Boards of UK financial institutions largely have created risk committees in recent years, as proposed changes to the UK Corporate Governance Code would place responsibility for reviewing internal control and risk management systems on the audit committee if no risk committee is in place, says Will Dawkins of Spencer Stuart. Stephen Alogna of Deloitte notes that "both the risks and the relevant processes must be discussed," and boards therefore "must foster an open, ongoing conversation about risk with management."
Transparency International has released its latest annual Corruption Perceptions Index. "While stemming the tide against corruption takes time, in the last six years many countries have still made little to no progress," the group said.
IT, security and compliance teams are increasingly working together and sharing resources to prevent cyberattacks, according to an IDG Research survey conducted for Actiance. The professionals surveyed point to common control processes as a priority.
Employees can defraud their companies via expense reports in several ways, such as by making an improper upgrade or mislabeling expenses, writes Anant Kale of AppZen. Some technology companies are working on artificial intelligence to address such fraud, Kale writes.
The position of New York City "night mayor," announced last year by Mayor Bill de Blasio, remains unfilled. The person is meant to be a nightlife ambassador who serves as a liaison between the nightlife industry and city officials.
The Financial Accounting Standards Board has proposed adding a US benchmark interest rate to the list of rates permitted in the application of hedge accounting.