UK pressures Bank of America unit on risk management – Wall Street Journal

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(Reuters) – British regulators are pressuring Bank of America Corp’s European investment-banking arm to improve its risk management practices, saying the current ones are “simplistic” an…

Click on the following for the article: au.news.yahoo.com

You may have been following the efforts to bring European and U.S. accounting standards into conformity, and how difficulty that has been.  I would evaluate the chance of bringing the various different governance and risk management codes into conformity as zero. And as the European regulatory agencies appear to be getting more active and demanding both with the code provisions and enforcement, we might expect European developments in these areas to become more center stage.  Dave Tate, Esq. (San Francisco / California)

New guidance from FRC is a shot in the arm for risk management European Risk Insurance Management News Commercial Risk Europe

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European Risk & Insurance Management News Commercial Risk Europe London UK

Click on the following for the article: www.commercialriskeurope.com

Regulator launches consultation on ‘The essential trustee’ – Press releases – GOV.UK

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U.K. Guide to trustees’ duties is updated.

I am following up on a post by a LinkedIn group member about a new regulatory initiative by the U.K. Charity Commission on trustee standard of care.  You can click on the following link to access the article: www.gov.uk

The following are my initial comments about the post and the regulatory proposal.

Thank you Jane.  I clicked on the materials.  As they are rather long for a morning before work read, I’ll have to get back to them in detail.  Preliminarily it appears to pretty much follow what in the U.S. would be the business judgment rule.

The very real distinction is whether a regulatory agency will really enforce the requirements. And with charities there are so many different types and missions, and people of tremendously different backgrounds who serve on the boards.

I have served on two nonprofit boards and as an audit committee chair – on one of the boards all members were pretty sophisticated, on the other board perhaps less than half would fit that criteria. But on both boards they all supported the mission, did not have conflicts, and tried to make correct and diligent decisions within their abilities.

Should some of the board members on the second board not be allowed to serve as board members?  Tough call. Depending on the final outcome of the regulations, they could have a chilling or at least limiting effect on who can or wants to serve on a charity board. The U.K. initiative will be very interesting to watch.

Dave Tate, Esq. (San Francisco / California)

Companies Still Sorting Through Revenue Recognition Rule, Survey Shows | Compliance Week

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PwC and the Financial Executives Research Foundation have offered some fresh evidence that companies don’t yet have their arms fully wrapped around a new standard for how to recognize revenue in financial statements.

Click on the following link for the discussion: www.complianceweek.com

Financial officers, audit committees and boards need to be working toward this, of course. Dave Tate, Esq.

Pope Francis on the role of accountants in society

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Well . . . this news item is different, so here it is.  Click on the following link: www.cgma.org

Enjoy.  Dave Tate, Esq. (San Francisco / California)

Updated 2-Page Board & Director Oversight Guidelines

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Updated 2-Page Board & Director Oversight Guidelines, click on the following link, 2-Page Board & Director Oversight Guidelines Dave Tate, Esq 10302014

Dave Tate, Esq.

US looking past Ebola to prepare for next outbreak – all risk management topics

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WASHINGTON (AP) — The next Ebola or the next SARS. Maybe even the next HIV. Even before the Ebola epidemic in West Africa is brought under control, public health officials are girding for the next health disaster.

Click on the following link for the discussion: news.yahoo.com

These are all risk management topics.

How would the World and U.S. preparedness on this issue be rated under the NIST guidelines for cybersecurity risk management – you judge or evaluate for yourself – see my blog post at https://directorofficernews.com/2014/08/31/why-the-framework-for-improving-critical-infrastructure-cybersecurity-is-useful-for-other-risk-management-areas/

Dave Tate, Esq. (San Francisco / California)

Compliance Questions That Keep Dogging the [Compliance] Profession

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A good discussion from Matt Kelly at Compliance Week – compliance questions that keep dogging the compliance profession.

Click on the following link for the discussion: www.linkedin.com

Dave Tate, Esq. (San Francisco / California)

Want to beat auditors and adversaries? Think like an attacker | Government Health IT

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Security is always a top concern, but the stakes are particularly high in the healthcare industry. Click on the below link for an article discussing security “desk” audits by the Department of Health and Human Services Office for Civil Rights (OCR) – the article discusses an audit at Concentra Health Services earlier this year.

Click on the following link for the article: www.govhealthit.com

My thoughts:  The healthcare industry has special cybersecurity needs and requirements – nothing new here about that. But I am surprised when I still see articles suggesting that it is now time to get serious about it. And according to the article, Concentra Health was serious about security measures – but a limitation in laptop encryption was identified by Concentra itself. Takeaway: if they didn’t do so, be sure to address and remedy these situations immediately. The article also doesn’t tell us how much time had passed between the identification and what had been done or was being done. Situations arise and will continue to arise even if diligent efforts and processes have been in place.  Each situation is unique and requires individual investigation and evaluation.

Dave Tate, Esq. (San Francisco / California)

Updated 1-Page Risk and Uncertainty Management Processes and Oversight

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Enjoy,

1-Page Risk and Uncertainty Management Processes and Oversight David Tate Esq 10302014

Dave Tate, Esq.