Posts Tagged ‘data governance’
Wells Fargo, Part II: The Data Stuff
Today we continue our look at the latest enforcement action against Wells Fargo, this time examining all the operational-level improvements that the bank needs to make in its financial crimes compliance program, per a settlement with banking regulators reached last week. As you might recall, Wells reached a settlement with the Office of the Comptroller…
Read MoreAnother Way of Looking at AI Risk
Today we return to artificial intelligence, since these days compliance officers need all the good advice they can get on the subject. The New York City Bar Association recently published a paper on how AI might help with anti-money laundering compliance, and along the way raised several issues about AI that every compliance officer should…
Read MoreCitigroup’s Governance Issues, Part I
Banking regulators have walloped Citigroup with a $400 million fine and a freeze on new acquisitions without regulatory approval, and given the bank a long list of improvements to make after years of ineffective risk management and poor internal control. The rebuke wasn’t unexpected, but is still tough medicine to swallow. Compliance professionals have much…
Read MoreTEC 2017: Importance of Reliable Data
Workiva’s TEC 2017 conference opened on Tuesday with a group of CFOs fretting about data—and, when you think about it, who can blame them? Companies are drowning in data. CFOs, CEOs, and other senior leaders spend far more time than they should simply confirming the authenticity and accuracy of it. The morning session even featured…
Read MoreTalking About Information Risk
Compliance officers can’t ponder the threat of information risk enough these days—so to fill that need, I’ll be hosting a three-part webinar series starting next week to explore the subject. Set your calendars! Information risk intrigues me so much because it’s so hard to define, and therefore so slippery to address. Sure, once upon a…
Read MoreCompliance & the Chief Data Officer
Compliance officers already know that ever more often, your job intersects with the need for effective management of data. How companies do that can vary immensely from one organization to the next, but clearly this obligation is evolving toward a single, specific person overseeing that responsibility. So when I saw a recent paper exploring the…
Read MoreBoring Lessons on Cybersecurity Controls
Last week the Securities and Exchange Commission dinged Morgan Stanley $1 million for poor cybersecurity controls. The case is an excellent primer on policy management, compliance, and cybersecurity risks, so let’s take a look. The case centers on Morgan Stanley Smith Barney, one of the bank’s subsidiaries; and a financial adviser there named Galen Marsh.…
Read MoreThe ‘This Seems Weird’ Control for Data Privacy
Not long ago I heard the story of a CEO who was the victim of attempted “spear phishing”—where some outside hacker impersonates the boss, and via email asks employees at the company to reply back with valuable information. In this specific case, the hacker posed as the CEO and contacted a junior member of the…
Read MoreWhat a Chief Data Officer Should Do
Sometimes a financial firm has the foresight to establish the job of a chief data officer, who can help lead the business through today’s turbulent and risky times. The rest of you just blunder through these turbulent and risky times anyway, and then wish your CEO and board had the same foresight as those other…
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