Larry Mead
The $88 Million Question
The news for Financial Services firms and Banks has been particularly grim over the last couple weeks. There has been a litany of pressures and consequences at both macro and micro levels, such as: The Federal Housing Finance Agency suit announced last Friday over the misrepresentation of private-labeled mortgage-backed securities to Fannie and Freddie, the anticipated formal delay announced last Thursday by the Federal Reserve Board on the release of Dodd-Frank rules, and the announcement from the Treasury Department two weeks ago that JP Morgan Chase agreed to settle for $88M over OFAC violations.
Read MoreRegulatory Reform Pressures - Not for the Faint of Heart
The pressures of Dodd-Frank are not just directed at the banks but also regulators, insurers, and of course consumers. The US Court of Appeals ruled just two weeks ago* that the SEC acted "arbitrarily and capriciously" in failing to fully assess the financial impact of a new proxy rule. Clearly the challenge of demonstrating a new rule's impact on efficiency, competition, and capital formation is daunting for the regulators and will surely continue to stall the development of the 400 rules required by the new law.
Read MoreHappy Birthday Dodd-Frank: A Year in Review
One year later, the Dodd-Frank law is still in labor pains - only 12%* of the 400 rules have been delivered with still no clarity on really how much risk it will eliminate for businesses and their customers. Ironically, the complexity in regulations and oversight themselves creates one of the more significant risks near term - risk to profitability, risk to transparency, and risk to compliance.
Read MoreEnterprise Risk Management: Getting Beyond the Promise
The article is about putting enterprise management into practice while balancing enterprise risk management (ERM) with a vision. Join the Webinar to learn more about building mature and effective ERM enterprise risk management.
Read MoreRoadmap for Building Mature and Effective Enterprise Risk Management
Enterprise risk management has become a core competency in the turbulent environment financial services today. Successful ERM programs require significant executive voice and organizational commitment at all levels. Watch the live webinar about principles and the roadmap for building mature and effective Enterprise Risk Management (ERM) that leads to competitive advantages.
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