BF_GRC FINANCE LINK Penton Media May 20, 2009 If you want to view this on the web go to: http://enews.penton.com/enews/businessfinance/v/183 ---------------------------------------- ADVERTISEMENT BPM Summit Presentation: Rethinking Planning, Budgeting, Forecasting, and Target Setting The 6th Annual BPM Summit, Generating Value Through Visibility, brought together some of the business world's foremost practitioners to explore the transformational role of finance in the enterprise. If you missed the live event, you can still enjoy unlimited access to the audio and slide shows from the keynote speaker presentations at our on-demand archive. http://bpmmag.net/summit/2008/ ---------------------------------------- TODAY'S ALERTS --Interview: How IES CFO Randy Guba Supercharged Finance IES CFO Randy Guba, a graduate of GE's legendary financial management program, tells how market-based realignment and functional integration turned a troubled agglomeration of 27 companies into an industry powerhouse. To view the full article go to: http://businessfinancemag.com/article/power-surge-0520 --The IFRS Convergence Quandary While the convergence efforts have been important over the years, it is clear that they will not get us to where we need to be: a single set of standards. To view the full article go to: http://businessfinancemag.com/article/convergence-quandary-0512 --Janitor's Insurance 101 "Janitor's insurance" is helping to pay for bonuses and executive pensions, The Wall Street Journal revealed. Companies are taking out life-insurance policies on low-level employees and listing the firms as beneficiaries. What's the point? Cash and tax benefits. According to the U.S. General Accounting Office, these policies "generally include both tax-free accumulation of earnings on the policies' cash value and tax-free receipt of the death benefit." To view the full article go to: http://bigfatfinanceblog.com/2009/05/20/janitors-insurance-101/ --Can You Really Automate GRC? Automating GRC can reduce the cost of compliance, but there are two major problems: the size and complexity of the automation challenge and the inability of the GRC discipline to conform to the needs of machine intelligence. To view the full article go to: http://bigfatfinanceblog.com/2009/04/27/can-you-really-automate-grc/ --Linking Risk Management to Performance Management The importance of sophisticated risk management and GRC has reached an all-time high, but if these capabilities are going to become sustainable and integrated facets of corporate strategy, a link needs to be made. That's why Joe Atkinson, a principal with PricewaterhouseCoopers, is a vocal proponent of the need to wed risk management with performance management. He explains how risk management and performance management can be integrated more effectively in this two-part (http://bigfatfinanceblog.com/2009/05/01/linking-risk-management-to-performance-management-part-2/) interview. To view the full article go to: http://bigfatfinanceblog.com/2009/05/01/linking-risk-management-to-performance-management-part-1/ --Gensler Approved as CFTC Chairman The U.S. Senate voted 88-6 to confirm Gary Gensler as the new chairman of the Commodity Futures Trading Commission (CFTC). The CFTC regulates futures and options trading in commodities as well as credit default swaps and financial derivatives. To view the full article go to: http://bigfatfinanceblog.com/2009/05/19/gensler-approved-as-cftc-chairman/ --Risk Management Revised The practice of risk management has come under fire lately, given the upheaval in the economy. Some of that criticism has been aimed at the use of mathematical models and other risk management tools that were supposed to identify and quantify potential risks. The problem isn't necessarily with the models but with their application, say several Wharton professors in a new report. To view the full article go to: http://bigfatfinanceblog.com/2009/04/16/risk-management-revised/ --IFRS Preparedness How prepared are U.S. companies -- and how prepared should they be -- for IFRS adoption? They are much more prepared than they were 12 months ago, according to a March Deloitte survey. However, 64 percent of respondents to this survey indicated that they have not allocated any budget for IFRS conversion activities. D.J. Gannon, national leader of Deloitte's IFRS Center of Excellence, identified a couple of steps CFOs and corporate finance functions can take now to ease the future implementation burden. To view the full article go to: http://bigfatfinanceblog.com/2009/05/15/ifrs-preparedness/ --Former Comptroller General Weighs In In a new interview, former Comptroller General David Walker delves into the evolving role of internal audit, government accountability, and the materiality of fraud and waste in organizations, among other GRC issues. To view the full article go to: http://bigfatfinanceblog.com/2009/05/18/former-comptroller-weighs-in/ --Was the Government's Bank Stress Test Analysis Overly Optimistic? Rumblings among financial services industry observers suggest that the government's interpretation of last week's bank stress tests may be a tad optimistic. The initial stress tests "reflect a significant increase in stress across the banking industry," according to Dennis Santiago, the CEO of Institutional Risk Analytics. To view the full article go to: http://bigfatfinanceblog.com/2009/05/11/stress-tests-analysis/ --Recession and Regulations Top Global Risk