NYMEX Holdings, Inc. (NYSE:NMX) , the parent company of the New York Mercantile Exchange, Inc. (NYMEX), the world's largest physical commodities exchange, today issued the following statement in response to the U.S. Treasury Department's "Blueprint for Financial Regulatory Reform" (Report).
We commend the Treasury Department in undertaking this thoughtful and detailed year-long review of the current structure of our federal financial regulatory system. We operate in a dynamic economy, and we believe that it is necessary and appropriate for government officials to engage in periodic reviews to assess whether current structures and policies have kept pace with rapidly evolving markets.
Thus while much of the current regulatory structure for the securities industry remains a hold-over from the Great Depression era, the regulatory structure of the futures industry was modernized by landmark legislation enacted by Congress in late 2000. As a result of the implementation of this legislation, which pioneered the use of broad-based core principles that establish flexible but demanding general performance standards to be met by regulated entities, the futures industry has seen a substantial surge in innovative new products and services that benefit not only the immediate market participants but also the broader U.S. economy as well.
The Report begins with several short term objectives. In particular, it is recommending an expansion in the size and role of the President's Working Group on Financial Markets (PWG).
"The PWG has played a critical role in coordinating policy analysis and response among federal financial regulatory officials, particularly in mitigating systemic risk, enhancing market integrity and investor protection and supporting market efficiency and competitiveness, and I welcome an expanded role for the PWG in coordination and communication among the federal agencies," said James E. Newsome, NYMEX President and Chief Executive Officer, who served as member of the PWG during his prior service as CFTC Chairman.
Beyond the specific short-term objectives, the Report otherwise sets forth longer term objectives requiring further study and review. In general, these objectives are quite sweeping in nature and generally will require Congressional action to implement new laws and thus will entail a process that may extend over several years.
NYMEX looks forward to working with Treasury, the CFTC, Congress and other interested parties on ensuring that any legislative proposal will continue to preserve and to support innovative and competitive markets and will enhance the ability of firms based in the U.S. to compete in a global marketplace. Futures exchanges regulated by the CFTC currently face competition not only from exempt over-the-counter derivatives venues in the U.S. but also from foreign exchanges operating under various levels of regulation overseas.
The Report commends the CFTC's current principles-based regulatory philosophy and indeed calls upon the SEC to adopt a similar approach. NYMEX strongly supports the emphasis in the Report on the value of a flexible core principles regulatory philosophy that can best keep pace with rapidly evolving financial markets. NYMEX also commends the Treasury Department for requiring that the SEC necessarily adopt fully various policies that are already well in place at the CFTC, including a core principles regulatory approach and a streamlined approval process for new rules and products, as a necessary condition preceding any possible future consolidation of the two regulatory agencies.
Finally, the Report refers to a consolidation of the SEC and the CFTC under an "evolutionary" framework that likely would extend over a number of years. NYMEX believes that a consolidation of these agencies does not represent the only way for rationalizing differences between futures and securities regulation. Moreover, any such review must be undertaken with care and necessarily must fully take into account the very real differences in market functions, products and regulatory missions. Thus, for example, there are critical differences in the use of performance bonds to secure open futures positions as compared with the use of margins in the securities business model.
Monday, 31 March 2008
Saturday, 29 March 2008
Bank of New York Chairman Calls for Better Financial Regulation
Tom Renyi, Executive Chairman of The Bank of New York Mellon and Chairman of The Financial Services Roundtable, called on Congress this morning to enact better regulation of financial services in the United States, saying the continued growth of the U.S. economy and future job creation depend upon it.
In his keynote address at the Second Annual Capital Markets Summit, Renyi introduced "The Better Regulation Act of 2008" - legislation drafted by the Roundtable designed to promote better, more effective, and better coordinated financial regulation. The legislation directly addresses the realities of our current financial crisis and the global competition that threatens U.S. leadership in financial services.
This draft bill has three, inter-related titles:
1. Better regulatory coordination. Title I expands and enhances the mission of the President's Working Group on Financial Markets (PWG) to ensure that all regulators at the national and state levels are cooperating effectively and have an affirmative mandate to be more forward looking.
2. Principles-based regulation. Title II establishes a set of six over-arching Guiding Principles for all financial services providers and regulators that can act as a "compass." The first guiding principle is "treat consumers fairly." Others address risk-based regulation, prudential supervision, competitiveness, and management responsibilities.
