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March 2017
 
 
Welcome to our financial services community!
 
We look forward to sharing valuable and informative insights on global industry news, regulatory updates and best business practices currently impacting the financial services environment.

- Charles V. Abraham, Partner, Financial Services Practice Leader                
- Alex Unterkoefler, Partner, Consulting Practice Leader                   
- Mike Bernstein, Partner, Financial Advisory Services Practice Leader          
- Charles de Boisriou, Partner, Global Financial Services Leader - Mazars
 
           
SECTOR HIGHLIGHT: BANKING
The Reduction of Regulatory Compliance Examinations For Financial Institutions
By Lorenzo Prestigiacomo
 
The Federal Deposit Insurance Corporation (“FDIC”), the Federal Reserve Board (“FRB”), and the Office of the Comptroller of the Currency (“OCC”) issued joint final rules that increased the number of small banks and savings associations (“institutions”) eligible for a 12 month examination cycle bump to an 18 month examination cycle.
 
 
FEATURED ARTICLES
Outsourcing under the SSAE 18 Standard: Are You Prepared?
By Peter Schablik
Outsourcing in 1992 was primarily focused on payroll, with only one in five companies outsourcing a critical business process. The assurance of internal controls for financial reporting guidance provided by Statement on Auditing Standards No. 70 (SAS 70) was adequate. Click here to read article.


FATCA Reporting Reminder
By Susan Grbic and Timothy Evans
Foreign Financial Institutions (“FFI”) in Model 2 Intergovernmental Agreement (“IGA”) jurisdictions and non-IGA jurisdictions need to be aware that March 31, 2017 is the deadline for filing Form 8966, FATCA Report, the filing used to report an account held by a U.S. person to the Internal Revenue Service. Click here to read article.


Evolving Role of IA with Cyber Risk
By Brian Browne
Research indicates that over 50% of boards assign cyber risk oversight to the audit committee. Considering this is where cyber risk governance discussions with management are occurring for many organizations, the role of Internal Audit to provide an independent and objective assurance of cyber risk management is critical. Click here to read article.

Global Perspectives
EBA Opinion on IFRS 9 and the Impact on Regulatory Capital

By Audrey Cauchet | Mazars France
After the Basel Committee consultation in October and then the European Commission’s legislative proposal of the package CRR II / CRD V in November 2016, the EBA has now given its opinion on the management impact of IFRS 9 on regulatory capital, notwithstanding a second impact study has just been completed. Click here to read article.

 
FEATURED EVENTS
Hosted Event:
Mazars’ Financial Services Forum: Top Priorities for Private Equity Firms
May 10, 2017
Open to clients and prospects
 
For more information on any of our events, please contact marketing@mazarsusa.com.

 
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