Two themes that we’ve covered in the past, if you want something done right you have to do it yourself and the importance of being proactive, are two common themes when it comes to the regulatory risk and compliance spaces. With the industry in the state that it is, the implications that a company is failing to institute its own measures for maintaining compliance with the regulations are becoming too severe to ignore. Looking back on the 2008 financial crisis, poor regulatory oversight, while not the primary cause of the collapse, played an important role in a global economic recession.
President, package, exposure, raid, government. What do these words mean to you? Well, according to the NSA, they mean that you might be a terrorist. Released in 2011, as part of their Analyst Desktop Binder, the NSA revealed a list of 377 keywords that they use to monitor for any potential threat. If you go through the list, you’ll notice words like “recovery”, “response”, “Cloud” and many others that are similarly generic in nature. Now, given the context, those words start to make more sense, right? When it comes to surveillance of any kind, for the purposes of na
The year is 2054 and crime as we know it, has been virtually eliminated. With the help of 3 mutated humans, called “Precogs”, capable of seeing crimes before they happen, the “PreCrime” unit, led by Tom Cruise, can stop murders before they occur, presumably without messing up their perfect hair. Now while the hair might be real, obviously the plot of Minority Report is science fiction. While a system, human or otherwise, capable of seeing what has yet to unfold would be a dream, as it stands in 2016 and for the foreseeable future, we possess neither the science nor the technology
Let’s get a couple obvious things out of the way. First, we all know that data leaks are bad. And second, we also know that they happen all the time. According to the Identity Theft Resource Center breach report, the number of data breaches in 2015 for the US totaled 781.<\a> What you may not know is that outsider hacking attacks accounted for less than 40 percent of all breaches. [caption id="attachment_1772" align="alignleft" width="300"] Figure 1: Data Breach Incidents - By Type; Source: Identity Theft Resource Center 2015 Breach Report[/caption] If we take a look at this c
It shouldn’t come as news that every year the regulatory bodies which govern the financial industry come out with new rules, regulations, and standards by which these financial institutions need adhere. This year, it seems that a lot of regulatory focus has been on business culture, and business ethics, and with the cases that we’ve seen in the last year, it’s no surprise as to why. So, what are these changes, and what do they mean for the compliance surveillance space? Know Your Customer (KYC) Recently proposed to be added to the regulatory framework
There’s no doubt that compliance is tricky business. Ensuring that your company adheres to the numerous regulations imposed by various bodies and administrations is a tough job that you may think requires you to hand it over to the experts. But you may be surprised to learn that doing that could cost you more in the end. Many firms who specialize in compliance offer the ever alluring idea that their “Former SEC/FINRA/CFTC” experts unburden you from the responsibility and hassle of ensuring that your firm is compliant with the multitude of regulations. While this sounds ideal, and in m