3. Prudential supervision. Title III is designed to ensure the uniform application of prudential supervision by all financial regulators. Prudential supervision is defined as a form of regulation that encourages full compliance with rules and regulation based upon an open, ongoing, and constructive engagement between individual financial services firms and their regulators.
"This is not just an industry issue - it's a national economic issue," Renyi said. "It's time to move from talking to taking action - with all the urgency the situation warrants. We can't risk an avoidable market disruption any more than we can risk our position as the world leader in financial services. What's at stake is nothing less than our future prosperity."
The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.
In his keynote address at the Second Annual Capital Markets Summit, Renyi introduced "The Better Regulation Act of 2008" - legislation drafted by the Roundtable designed to promote better, more effective, and better coordinated financial regulation. The legislation directly addresses the realities of our current financial crisis and the global competition that threatens U.S. leadership in financial services.
This draft bill has three, inter-related titles:
1. Better regulatory coordination. Title I expands and enhances the mission of the President's Working Group on Financial Markets (PWG) to ensure that all regulators at the national and state levels are cooperating effectively and have an affirmative mandate to be more forward looking.
2. Principles-based regulation. Title II establishes a set of six over-arching Guiding Principles for all financial services providers and regulators that can act as a "compass." The first guiding principle is "treat consumers fairly." Others address risk-based regulation, prudential supervision, competitiveness, and management responsibilities.
3. Prudential supervision. Title III is designed to ensure the uniform application of prudential supervision by all financial regulators. Prudential supervision is defined as a form of regulation that encourages full compliance with rules and regulation based upon an open, ongoing, and constructive engagement between individual financial services firms and their regulators.
"This is not just an industry issue - it's a national economic issue," Renyi said. "It's time to move from talking to taking action - with all the urgency the situation warrants. We can't risk an avoidable market disruption any more than we can risk our position as the world leader in financial services. What's at stake is nothing less than our future prosperity."
The Financial Services Roundtable represents 100 of the largest integrated financial services companies providing banking, insurance, and investment products and services to the American consumer. Member companies participate through the Chief Executive Officer and other senior executives nominated by the CEO.
Friday, 28 March 2008
$28m for BoA COO
Bank of America (BoA) has agreed to reward Countrywide chief operating officer (COO) David Sambol $28 million as incentive for him to stay on following the company’s merger, reports Reuters.
This move follows the $4.1 billion purchase of Countrywide by BoA, which will create the biggest mortgage lender in the US.
Mr Sambol will receive a $20 million retention bonus to be paid in equal portions on the first and second anniversaries of the merger, BoA disclosed on Thursday upon filing with the US securities and exchange commission.
In addition to this, Mr Sambol will be awarded $8 million in stock vested over three years, along with a $500,000 base salary and performance bonuses.
The amount eclipses the $20 million paid by BoA, the second largest US bank, to chairman and chief executive Kenneth Lewis in 2007.
After the merger, Mr Sambol will oversee a group enabling almost one in four US home loans.
The Federal Reserve will hold public hearings during April in regards to the merger, although analysts do not expect this to derail the deal.
This move follows the $4.1 billion purchase of Countrywide by BoA, which will create the biggest mortgage lender in the US.
Mr Sambol will receive a $20 million retention bonus to be paid in equal portions on the first and second anniversaries of the merger, BoA disclosed on Thursday upon filing with the US securities and exchange commission.
In addition to this, Mr Sambol will be awarded $8 million in stock vested over three years, along with a $500,000 base salary and performance bonuses.
The amount eclipses the $20 million paid by BoA, the second largest US bank, to chairman and chief executive Kenneth Lewis in 2007.
After the merger, Mr Sambol will oversee a group enabling almost one in four US home loans.
The Federal Reserve will hold public hearings during April in regards to the merger, although analysts do not expect this to derail the deal.
Centurion jVault Back Up
Jack Henry & Associates, Inc. (Nasdaq: JKHY), a provider of integrated technology solutions and data processing services for financial institutions, today announced its Centurion disaster recovery jVault data vaulting solution.
Centurion jVault is an online data backup solution that enables financial institutions to store critical IBM System i-based data at a secure, off-site location. Centurion jVault mitigates inherent risks associated with physically transporting tapes from one location to another, complies with related regulatory requirements, and provides financial institutions with a superior audit trail for all backed-up data.
