Archive for June, 2007

Market for Wealth Management Compliance Systems 15% Jump by 2011

June 26, 2007

Investment advisors are expected to spend the most as they are among the fastest growing but most regulated group of advisors. But hedge funds are also likely to increase spending.

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Paisley Announced its GRC Platform

June 26, 2007

By Cory Levine
Wall Street & Technology
February 15, 2007

Paisley Enterprise GRC defines the next generation of GRC applications by providing a single solution to address the multiple disciplines of GRC,” said Tim Welu, CEO of Paisley, in a release.
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ERP Innovation is back!

June 26, 2007

ERP innovation market grew a lot in early 1990s, stagnant from late 1990s. Now it’s back! Good news for those in ERP industry. (more…)

Oracle Announces GRC for Financial Services

June 26, 2007

Oracle launches industry specific GRC for financial services with offering from iFlex. Financial services (banking, insurances..) traditionally require more compliance and risk managment than any other industries. (more…)

GRC buzzword and ERP trend

June 26, 2007

In just a year(2006), everyone is talking about GRC: Governance, Risk and Compliance in compliance world. ‘GRC’ consolidates everything that keeps company’s business and risks in control, to avoid potential financial loss because of regulations, operational risks, and even to address social and humanitarian issues. (more…)

ITIL V3 focusing on Security and Outsourcing

June 6, 2007

http://www.computerworld.com/action/article.do?command=viewArticleBasic&articleId=9021660&source=rss_topic14 

Version 3 of the IT Infrastructure Library is scheduled to be published on Wednesday by the U.K.’s Office of Government Commerce. ITIL sets out methodologies for managing an IT organization and processes such as help desk operations, as well as procedures for change management. The update covers some new areas that have emerged over the past seven years as major IT concerns, particularly outsourcing and security. (more…)

Hawk Corp Incident and SME Opportunity

June 5, 2007
Did Hawk Fly Too High?
http://www.cfo.com/article.cfm/9254550?f=rsspage

A formal investigation by the SEC appears to question whether the auto-parts maker was actually small enough to delay compliance with Section 404 of Sarbanes-Oxley. According to a filing issued Wednesday by Hawk, the SEC is apparently exploring whether or not various stock transactions might have affected the company’s claim that it qualified as a non-accelerated filer. (more…)

NEC Fraud and Segregation of Duties

June 5, 2007

Just came across an article on CFO.com, which will make an easy case for the need of GRC software.

NEC  details major fraud http://www.cfo.com/article.cfm/9277053?f=rsspage
Fake orders resulted in $4 million in kickbacks. Meanwhile, internal investigations continue. (more…)

The new PCAOB AS5 will save compliance costs

June 5, 2007

The PCAOB’s Auditing Standard No. 2 is the rule largely blamed for creating excessively high audit fees for companies complying with the Sarbanes-Oxley Act. Since auditors began using AS2, companies have complained that common interpretations of the standard wrought burdensome audits by promoting work for work’s sake and encouraging a rigid checklist approach.

PCAOB recently replaced AS2 with AS5 with improved guidelines which will benefit both companies and auditors. The changes will also make small and medium companies comply easier. Once it is officially approved by SEC, audit firms would have to reference the standard for audits of internal control for fiscal years ending on or after November 15, 2007.  Here are some analysis of new changes to companies, auditors, and software and service providers: (more…)