Brandishing new authority thanks to the Dodd-Frank Act, the SEC was quick to act on an agenda item that had been on the table for 30 years. Yesterday, the SEC approved a ‘Proxy Access’ rule that allows shareholders to place nominations for board member seats on the annual proxy ballot of public companies. The rule [...]
[Read More]In my last blog post, I mentioned that the new Financial Stability Oversight Council created under Dodd-Frank will collect risk data from various sources including Federal and State financial regulatory agencies and the newly created Office of Financial Research (OFR). The OFR in turn is responsible for collecting risk data from financial services institutions at [...]
[Read More]In a recent blog post, OpenPages’ Gordon Burnes pointed out that a major theme of the Dodd Frank legislation is “greater transparency into risk exposure across the financial system.” In fact, there are several major components of the law that will require financial services institutions to collect and report on risk exposure in their business.
The [...]
You’ve surely heard about Goldman Sachs’ settlement with the SEC on fraud charges related to the firm’s disclosure, or lack thereof, of a collateralized debt obligation that purportedly was designed to fail. The $550 million to be paid may seem like a lot, and indeed is said to be the largest SEC fine against a [...]
[Read More]With the passing of the Dodd-Frank Wall Street Reform and Consumer Protection Act, many companies are bracing for the regulatory onslaught. The problem is that few of the provisions in the legislation take effect immediately, and what we’re really facing is much rulemaking from new (e.g. the Consumer Financial Protection Bureau) and existing regulatory bodies. This [...]
[Read More]As we emerge from the economic downturn, more and more companies are considering “cloud computing” solutions as a way to keep information technology costs in control. However, some companies are fearful of the unknown aspects of managing information within the cloud. These fears may be justified, but they can certainly be alleviated by conducting a [...]
[Read More]No doubt you know that the Dodd-Frank Wall Street Reform and Consumer Protection Act has been signed into law, with at least some ramifications for every public company. Space here doesn’t permit an overview, and in any event you’ve probably already received highlights of the new law from one or more advisory firms. Among the [...]
[Read More]Over the past decade, great emphasis has been placed on determining the quality and effectiveness of risk and control programs. It started with Sarbanes-Oxley compliance and has gained new meaning and momentum as a result of the financial crisis of 2008. However, as is often said, beauty is in the eye of the beholder. In [...]
[Read More]The Senate today voted 60-38 to end debate of the Financial Regulation Reform Bill and move to final passage later today before heading to President Obama’s desk. In addition to increased power to monitor systemic risk in banks, the Bill gives regulators the ability to step in and breakup or seize the assets of financial [...]
[Read More]This week we announced another strong quarter including significant growth in software license revenue and continued profitability. Growth was driven by new customer wins across the globe and across industries including North America (Baker Hughes Selects OpenPages for Audit and Financial Controls Management and Union Bank Selects OpenPages Operational Risk Management), Japan (Mizuho Securities Selects OpenPages to [...]
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