Jeff Jinnett: Directors of Public Companies No Longer “Parsley on the Fish”

Irving Olds, Chairman of U.S. Steel from 1940-1952, once opened a speech by declaring, “Directors are like the parsley on fish – decorative but useless.” The perceived importance of directors has changed radically since the time of that speech as a result of the Sarbanes-Oxley Act and New York Stock Exchange listing requirements. The role…

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Jeff Jinnett: Towards a Structured GRC Taxonomy

Although governance, risk management and compliance laws and regulations may vary greatly depending on the jurisdiction, issuing authority, regulator and target industry, there appear to be certain common GRC issues that can be used to group mandates into categories. For example, the following nine GRC issues (with examples) may represent a useful taxonomy for the…

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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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Jeff Jinnett: The Problem with Unmanaged End User Computing Applications

Approximately 68% of an enterprise’s corporate data is managed in IT Department-controlled applications and 32% is stored in key Microsoft Excel spreadsheets(1), Microsoft Access and other databases(2) , business intelligence tools (e.g., reporting tools), Microsoft Word and other forms of documents, web-oriented architecture “mashup” approaches(3) and other end user computing applications. Often the 32% portion…

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Jeff Jinnett: How to Take a Holistic Approach to Governance, Risk Management and Compliance – part 1

Today’s increasingly complex business landscape is matched by an increasingly challenging governance, risk management and compliance (GRC) landscape. U.S. multi-national companies are faced with a bewildering array of international, U.S. federal and state regulations, depending on the nature of the company’s business. These regulations can include the EU privacy directive, the Basel II Accord, the…

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