Mid-Wisconsin Bank has more than $477 million in assets, is based in Medford, Wis., and is a long-time CIF 20/20® user. According to Eric Matheney, the bank’s IT director, “Backing up to tape every night means hours of data could be lost depending on the time of the disaster or business interruption. With Centurion jVault, the maximum lag time between our backed-up data and our production system is 15 minutes. Centurion jVault provides a comparative level of recovery with that of high availability and requires no duplication of equipment.”
The Peoples Bank has approximately $944 million in assets, is based in Biloxi, Miss., and is a growth-focused SilverLake System® user. James Gruich, Ph.D., vice president of Technology Security, said, “jVault improved the operational efficiencies related to our contingency planning and preparedness. This electronic vaulting solution streamlined our backup methodology, protects the integrity of our data, reduces the time required to access data over traditional tape-based technologies, and significantly reduces the recovery time we would need in a catastrophic scenario like a hurricane evacuation. jVault also stores data off-site throughout the day which eliminates the one-day vulnerability that inherently exists with tape-based backup solutions deployed nightly.”
Sandra York, vice president of Information Services with The Peoples Bank, concluded, “After Hurricane Katrina, we carefully reevaluated our backup strategy and looked at several possible technologies. Centurion jVault provided the price point, service levels, and reliability we need, and the functionality to streamline our operations and generate tangible efficiencies. Jack Henry’s working knowledge of bank operations and its customers’ needs also positively influenced our decision. We would highly recommend jVault to any bank that wants the peace-of-mind we now have knowing our data is seamlessly backed-up and stored safely off-site.”
According to Douglas Childress, general manager of Retail Solutions for Jack Henry Banking, “Centurion jVault, which is powered by the Mimix high availability agent provided by Vision Solutions, Inc., is a natural addition to our suite of disaster preparedness and recovery services and will complement very nicely, our existing real-time, high-availability solutions. Centurion jVault typically recovers data in minutes or hours enabling clients to diffuse the impact of unavoidable disasters and business interruptions. Centurion jVault is an important addition to our managed disaster recovery solutions and is a proven, cost-effective data vaulting solution for our diverse customers.”
Centurion jVault is an online data backup solution that enables financial institutions to store critical IBM System i-based data at a secure, off-site location. Centurion jVault mitigates inherent risks associated with physically transporting tapes from one location to another, complies with related regulatory requirements, and provides financial institutions with a superior audit trail for all backed-up data.
Mid-Wisconsin Bank has more than $477 million in assets, is based in Medford, Wis., and is a long-time CIF 20/20® user. According to Eric Matheney, the bank’s IT director, “Backing up to tape every night means hours of data could be lost depending on the time of the disaster or business interruption. With Centurion jVault, the maximum lag time between our backed-up data and our production system is 15 minutes. Centurion jVault provides a comparative level of recovery with that of high availability and requires no duplication of equipment.”
The Peoples Bank has approximately $944 million in assets, is based in Biloxi, Miss., and is a growth-focused SilverLake System® user. James Gruich, Ph.D., vice president of Technology Security, said, “jVault improved the operational efficiencies related to our contingency planning and preparedness. This electronic vaulting solution streamlined our backup methodology, protects the integrity of our data, reduces the time required to access data over traditional tape-based technologies, and significantly reduces the recovery time we would need in a catastrophic scenario like a hurricane evacuation. jVault also stores data off-site throughout the day which eliminates the one-day vulnerability that inherently exists with tape-based backup solutions deployed nightly.”
Sandra York, vice president of Information Services with The Peoples Bank, concluded, “After Hurricane Katrina, we carefully reevaluated our backup strategy and looked at several possible technologies. Centurion jVault provided the price point, service levels, and reliability we need, and the functionality to streamline our operations and generate tangible efficiencies. Jack Henry’s working knowledge of bank operations and its customers’ needs also positively influenced our decision. We would highly recommend jVault to any bank that wants the peace-of-mind we now have knowing our data is seamlessly backed-up and stored safely off-site.”
According to Douglas Childress, general manager of Retail Solutions for Jack Henry Banking, “Centurion jVault, which is powered by the Mimix high availability agent provided by Vision Solutions, Inc., is a natural addition to our suite of disaster preparedness and recovery services and will complement very nicely, our existing real-time, high-availability solutions. Centurion jVault typically recovers data in minutes or hours enabling clients to diffuse the impact of unavoidable disasters and business interruptions. Centurion jVault is an important addition to our managed disaster recovery solutions and is a proven, cost-effective data vaulting solution for our diverse customers.”
