A level playing field or out in left field?

IAIS Capital Standards 2016 Field Test

A level playing field or out in left field?
Posted by David Sherwood, Matthew Clark, and Sara Veit Kaufman on September 13, 2016.

In an effort to promote global financial stability and protect policyholders through the maintenance of a fair, safe, and stable insurance market, the International Association of Insurance Supervisors (IAIS) has been developing an Insurance Capital Standard (ICS). ICS is one component of the Common Framework (ComFrame) for the Supervision of Internationally Active Insurance Groups (IAIGs), and is intended to promote effective and globally consistent supervision of the insurance industry. The IAIS’s intent is to provide comparability of outcomes across jurisdictions, but the question is how this can most effectively be attained.

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Learning to comply

A regulatory learning framework for Banking & Securities

A regulatory learning framework for Banking & Securities

Posted by Josh Haims and Margie Painter on July 28, 2016.

It only takes a quick web search of regulatory penalties in the Banking & Securities industry to get a sense of the lay of the land. Regulators are scrutinizing financial institutions around the world and levying heavy penalties for violations and noncompliance.1 Global banks have paid more than $235 billion in fines to regulatory authorities over the last several years.2 In response, financial institutions have been searching for ways to shore up their compliance capabilities. The Regulatory Learning Framework, developed in conjunction with learning, compliance, and risk executives from leading financial institutions, provides guidance for banking and securities organizations to assess their current learning strategies and identify opportunities to improve the delivery and effectiveness of compliance learning programs.

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Cybersecurity culture

Shoring up your organizational governance and awareness

Shoring up your organizational governance and awareness

Posted by Monique Francois and Don Miller on September 22, 2015.

Security breaches are happening more than ever, creating multimillion-dollar risks and exposing invaluable personal data. Estimates from around the globe show data breaches are up nearly 50 percent,1 and a study done for McAfee in 2014 by the Center for Strategic and International Studies estimated the global economic cost of these breaches at more than $445 billion.2 Organizations are working to both increase security awareness and build or improve cybersecurity functions to protect their organization’s intellectual property, confidential information, and employee, customer, and contractor data. They should also be aligning their organization culture and talent to protect their company’s and employees’ information assets.

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The Evolving Dual Role of HR in Managing Risk

The Evolving Dual Role of HR in Managing RiskPosted by Michael Fuchs on September 9, 2011

The HR function has traditionally been the “stewards” responsible for managing internal HR compliance and regulatory risks in its direct area of responsibility. Recruiting, hiring, compensation and pension/401(k) plans have long been in HR’s purview and as regulatory requirements in these areas have grown, so has HR’s compliance burden. But these aren’t the only areas affected by an increasingly regulated business environment. Other parts of the organization are also feeling the pain of managing and mitigating risk and it’s here that HR leaders can add strategic insight and value.

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Building Enterprise Risk Intelligence™ through Smart Learning and Development

Put Yourself on the Fast TrackPosted by Josh Haims on January 6, 2011

The pressure on organizations to address enterprise risk is unlike any we’ve seen before, perhaps because the scale and scope of risk is unprecedented. Certainly, in the wake of the financial crisis and ensuing reforms, regulatory and compliance risk looms large in the financial sector, as well as in health care, with its similarly sweeping reforms. We also anticipate supply chain risk for manufactures, competitive risk for retailers and brand and reputational risk virtually across the board, given the rise in social media and the potential power of global social networks to rapidly shift large groups of people for or against a product or company.

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