Market Messes, Possible Fixes, and What Keeps CSOs Up at Night
Posted on May 2nd, 2008 by Priya Ramesh »Permalink
Howdy, everyone. There’s all kind of news today from the the world of finance. FASB is saying we-told-you-so about the subprime fallout, and just about everyone else is still scrambling to deal with the leftover mess. According to Financial Week, Senator Menendez (of the great state of New Jersey and the Senate Banking Committee), says that it’s time for reform for ratings agencies — that they’re playing both coach and referee.
Senator Menendez isn’t the only one calling for change. A senior official at the Treasury department is also advocating increased transparency in the marketplace, encouraging financial markets participants to adopt “voluntary measures to prevent abuses, reduce risk and boost transparency — or or face new rules requiring changes,” say the folks at Financial Week.
So we need improved transparency and fewer foxes guarding henhouses. Why does that sound so familiar, nearly six years after SOX?
Meanwhile, FierceSarbox picked up a study that CIO recently covered showing that more than 70% of security professionals list damage to brand as a top concern — more so even than avoiding regulatory violations or data breaches or ID theft. That level of awareness of the less tangible, but still serious damage that can come from compliance weaknesses is pretty enlightening. Looks like awareness of the importance of an enterprise-wide focus on GRC is really catching on . . .
Finally, because we’re not above tooting our own horns at Audit Trail, we thought our readers would be interested to hear that Approva has been named to the 2008 Red Herring Top 100 most innovative private technology companies headquartered in North America. You can read a little more about this here.
Tags: subprime meltdown, security officers, GRC, governance, risk and compliance, Red Herring 100