Remove Authorization Remove Banking Remove Mitigation
article thumbnail

Silicon Valley Bank (SVB) Failures in Risk Management: Why ERM vs GRC

LogisManager

Silicon Valley Bank (SVB) Failures in Risk Management: Why ERM vs GRC By Steven Minsky | May 5, 2023 Silicon Valley Bank (SVB) was closed by regulators and reminded us of the recession associated with Lehman Brothers and Washington Mutual Bank in 2008.

Banking 98
article thumbnail

What Does Good Look Like in the Era of Operational Resilience?

Fusion Risk Management

A notable incident in 2018 involved a significant IT failure at UK bank TSB, prompting detailed reviews by UK regulators. The Prudential Regulation Authority (PRA), Bank of England (BoE), and Financial Conduct Authority (FCA) jointly issued stringent regulations to mitigate systemic risks and contain potential crises.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

Internal Controls to Prevent Financial Statement Fraud

Reciprocity

For example, record-keeping, authorization, and review activities should be divided among different employees. In addition, regularly examine bank statements and canceled checks to assure that bills are not issued out of sequence (which can indicate the presence of missing reviews and fraudulent activities).

Audit 52
article thumbnail

Internal Controls to Prevent Financial Statement Fraud

Reciprocity

For example, record-keeping, authorization, and review activities should be divided among different employees. In addition, regularly examine bank statements and canceled checks to assure that bills are not issued out of sequence (which can indicate the presence of missing reviews and fraudulent activities).

Audit 52
article thumbnail

Best Practices for Payroll Internal Controls

Reciprocity

For these reasons, it’s critical to develop a strong payroll process, identify any risks, and implement robust control activities to mitigate those risks. Separate Bank Accounts A separate bank account for payroll reduces the number of company assets at risk. Limit access to the payroll office to authorized personnel only.

Audit 52
article thumbnail

5 Key Takeaways from the EU’s Digital Operational Resilience Act (DORA)

Pure Storage

The UK Takes the Lead in Enforcement While the first OR directives were issued by the EU several months ahead of the UK, the latter has taken the lead when it comes to enforcement, issuing a nearly $60 million fine related to a resiliency incident at a UK bank in late 2022.

article thumbnail

How to Implement Threat Modeling in Your DevSecOps Process

Pure Storage

How to Implement Threat Modeling in Your DevSecOps Process by Pure Storage Blog This blog on threat modeling was co-authored by Dr. Ratinder Paul Singh Ahuja, CTO for Security and Networking, and Rajan Yadav , Director of Engineering, CNBU (Portworx), Pure Storage. Dr. Ahuja is a renowned name in the field of security and networking.