations specify the types of documents to retain and the length of time to retain them. For example, for purposes…

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Sai Sireesh: The Spanish Approach to Risk Management!

As a major European economy Spain’s banking sector has relatively fared well in the international financial crisis. Both Banco Bilbao Vizcaya Argentaria (BBVA) and Banco Santander (BS), amongst the largest banks in the world, have done relatively well compared to their peers. With very few banks needing capital infusion and government hand holding,Spanish banks have…

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Jeff Jinnett: Value of an IT Security Due Diligence Document/Risk Mitigation Plan

If a company were ever asked to describe its IT security program, the company likely would have to bring in numerous staffers from the IT department and refer to reams of documents to present a full picture of the company’s IT security approach.  The need to be able to describe the company’s IT security program…

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