The Securities and Exchange Commission (SEC) has approved a new quality control (QC) standard developed by the Public Company Accounting Oversight Board (PCAOB), marking a significant step forward in improving the audit practices of registered public accounting firms.
In the world of governance, risk management, and compliance, policies are not just procedural formalities—they are the bedrock upon which organizations build their operational integrity. Properly designed and implemented, policies ensure that processes, transactions, and behaviors align with the organization’s objectives, mitigating risks and upholding values. But as vital as they are, policies can also be a double-edged sword: when poorly managed, they expose organizations to significant legal liabilities.
The Office of the Comptroller of the Currency (OCC) has announced a series of enforcement actions for July 2024, highlighting its dedication to maintaining robust governance, risk management, and compliance (GRC) across national banks and federal savings associations. These measures underscore the OCC's commitment to ensuring that institutions operate within regulatory frameworks and uphold high standards of conduct.
The landscape of Governance, Risk Management, and Compliance (GRC) is undergoing a profound transformation as organizations contend with rapid change, complexity, and interconnectedness. In this evolving environment, traditional approaches to GRC are proving insufficient, necessitating a shift towards more agile, resilient, and integrity-driven frameworks.
The famous philosopher Francis Bacon once stated, "Knowledge is power." This phrase, first coined in his 1597 work Meditationes Sacrae, has proven to be true time and again, particularly in the modern business world. In today's data-driven landscape, organizations are quickly recognizing that one of their most valuable assets is data and information. However, as the volume of data continues to grow exponentially, companies are struggling to manage and leverage this "power" effectively.
The Committee of Sponsoring Organizations of the Treadway Commission (COSO) and the National Association of Corporate Directors (NACD) have awarded a major contract to PwC US to assist in developing a comprehensive Corporate Governance Framework - the first of its kind for the United States.