Thursday, August 23rd, 2007
In the five-plus years since Sarbanes-Oxley was enacted, the chief compliance officer — or someone like her — has risen in visibility and influence. The idea of compliance for compliance’s sake is giving way to compliance as competitive advantage in the IT Realm.
CEO - CFO - CIO - COO - CCO - now a CGO?!?!?
A similar paradigm shift is occurring today around corporate environmental responsibility, according to AMR Research VP John Davies. As a result, a new member of the executive suite is beginning to make appearances: the chief green officer. How will this impact your Management Structure and what will Information Technology officers be expected to contribute?
Why a Chief Green Officer? The CGO’s main objectives include decreasing the company’s environmental footprint, involving employees, investors and others in the green effort, and finding new sources of revenue in the green marketplace. While the span of influence for the chief green officer is broad, corporate staff is kept lean. Rather than create a green bureaucracy, this person leads by taking a program management office approach. The most important task for the chief green officer is to work with the management team to set the overall corporate strategy.
Information Technology and Operations divisions of MANY corporations have already been on the leading forefront of making companies "greener". Investing in technology recycling and disposal programs, allocation certain percentages of resources to environmentally friends materials and chemicals within the corporate environment, energy-saving endeavors to the workplace and the bottom-line… One thing I’d like to know from our readership…
How has ‘going green’ impacted your way of business, and how to you see things moving forward in the future?
Is your company trying to market ‘greener’ goods and services to the green marketplace - or are you focuses on internal efficiency and conservation?
Posted in Compliance Management | No Comments »
Wednesday, August 22nd, 2007
SarbOx Controversial, But Seen Doing The Job - Despite criticism from many U.S. executives who call the requirements too costly and cumbersome, recent studies suggest the law has done more good than harm. Now other countries are following the U.S. with similar measures to shore up corporate accounting.
The SarBOX: Accounting czar is a $600,000 man - Turns out Mark Olson makes about three times as much as his colleague Christopher Cox, chairman of the Securities and Exchange Commission.
Canadian firms pulling up their SOX, says study - According to a recent study by IDC Canada, the Canadian version of the American Sarbanes-Oxley legislation has figured more prominently among Canadian firms this year.
Dell Founder In Spotlight After Accounting Audit - Dell said Thursday it would restate four years of financial results, reducing net income for the period by $50 million to $150 million.
Chilling Thoughts - A new study compares companies here and abroad, and concludes that Sarbanes-Oxley appears to have put a damper on risk-taking by U.S. firms.
SEC Announces $55 Million Fair Fund Distribution To Investors Injured In Banc One Investment Advisors Market Timing Fraud - The Securities and Exchange Commission today announced the distribution of approximately $55.6 million in Fair Funds to more than 200,000 investors who were harmed by fraudulent market timing in certain Banc One mutual funds (One Group Funds).
SOX Spending is down, but CIOs still have work to do - A study from Foley & Lardner LLP shows that while the total cost of SOX compliance dipped in 2006, spending on so-called out-of-pocket costs rose by double-digit percentages.
A new playbook for corporate family feuds - In the world post-Sarbanes Oxley, regulators can ask a company to waive privilege as evidence of co-operation, and auditors are becoming less shy about demanding access to confidential documents before certifying financial statements.
Taiwan premier urges measures to beef up risk management among financial firms - Premier Chang Chun-hsiung urged the Financial Supervisory Commission (FSC) and other related government agencies to take necessary measures to strengthen risk management practices among Taiwan’s financial firms against the backdrop of US subprime mortgage sector troubles.
Breeden Tries to Square ‘Mr. Fix-It’ Activist Roles - Richard Breeden’s reputation as the dean of corporate governance is on the line.
Consulting Pays Off for Accountants Again - Deloitte & Touche resisted splitting with its consulting arm, and now the multibillion-dollar segment has inspired other audit firms to rebuild theirs
Posted in Regulatory Reform, Sarbanes Oxley | No Comments »
Tuesday, August 21st, 2007
Visa clamps down on high-end PCI DSS noncompliance | Top-tier merchants who are noncompliant by October 1 face higher fees and fines | http://www.itcinstitute.com/info.aspx?id=41867
SOX has cut fraud, SEC official insists | SEC devotes 24 percent of its caseload to financial fraud, down from nearly 30 percent from last year | http://www.itcinstitute.com/info.aspx?id=41868
Data thieves heist top secret UK police server | Thousands of mobile phone records from terrorist and Mob investigations vanish | http://www.itcinstitute.com/info.aspx?id=41869
Apple hit with class action suit for noncompliance with FCRA | Companies that reveal protected credit card information on printed receipts are in violation | http://www.itcinstitute.com/info.aspx?id=41870
TJX levies $118MM second-quarter charge resulting from its data breach | The cost stems from $11MM for data breach forensics and $107MM for potential liability | http://www.itcinstitute.com/info.aspx?id=41871
Regulation Watch
Federal agencies struggle to keep up with OMB security mandates | Latest OMB security memo sets September 21 deadline for data breach notification policies | http://www.itcinstitute.com/info.aspx?id=41872
NIST solicits public comments on three security-related documents | WiFi, Bluetooth, end-user storage encryption, and SSL VPN are covered | http://www.itcinstitute.com/info.aspx?id=41873
C-SOX looms for Canadian corporations | Studying the American experience makes compliance go smoother, experts say | http://www.itcinstitute.com/info.aspx?id=41874
DHS revamps Secure Flight passenger-screening program | Program overhaul bypasses airlines and takes direct control of the passenger list | http://www.itcinstitute.com/info.aspx?id=41875
Posted in Compliance Management, Regulatory Reform | No Comments »
