Originally Published in Wall Street Journal | November 13, 2015 | By Ben Dipietro
A look at some recent surveys and reports dealing with risk and compliance issues. Send surveys and reports to firstname.lastname@example.org.
System Overload: A survey from compliance services firm NICE Actimize looked at how financial institutions are fighting fraud. For those organizations with $60 billion or more in assets, 53% had more than 10 systems in place to check for financial crime, while 31% said they had more than 20 systems in place. The review found the more systems that are in place, the more difficult it can be for a financial institution to get an accurate read on what is happening in its network—as 58% of respondents said consolidating these systems is a main challenge to unifying their organization’s financial crime and compliance risk management efforts.
“With regulator focus on processes and controls, financial institutions have become motivated to increase the consistency and transparency of investigations, a process which is greatly simplified by the implementation of centralized case management,” said Chad Hetherington, global vice president and general manager for enterprise risk case management at NICE Actimize. “While there is no regulation that says financial institutions have to look at all transactions centrally, those with centralized case management systems can standardize processes, be more responsive to regulators’ needs and better manage financial crime and compliance risks.”
A Breach Named Sue: A survey of 276 board members by NYSE Governance Services and security firm Veracode found 60% of respondents expect an increase in shareholder lawsuits against companies due to cybersecurity issues.
Bigger Is Better: A survey from the Health Care Compliance Association found chief compliance officers at healthcare companies with $3 billion or more in annual revenue receive an average salary of $297,604, while their counterparts at organizations with revenue of less than $5 million make $90,487.
Join The Club: A survey of 682 IT professionals worldwide by security firm IID and Ponemon Institute found 47% of respondents said their company or government agencywas breached in the past two years—and 65% said additional threat intelligence could have prevented or limited the damage from an attack.
Restatement Claws: New rules governing clawbacks of executive pay could influence efforts to get a company to agree to a restatement of its earnings, according to a studyfrom Miami University.
Need Some Schooling: A survey of chief litigation officers by Consero Group found 43% of respondents said corporate executives aren’t adequately educated about the legal risks faced by their organizations.
Managing The Unmanaged: A survey of around 100 chief information officers and IT executives by cloud-access-security broker Bitglass found 36% of respondents listed theirtop cloud security concern for 2016 as controlling downloads to unmanageable devices.
Operational Review: A PwC survey of 1,262 operations decision-makers worldwide found 61% of respondents said changes in customer behavior will become a disruptive factor to operations—while 63% said understanding what customers value is a challenge for their operations.
Get A Handle: A report from Stratis Advisory looks at ways companies can manage theircompliance risk in the era of financial technology.
Gross Accounting: A report from the International Federation of Accountants found areas of the world that have more accountants have a higher per capita gross domestic product that those regions with fewer accountants.