Tuesday, 25 March 2008
OpenPages and AMR Research Webinar
Enterprise Risk Management
Who: John Hagerty, Vice President and Research Fellow, AMR Research; James Jorgenson, Managing Consultant, OpenPages; Patrick O'Brien, Director of Product Management, OpenPages
What: Webinar: The Reality Behind the Hype - Practical Steps to a Successful GRC Project
When: Wednesday, March, 26, 2008; 11:00 a.m. EDT
There's a lot of hype about GRC in the market, but what kind of projects are really happening and where are companies concentrating their efforts today? Please join OpenPages and guest speaker John Hagerty of AMR Research for an informative webinar that will show a GRC project getting done today and the practical steps for a successful GRC project.
In this webinar, AMR Research will explain where companies are spending money and how they are focusing their attention for GRC. We'll then hear a real-world GRC case study that will show the vision and current efforts of their maturity path for GRC. And finally, we will discuss how the right technology solutions can actually bring it all together onto a single platform to support GRC initiatives.
You will learn:
-- A strategy for convergence and integration of risk management is a phrased approach
-- How to focus on one initial area that is most pressing and value-driven, and then follow with other key areas
-- How to solve the challenges of global implementation and cross-business coordination and convergence
-- How to handle the ongoing development of an integrated risk management framework, taxonomy, and data model structure
Who: John Hagerty, Vice President and Research Fellow, AMR Research; James Jorgenson, Managing Consultant, OpenPages; Patrick O'Brien, Director of Product Management, OpenPages
What: Webinar: The Reality Behind the Hype - Practical Steps to a Successful GRC Project
When: Wednesday, March, 26, 2008; 11:00 a.m. EDT
There's a lot of hype about GRC in the market, but what kind of projects are really happening and where are companies concentrating their efforts today? Please join OpenPages and guest speaker John Hagerty of AMR Research for an informative webinar that will show a GRC project getting done today and the practical steps for a successful GRC project.
In this webinar, AMR Research will explain where companies are spending money and how they are focusing their attention for GRC. We'll then hear a real-world GRC case study that will show the vision and current efforts of their maturity path for GRC. And finally, we will discuss how the right technology solutions can actually bring it all together onto a single platform to support GRC initiatives.
You will learn:
-- A strategy for convergence and integration of risk management is a phrased approach
-- How to focus on one initial area that is most pressing and value-driven, and then follow with other key areas
-- How to solve the challenges of global implementation and cross-business coordination and convergence
-- How to handle the ongoing development of an integrated risk management framework, taxonomy, and data model structure
Monday, 24 March 2008
Comcast Auditor Appointment
Comcast Corporation (NASDAQ:CMCSA) (NASDAQ:CMCSK) , a vendor of entertainment, information and communications, today announced the promotion of Kamal Dua to Senior Vice President and General Auditor. In this role, Dua leads Comcast's Internal Audit Department, which is responsible for monitoring risks and the performance of financial, operational, compliance and systems audits. Dua reports to David L. Cohen, Executive Vice President, Comcast Corporation.
"Kamal is a very talented executive, and is widely respected throughout the industry," said Cohen. "He plays a key a role at Comcast, and has led a number of our most critical activities, including the implementation of the requirements of the Sarbanes-Oxley Act of 2002."
Before joining Comcast in 2003, Dua was Vice President and General Auditor of KeySpan Corporation in New York. He also previously held executive positions with AT&T Corporation and Bell Atlantic (now Verizon Corporation).
Dua obtained his MBA from Long Island University and a Master of Science in Information Systems Engineering from Polytechnic University, both based in New York. In 2006, Dua completed the Advanced Management Program from the Wharton School of University of Pennsylvania. A frequent speaker on Internal Audit-related matters at industry conferences, he is also a member of the Board of Trustees of Holy Family University, an Advisory Council of Villanova University's School of Business and the Advisory Board of Wharton Executive Education.
"Kamal is a very talented executive, and is widely respected throughout the industry," said Cohen. "He plays a key a role at Comcast, and has led a number of our most critical activities, including the implementation of the requirements of the Sarbanes-Oxley Act of 2002."
