RISK ADVISORY SERVICES NEWSLETTER                            Q4 | 2016
Trust, but Verify
By John Williamson, CIA, CISA
"Trust, but verify."  The iconic words popularized by Ronald Reagan were imparted to the former president by Suzanne Massie, an American author who played a crucial role in advising the president in diplomatic relations with the Soviet Union during the latter years of the Cold War, during preparation for talks with Mikhail Gorbachev in 1986.  Perhaps Reagan ought to learn a few Russian proverbs, Massie suggested, and Doveryai no proveryai (trust, but verify) was the one to which he took a shining. Reagan enjoyed it so much, in fact, that Gorbachev expressed annoyance at the president for using it at every meeting.

Understanding the NIST Cybersecurity Self-Assessment Tool
By Scott Geye, CISSP, CISA
In George Washington's first annual message to Congress as President of the United States, he stated that "Uniformity in the currency, weights, and measures of the United States is an object of great importance, and will, I am persuaded, be duly attended to". Eventually, the Office of Standard Weights and Measures was established under the Department of the Treasury to manage these standards. In 1901 the National Bureau of Standards was established to take over this responsibility, and also served as the national physical laboratory. Under Herbert Hoover's direction, the Bureau began developing commercial standards for materials and products, including quality standards. During World War I and II the Bureau took on a research and development role for a variety of technology and production issues. In 1988, The National Bureau of Standards was renamed the National Institute of Standards and Technology. Now NIST leads research initiatives across a variety of spectrums, in addition to developing and maintaining numerous critical standards and publications.   

Upcoming Events

Financial Institutions Seminar
October 25, 2016
Dallas Cybersecurity Seminar
November 1, 2016
Fort Worth Cybersecurity Seminar
November 2, 2016
Post-Election Tax Update
November 30, 2016 - Dallas
November 29, 2016 - Fort Worth
December 7, 2016 - Houston

Energy Seminar - Dallas
December 1, 2016
Energy Seminar - Fort Worth
December 6, 2016
Energy Seminar - Houston
December 8, 2016
SEC/Public Company Seminar
December 13, 2016 - Dallas
Comments Requested on Proposed Guidance for Third-Party Lending
By Joshua Stone, MBA, CIA, CFE, CISA
Companies look for ways to reduce costs and expenses, thereby being able to maximize profits and income to use that income as best deemed necessary.  One major avenue that companies have utilized is co-sourcing or outsourcing of particular areas of business to help reduce costs and create efficiencies.  In this article the focus is on the banking market, specifically those governed by the Federal Deposit Insurance Corp. ("FDIC"). 
In July 2016 the FDIC issued a proposed guidance and request for comments on a regulation that expects to provide FDIC-supervised financial institutions and examiners with strong expectations on the management and assessment of third-party lending arrangements and associated risks.
Put a Spin on Your Audit Committee Presentation
By Anne Slattery, CPA, CIA
As internal auditors, one of the most important parts of our job is effectively communicating the results of our work. Although all of our stakeholders are important, communication with the audit committee ("the committee") is key to the overall success of the internal audit ("IA") department. While there are some staple items that will always have a place in the audit committee presentation, changing up the traditional approach may be the key to giving the committee a deeper, more meaningful view of the value IA adds to the organization.



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