List What are CFOs, chief risk officers, and other risk-management professionals from more than 500 global companies worried about right now? Unsurprisingly, they're most concerned about an economic slowdown, according to Aon Corporation's global risk management survey. Other worries include pending regulatory changes, business interruptions, increasing competition, and commodity price risks. To view the full article go to: http://bigfatfinanceblog.com/2009/05/05/recession-and-regulations-top-global-risk-list/ --IFRS: The "Convergence vs. Adoption" Issue Now that the comment period on the SEC's proposed road map for the adoption of IFRS by public companies is over, experts are weighing in on the results. D.J. Gannon, national leader of Deloitte's IFRS Center of Excellence, put it succinctly. "The key theme coming from the comment letters is how to achieve a single set of high-quality globally accepted accounting standards," he said. "This is the 'convergence vs. adoption' issue." To view the full article go to: http://bigfatfinanceblog.com/2009/05/13/ifrs-the-convergence-vs-adoption-issue/ --Hanish Provides Insight on IFRS Conversion Arnold Hanish, the vice president of finance and CAO of Eli Lilly and Co., provides insight into the IFRS conversion in his comment letter on the SEC's IFRS road map Web site. To view the full article go to: http://bigfatfinanceblog.com/2009/04/22/hanish-on-ifrs-road-map/ --PwC's Dave Kaplan Responds to Feedback Inside Our IFRS Forum Dave Kaplan, leader of PricewaterhouseCoopers LLP's International Accounting and SEC Services Group, recently fielded a few questions concerning the adoption of international standards by American companies in the video "IFRS or Standards Convergence? (http://bigfatfinanceblog.com/2009/04/14/ifrs-or-standards-convergence/)" on the Big Fat Finance Blog's Expert Video Forum. Here (http://bigfatfinanceblog.com/2009/04/22/pwcs-dave-kaplan-responds-to-feedback-inside-our-ifrs-forum/) he responds to readers' feedback. To view the full article go to: http://bigfatfinanceblog.com/2009/04/22/pwcs-dave-kaplan-responds-to-feedback-inside-our-ifrs-forum/ --The Future of Financial Reporting: A Market Perspective Global investors are demanding stricter corporate governance and compliance requirements for publicly held companies. Read this Oracle white paper in the BPM Resource Center to learn more about the issues, new principles, and technologies underlying these new requirements. To view the full article go to: http://resources.bpmmag.net/index.html?action=viewSponsors&sponsorID=23&userID=234 --Exclusive Offer for Palladium's Planning & Budgeting Conference Because you're a part of the Business Finance community and we've entered into a partnership with Palladium, you can SAVE $1000* off Palladium's Planning & Budgeting Conference, June 11-12 in Boston, with code BFNL! Hear best practice examples from American Express, APQC, Electronic Arts, Giant Eagle, Inc., Google, HP, Lenovo, Louisiana Workers Compensation Corporation (LWWC), Millipore Corporation, The Stanley Works, Wal-Mart, and More! Click here (http://www.thepalladiumgroup.com/Pages/EventRegistration.aspx?edid=162&pcode=BFNL) or call 800.554.2111 to register. To view the full article go to: http://www.thepalladiumgroup.com/events/exec/planning09/Pages/overview.aspx ---------------------------------------- Sponsor: BPM Magazine http://bpmmag.net/ ---------------------------------------- Webcasts ---------------------------------------- Using Performance Drivers to Enhance Business Success http://w.on24.com/r.htm?e=145349&s=1&k=34652575483F209D26F631862CB70FC2&partnerref=newsletter ---------------------------------------- Video ---------------------------------------- IFRS or Standards Convergence? Join the Conversation. Share your thoughts with our latest expert: Jean Wyer, partner and leader of college and university relations for PricewaterhouseCoopers. http://bigfatfinanceblog.com/2009/04/28/fueling-ifrs-knowledge-transfer/ ---------------------------------------- In this Issue ---------------------------------------- Business Finance magazine now FREE to qualified subscribers. Subscribe now! (http://businessfinancemag.com/subscribe) ---------------------------------------- Sponsorships ---------------------------------------- IF YOU WANT TO SPONSOR Business Finance, contact: Publisher, Matthew Weiner, 212-204-4221, mweiner@penton.com New England, Matt Butcher, 212-204-4240, matt.butcher@penton.com East/Southeast/Midwest, Jack Walsh, 516-520-0398, jwalsh@penton.com Texas/Minnesota, Marc Angel, 212-204-4201, marc.angel@penton.com West, Neil Dant, 949-838-2117, neil.dant@penton.com ---------------------------------------- Feedback ---------------------------------------- IF YOU HAVE QUESTIONS, comments, or reader feedback about an item covered in GRC Finance Link, contact our online editorial staff at newsletter@businessfinancemag.com. ---------------------------------------- Press ---------------------------------------- PRESS RELEASES CAN BE SUBMITTED electronically to Business Finance by e-mailing pressreleases@businessfinancemag.com. ---------------------------------------- ABOUT THIS NEWSLETTER To unsubscribe click here http://email.businessfinancemag.com/webforms/newsletter/unsub/?email=#email#&lid=#list_id#&mid=#message_id# Copyright 2008, Business Finance (a Penton Media Publication) 249 West 17th Street (3rd Floor) New York, NY 10011 http://www.businessfinancemag.com