Before joining Comcast in 2003, Dua was Vice President and General Auditor of KeySpan Corporation in New York. He also previously held executive positions with AT&T Corporation and Bell Atlantic (now Verizon Corporation).
Dua obtained his MBA from Long Island University and a Master of Science in Information Systems Engineering from Polytechnic University, both based in New York. In 2006, Dua completed the Advanced Management Program from the Wharton School of University of Pennsylvania. A frequent speaker on Internal Audit-related matters at industry conferences, he is also a member of the Board of Trustees of Holy Family University, an Advisory Council of Villanova University's School of Business and the Advisory Board of Wharton Executive Education.
NetSol Shares
NetSol Technologies Inc. ("NetSol") (NASDAQ: NTWK), a provider of IT services and enterprise software to the financial services industry, today announced the Company's Board of Directors has approved a share repurchase program authorization to buy back up to one million of its issued and outstanding common shares. The stock repurchase plan will be effective March 24, 2008 through September 24, 2008.
NetSol CEO and Chairman Najeeb Ghauri, states, "NetSol's Board of Directors' approval of the new share repurchase program reflects the confidence it has in NetSol's future and the value it sees in the Company's current share price. While we continue to focus on the strength of our balance sheet to provide financial flexibility to support our global growth initiatives aimed at expanding our IT services and enterprise software offerings, we believe this program offers NetSol the ability to opportunistically repurchase shares when market conditions are favorable. We believe that selectively repurchasing NetSol stock is one of the best investments we can make right now and that today's announcement demonstrates NetSol's commitment to enhancing long-term value for our shareholders."
NetSol CEO and Chairman Najeeb Ghauri, states, "NetSol's Board of Directors' approval of the new share repurchase program reflects the confidence it has in NetSol's future and the value it sees in the Company's current share price. While we continue to focus on the strength of our balance sheet to provide financial flexibility to support our global growth initiatives aimed at expanding our IT services and enterprise software offerings, we believe this program offers NetSol the ability to opportunistically repurchase shares when market conditions are favorable. We believe that selectively repurchasing NetSol stock is one of the best investments we can make right now and that today's announcement demonstrates NetSol's commitment to enhancing long-term value for our shareholders."
MyECheck and TonerMax
MyECheck Inc. (OTCBB: MYEC), a leading provider of comprehensive viable alternative payment solutions, announced that is has signed TonerMax as a client and will be providing the online retailer with its comprehensive suite of electronic check processing services.
This agreement allows TonerMax customers to use their checking accounts as an additional form of online payment. MyECheck's patent pending software can debit every U.S. checking account, even accounts that ACH cannot debit; thus providing online merchants financial access to more consumers and businesses than any other payment method.
TonerMax.com provides customers with a wide variety of toners and related office supplies, and is owned by Impro Group, an international trading firm specializing in the area of office machine consumables. Please visit www.tonermax.com for more information.
MyECheck provides faster clearing and funds availability, substantially reduces charge-backs and risk and improves cash-flow; all at a much lower cost than credit or debit cards. eChecks processed on the MyECheck system are typically accepted in 1 to 3 seconds with check approval rates averaging over 90%, with many merchants exceeding over 95%.
This agreement allows TonerMax customers to use their checking accounts as an additional form of online payment. MyECheck's patent pending software can debit every U.S. checking account, even accounts that ACH cannot debit; thus providing online merchants financial access to more consumers and businesses than any other payment method.
TonerMax.com provides customers with a wide variety of toners and related office supplies, and is owned by Impro Group, an international trading firm specializing in the area of office machine consumables. Please visit www.tonermax.com for more information.
MyECheck provides faster clearing and funds availability, substantially reduces charge-backs and risk and improves cash-flow; all at a much lower cost than credit or debit cards. eChecks processed on the MyECheck system are typically accepted in 1 to 3 seconds with check approval rates averaging over 90%, with many merchants exceeding over 95%.
Friday, 21 March 2008
Beyond Legal Sarbanes-Oxley Conference
Corporate governance issues continue to haunt American business, six years after Congress passed the landmark Sarbanes-Oxley Act to mandate tougher corporate controls and accountability.
The Hollinger International prosecutions late last year and the rise of class action securities lawsuits to historic levels in the second half of 2007 after a two year lull are just two examples of recent issues.
