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The SEC today adopted rules requiring registrants to disclose material cybersecurity incidents they experience and to disclose on an annual basis material information regarding their cybersecurity risk management, strategy and governance.The new rules will require registrants to disclose on the new Item 1.05 of Form 8-K (and for foreign private issuers in Form 6-Ks) any cybersecurity incident they determine to be material and to describe the material aspects of the incident's nature, scope, and timing, as well as its material impact or reasonably likely material impact on the registrant. 

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Latin America has for many years been an area of focus for US regulatory agencies, and that focus is only growing. In the anti-corruption space, improper payments to government officials in Latin America have constituted an increasingly large proportion of criminal and civil actions brought by US authorities under the US Foreign Corrupt Practices Act (FCPA), from roughly a third of FCPA actions arising from misconduct in Latin America in 2016, to more than 77 per cent in 2022.

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Occupational fraud is the most common and costly type of fraud, resulting in billions of revenue dollars lost each year. Unfortunately, credit unions remain an accessible and desirable target for many occupational fraudsters. At the beginning of 2023, the NCUA reported that the risk of fraud within credit unions remains elevated. In fact, in the last quarter of 2022, financial institutions experienced a 53% increase in fraudulent activity, and credit unions experienced a 70% increase in total fraud activity for the year, according to a Pindrop study. The most common type of occupational fraud is asset misappropriation at the executive level, but organizations can be targeted by an employee at any level.

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Nigeria: In this article, our experts shed light on the significance of ICFR, offering valuable insights and a roadmap for a well-prepared evaluation. Understanding the Significance of Internal Control Over Financial Reporting (ICFR) for Public Interest Entities (PIEs) can instill a sense of responsibility and urgency. As the compliance deadline approaches, it's natural to feel concerned, but there's no need to be overwhelmed. This article aims to be a guiding light, providing valuable insights and an informative roadmap to ensure your team is well-prepared for the ICFR

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Imagine you are driving your car and the engine light appears on your dashboard. What do you do? Ignore it and hope that it is a fluke and that whatever the issue is will go away, or do you take your auto to your mechanic to find out what the problem is and what the cost will be to repair it? The engine light is a reg flag, a warning sign that something is amiss with the engine. There may be an engine light issue or a serious problem that needs immediate attention. Regardless of which one it is, conventional wisdom tells us to pursue the potential problem with the engine. A business may have red flags, warning signs to let you know if something is not right in your business. If one is aware of the red flags, you should be able to see if you are a victim of fraud. It is important to note that these red flags do not mean fraud is occurring. It means the red flag should be investigated.

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Fraud is a pervasive threat to any organization’s viability and sustainability, with fraudsters continually seeking innovative ways to deceive and steal from businesses. To protect themselves and their customers, it’s critical for businesses today to have a comprehensive fraud risk management plan that identifies, assesses, and mitigates risks associated with nefarious cyber activities. Whether you’re a small or large business, fraud is a major risk that needs to be addressed.

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The first half of 2023 produced several significant developments related to the U.S. Foreign Corrupt Practices Act (FCPA) and other global anti-corruption laws, including the SEC's largest-ever whistleblower award; an FCPA case based on domestic (not foreign) bribery; the first-ever FCPA prosecution based on a cryptocurrency bribe; a rare appeals court opinion interpreting the FCPA; and new economic sanctions linked to corruption. We cover these and other recent highlights from the world of anti-corruption enforcement.

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Cases of financial fraud continue to plague the world’s economy and cause significant losses to businesses and the economy. According to the Association of Certified Fraud Examiners, financial statement fraud represented the least common (9%) but most costly source of financial damage in 2022, amounting to a median loss of $593,000. In addition to financial statement misrepresentations to enhance earnings or to misappropriate assets, tax liability management can be a driving factor behind financial statement fraud, as parties artificially distort their income—whether by manipulation, misrepresentation, or evasion—to reduce their tax obligations.

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Risk management is a cornerstone of any successful bank. It’s a proactive approach that mitigates potential threats, ensuring the bank remains sustainable and profitable. When effectively done, it guarantees stability in uncertain times and confidence among stakeholders. An integral component of risk management is the risk framework in banking. This tool plays a pivotal role in organizing, assessing, and responding to potential risks that banks may encounter. The banking sector hosts a range of risk frameworks tailored to meet different needs. These provide a governance risk and compliance framework that ensures banks remain within regulatory boundaries while efficiently managing potential threats. Three notable risk frameworks that have proven successful in the banking industry include Basel III, COSO ERM, and ISO 31000.

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Contact: Mr Nereo Guzman Mendoza

Email: nguzman@businesssolutionvalley.com

Tel: +52 811 181 3514

Control Quotes:

The key is not to prioritise whats on your schedule, but to schedule your priorities.

Stephen R Covey Oct 1932 - July 2012