Internal Risk Management

Internal control systems are central to the identification and evaluation of risk. Following the collapse of Enron, it became a legislative  requirement for auditors to provide assurance that publicly listed corporations in the United States had effective internal control systems (Sarbanes-Oxley, s. 404). The limitations of risk managmeent became a critical issue in legislative hearings in both the United States and elsewhere in the aftermath of the Global Financial Crisis. This series explores the strucutral reasons for the flaws and regulatory and corporate responses. 

CPSS-IOSCO Publishes Final Report on Requirements for OTC Derivatives Data Reporting and Aggregation

The International Organisation of Securities Commissions and the Committee on Payment and Settlement Systems have published a final report on over-the-counter derivatives data that should be collected, stored and disseminated by trade repositories.
Originally Published: 
Tuesday, January 17, 2012

European Securities and Markets Authority Annual Report on the Application of the Credit Rating Agencies Regulation

From 1 July 2011, the European Securities and Markets Authority was given exclusive responsibility for the registration and supervision of credit rating agencies in the EU. ESMA has published its first Annual Report on the Application of the Credit Rating Agencies Regulation.
Originally Published: 
Thursday, January 12, 2012

Public Company Accounting Oversight Board Practice Alert On Audit Risks in Certain Emerging Markets

The practice alert focuses on risks of misstatement due to fraud that auditors might encounter in audits of companies with operations in emerging markets, auditors’ responsibilities for addressing those risks, and certain other auditor responsibilities under PCAOB auditing standards.
Originally Published: 
Monday, October 3, 2011

Hong Kong Exchanges and Clearing Limited Issues Consultation Paper on Clearing House Risk Management Reform Measures

Hong Kong Exchanges and Clearing Limited has released a consultation paper which details its internal review of its three clearing houses’ risk management measures, with particular focus on the stress testing methodologies and the adequacy of clearing houses’ financial resources when acting as centr
Originally Published: 
Friday, July 1, 2011

U.S. Federal Deposit Insurance Corporation Approves Two “Living Will” Rules

On September 13, 2011, the Federal Deposit Insurance Corporation approved a final rule implementing Section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act 2010 which requires large and systemically important financial institutions to develop and maintain resolution plans, of
Originally Published: 
Tuesday, September 27, 2011

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