Ripped straight from today's headlines, the Securities and Exchange Commission is now involved in more than 30 investigations related to subprime mortgage lenders, with the FBI leading another 14 investigations into companies suspected of accounting fraud, improperly secured loans and insider trading in the subprime mortgage industry.
Against that backdrop of issues, the American Bar Association's Tort Trial & Insurance Practice Section (TIPS) will host its third annual conference "Beyond Legal: A Business Approach to Corporate Governance," a unique, interactive exploration of corporate governance issues. The conference will be held May 8 & 9, 2008 at the Sheraton Hotel and Towers in New York City.
Beyond Legal is designed to interest any person concerned with good corporate governance, including high level corporate executives and board members, insurance professionals, accountants and attorneys, regulators and politicians. The conference tackles the balance between responsible corporate behavior, profitability and litigation risk.
"Issues of corporate governance can create dilemmas within any corporation, with competing interests challenging executives and attorneys to make the right legal and business decisions for the good of the company," said Kenneth M. Roberts, partner with Schiff Hardin LLP in Chicago and board member American Bar Association's Tort Trial & Insurance Practice Section (TIPS). "These discussions are an invaluable way for attorneys, business executives and corporate board members to share experiences and consider ways to navigate these difficult waters."
Panels of experts will discuss various approaches to structuring internal processes and how they may affect this relationship. The panels this year include discussions of:
-- Corporate Investigations;
-- Governance and the International Corporation;
-- Corporate Metrics as Indicators of Litigation Risk;
-- Executive Compensation;
-- Sub-prime Lending;
-- Stock Option Backdating;
-- And the role Diversity in the Board plays in Good Corporate
Governance.
Attendees have the opportunity to join in an ongoing dialog about what really drives good corporate governance, with the opportunity to ask questions and exchange ideas not only with the presenters but also with other conference participants -- people who are at the forefront of running, advising and monitoring companies and boards on a daily basis.
For more information about "Beyond Legal: A Business Approach to Corporate Governance," including online registration and information on panelists and presenters, visit http://www.corpgovern.org/.
The Hollinger International prosecutions late last year and the rise of class action securities lawsuits to historic levels in the second half of 2007 after a two year lull are just two examples of recent issues.
Ripped straight from today's headlines, the Securities and Exchange Commission is now involved in more than 30 investigations related to subprime mortgage lenders, with the FBI leading another 14 investigations into companies suspected of accounting fraud, improperly secured loans and insider trading in the subprime mortgage industry.
Against that backdrop of issues, the American Bar Association's Tort Trial & Insurance Practice Section (TIPS) will host its third annual conference "Beyond Legal: A Business Approach to Corporate Governance," a unique, interactive exploration of corporate governance issues. The conference will be held May 8 & 9, 2008 at the Sheraton Hotel and Towers in New York City.
Beyond Legal is designed to interest any person concerned with good corporate governance, including high level corporate executives and board members, insurance professionals, accountants and attorneys, regulators and politicians. The conference tackles the balance between responsible corporate behavior, profitability and litigation risk.
"Issues of corporate governance can create dilemmas within any corporation, with competing interests challenging executives and attorneys to make the right legal and business decisions for the good of the company," said Kenneth M. Roberts, partner with Schiff Hardin LLP in Chicago and board member American Bar Association's Tort Trial & Insurance Practice Section (TIPS). "These discussions are an invaluable way for attorneys, business executives and corporate board members to share experiences and consider ways to navigate these difficult waters."
Panels of experts will discuss various approaches to structuring internal processes and how they may affect this relationship. The panels this year include discussions of:
-- Corporate Investigations;
-- Governance and the International Corporation;
-- Corporate Metrics as Indicators of Litigation Risk;
-- Executive Compensation;
-- Sub-prime Lending;
-- Stock Option Backdating;
-- And the role Diversity in the Board plays in Good Corporate
Governance.
Attendees have the opportunity to join in an ongoing dialog about what really drives good corporate governance, with the opportunity to ask questions and exchange ideas not only with the presenters but also with other conference participants -- people who are at the forefront of running, advising and monitoring companies and boards on a daily basis.
For more information about "Beyond Legal: A Business Approach to Corporate Governance," including online registration and information on panelists and presenters, visit http://www.corpgovern.org/.
