The Nigerian government has launched the Accrual Accounting Manual on the implementation of International Public Sector Accounting Standards (IPSAS). At a ceremony, the Accrual Accounting Manual, the Minister of State for Finance, Ambassador Bashir Yuguda, who represented the Vice President, Namadi Sambo, said the government had adopted the manual to promote transparency and accountability in…
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With more than 3,000 filings collected through early April, three-fourths have disclosed that they have adopted the 2013 COSO internal control framework, with the rest either remaining on the 1992 framework or not disclosing what framework they followed. Based on an ongoing, unpublished analysis of filings through April 3 by consulting firm Protiviti, 2,318 public…
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Previously, we shared how to reduce the risk of cybersecurity threats through education and training. Risk management is a also key component in reducing the risk of cybersecurity threats. The basic tenets of risk assessment can be applied to developing a cybersecurity risk management plan. Risk is generally assessed by identifying threats and vulnerabilities and then…
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Companies with the most developed and proactive approaches to risk management were more likely to have increasing profit margins, a PwC study found. Companies that use risk management to accelerate performance and drive growth record higher profit margins than other firms, according to a new PricewaterhouseCoopers report. In its Risk in Review 2015 report, PwC…
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Increased complexity in risk management is the biggest concern for institutional investors across the globe, a new survey shows. Commissioned by BNP Paribas Investment Partners and conducted by polling firm YouGov, the survey found the idea that risk management will become more complex is the biggest concern for 23% of respondents. The survey spoke to 177 asset…
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New York State Department of Financial Services (NYDFS) Superintendent Benjamin Lawsky announced his department has granted a charter under the New York Banking Law to itBit Trust Company, LLC – a commercial Bitcoin exchange based in New York City. The company is the first digital currency business to receive a charter from the NYDFS. The…
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More than one in four firms will increase investment by more than 20 percent. Nearly nine in 10 financial services firms plan to increase their investment in risk-management capabilities in the next two years in response to emerging risks of cyber security and fraud, according to a new report from Accenture (NYSE:ACN). The Accenture 2015 Global…
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The main financial risk facing the US today looks very similar to what caused so much trouble in 2007-2008: big banks with too much debt and too little equity capital on their balance sheets. Uneven global regulations, not to mention regulators who fall asleep at the wheel, compound this structural vulnerability. We already saw this…
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Many small businesses in the UK are hoarding cash surpluses because they don’t yet feel secure enough to invest in infrastructure, according to a new poll by the Institute of Chartered Accountants in England and Wales (ICAEW). The survey found that almost two-thirds (62 per cent) of small business owners have a cash surplus this…
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Given that disclosure of financial risk always has been a difficult mandate for publicly-traded companies, requesting the voluntarily disclosure of sustainability risks may seem like a nearly Sisyphean task. Currently, the Securities and Exchange Commission, under rule 405, requires disclosure of anything considered “material” through annual or quarterly filings. The Financial Accounting Standards Board…
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