Tuesday, 18 March 2008
Aon eSolutions, a provider of global browser-based risk management information systems, today announced it has successfully completed the SAS 70 (Statement of Auditing Standards No. 70) Type II examination, which was conducted by Ernst & Young, a global leader in assurance, tax, transaction and advisory services.
Aon eSolutions operates as a Software as a Service (SaaS) provider, offering Aon RiskConsole, its premier global risk management information system (RMIS), as a true on-demand browser-based solution. As a SaaS provider, Aon eSolutions becomes a critical, integrated component of a client's information management strategy.
The SAS 70 Type II examination provides clients of Aon eSolutions with objective third-party verification that Aon RiskConsole meets exacting standards of security and a wide array of mission-critical internal controls, which have been exhaustively examined, documented, and tested by Ernst & Young.
SAS 70 Type II is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA), which indicates that a service provider has undergone an in-depth examination of its internal controls and security processes. In fact, the U.S. Securities and Exchange Commission (SEC) has designated SAS 70 as the acceptable method to confirm a service organization's internal controls.
"By successfully completing this examination, we have demonstrated our continued market leadership in establishing security and internal controls, and we have proven our commitment to maintaining the highest safeguards to support client efforts to comply with the Sarbanes-Oxley Act," said Kathleen Burns, chief executive officer of Aon eSolutions.
Under Section 404 of the Sarbanes-Oxley (SOX) Act of 2002, public companies are required to report on their controls to secure and protect sensitive information. As interpreted by SOX legislation, service providers who host, manage, and process client information are viewed as extensions of the companies they serve, and therefore, must also meet rigorous control standards. As companies turn to SaaS providers for system needs, selecting a SAS-70 vendor is critical to SOX compliance.
Ernest & Young assessed Aon RiskConsole on the following processes, activities, and operational control objectives:
-- Program change management
-- Network and physical security
-- Authorized Internet access
-- Daily computer operations
-- Data backup and recovery of tape backups
Aon eSolutions can provide clients with a comprehensive Type II report, which not only includes a description of its internal controls, but also verifies testing of the design and effectiveness of these controls. The report verifies that the company has achieved operational excellence with the highest levels of security, reliability and predictability of systems.
Aon eSolutions operates as a Software as a Service (SaaS) provider, offering Aon RiskConsole, its premier global risk management information system (RMIS), as a true on-demand browser-based solution. As a SaaS provider, Aon eSolutions becomes a critical, integrated component of a client's information management strategy.
The SAS 70 Type II examination provides clients of Aon eSolutions with objective third-party verification that Aon RiskConsole meets exacting standards of security and a wide array of mission-critical internal controls, which have been exhaustively examined, documented, and tested by Ernst & Young.
SAS 70 Type II is an internationally recognized auditing standard developed by the American Institute of Certified Public Accountants (AICPA), which indicates that a service provider has undergone an in-depth examination of its internal controls and security processes. In fact, the U.S. Securities and Exchange Commission (SEC) has designated SAS 70 as the acceptable method to confirm a service organization's internal controls.
"By successfully completing this examination, we have demonstrated our continued market leadership in establishing security and internal controls, and we have proven our commitment to maintaining the highest safeguards to support client efforts to comply with the Sarbanes-Oxley Act," said Kathleen Burns, chief executive officer of Aon eSolutions.
Under Section 404 of the Sarbanes-Oxley (SOX) Act of 2002, public companies are required to report on their controls to secure and protect sensitive information. As interpreted by SOX legislation, service providers who host, manage, and process client information are viewed as extensions of the companies they serve, and therefore, must also meet rigorous control standards. As companies turn to SaaS providers for system needs, selecting a SAS-70 vendor is critical to SOX compliance.
Ernest & Young assessed Aon RiskConsole on the following processes, activities, and operational control objectives:
-- Program change management
-- Network and physical security
-- Authorized Internet access
-- Daily computer operations
-- Data backup and recovery of tape backups
Aon eSolutions can provide clients with a comprehensive Type II report, which not only includes a description of its internal controls, but also verifies testing of the design and effectiveness of these controls. The report verifies that the company has achieved operational excellence with the highest levels of security, reliability and predictability of systems.
Tuesday, 11 March 2008
OpenPages at the General Audit Management
OpenPages®, the leading provider of enterprise risk management solutions that optimize business performance, today announced that it will exhibit at the 2008 General Audit Management Conference, taking place March 17-19, 2008 in Las Vegas, NV. OpenPages will be discussing critical issues facing audit management. This year, OpenPages invites attendees to visit their booths 403 and 405 to learn more about OpenPages Audit, a key building block in implementing an enterprise-wide risk management solution. Booth visitors will receive a chance to win a grand prize -- a myvu personal media viewer.
OpenPages Audit, as part of the OpenPages Platform, provides internal auditors with a uniquely configured view into organizational GRC, allowing audit managers to assess and monitor broader risk and compliance management activities.
OpenPages Audit has the capability to work as a fully integrated partner to business stakeholders, completely independently, or anywhere in between, as determined by the specific needs of the audit department or a particular audit being undertaken.
The Institute of Internal Auditors' (IIA's) General Audit Management (GAM) Conference is the signature conference for chief audit executives (CAEs), audit committee members, board members, and financial executive management. The goal of the event is to discuss the most critical issues facing audit management while gaining new insights from industry experts.
"We look forward to exhibiting at IIA's General Audit Management Conference," said Gordon Burnes, VP Marketing, OpenPages. "Our goal in exhibiting this year is to provide attendees with an opportunity to see the leading solution for enterprise-wide risk management, which includes OpenPages Audit. This software empowers internal audit departments to champion risk management, acting as a strategic partner to the business. OpenPages Audit drives visibility and confidence in organizational risk posture."
OpenPages Audit, as part of the OpenPages Platform, provides internal auditors with a uniquely configured view into organizational GRC, allowing audit managers to assess and monitor broader risk and compliance management activities.
OpenPages Audit has the capability to work as a fully integrated partner to business stakeholders, completely independently, or anywhere in between, as determined by the specific needs of the audit department or a particular audit being undertaken.
The Institute of Internal Auditors' (IIA's) General Audit Management (GAM) Conference is the signature conference for chief audit executives (CAEs), audit committee members, board members, and financial executive management. The goal of the event is to discuss the most critical issues facing audit management while gaining new insights from industry experts.
"We look forward to exhibiting at IIA's General Audit Management Conference," said Gordon Burnes, VP Marketing, OpenPages. "Our goal in exhibiting this year is to provide attendees with an opportunity to see the leading solution for enterprise-wide risk management, which includes OpenPages Audit. This software empowers internal audit departments to champion risk management, acting as a strategic partner to the business. OpenPages Audit drives visibility and confidence in organizational risk posture."
Monday, 10 March 2008
OpenPages at G-COR II Global Conference
OpenPages®, the leading provider of enterprise risk management solutions that optimize business performance, today announced that it will exhibit at the G-COR II Global Conference, taking place March 9-13, 2008 in New York City. This year, OpenPages invites attendees to visit their booth to learn how to improve their view into their company's risk landscape. While at the booth, visitors are invited to speak with OpenPages product experts to learn more about how OpenPages' technology can enhance operational risk management initiatives for enterprise organizations. Booth visitors will receive a chance to win a grand prize -- a myvu personal media viewer.
The G-COR II Global Conference is a joint event of RMA and the Operational Riskdata eXchange Association (ORX). It is the first truly global conference on operational risk developed by operational risk practitioners for operational risk practitioners. Outstanding keynote speakers, presenters, and panelists are features of this premier event. Aside from plenary sessions, there are streams dealing with such topics as the frontier of operational risk management and delivering value in different operational risk management functions.
"We look forward to exhibiting at G-COR II," said Gordon Burnes, VP Marketing, OpenPages. "Our goal in exhibiting this year is to provide attendees with an overview of our enterprise risk management solutions that give organizations enhanced visibility into their risk landscape, enabling business managers to make smarter decisions that maximize value, reduce costs and balance risk and returns."
The G-COR II Global Conference is a joint event of RMA and the Operational Riskdata eXchange Association (ORX). It is the first truly global conference on operational risk developed by operational risk practitioners for operational risk practitioners. Outstanding keynote speakers, presenters, and panelists are features of this premier event. Aside from plenary sessions, there are streams dealing with such topics as the frontier of operational risk management and delivering value in different operational risk management functions.
"We look forward to exhibiting at G-COR II," said Gordon Burnes, VP Marketing, OpenPages. "Our goal in exhibiting this year is to provide attendees with an overview of our enterprise risk management solutions that give organizations enhanced visibility into their risk landscape, enabling business managers to make smarter decisions that maximize value, reduce costs and balance risk and returns."
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