The Network in the News

Drive Down Risk by Leveraging Compliance

April 02 2012

by Luis Ramos in Security Magazine, March 27, 2012

Leverage Compliance to Drive Down Risk It’s a scary world out there. Hackers stalk your networks just waiting to access your data. Identity thieves are busily scheming how to take over your assets. Fraudsters look for ways to take advantage of your good graces for personal gain. Maybe you have total confidence in your information security efforts because your IT team is well-versed at protecting networks and data assets. But what about the business processes themselves, or the people responsible for the day-to-day operations of those processes?

Corporate security is an essential part of any organization, but all too often the role of security has remained…

Fraud Tips Hit All-Time High

March 30 2012

by Sarah Johnson, CFO.com, March 29, 2012

Employees are increasingly coming forward with suspicions, according to a new study.

Reflecting an all-time high, internal tip lines collected a higher proportion of fraud-related tips during the most recent quarter, according to a new report.

The Network Inc. and BDO Consulting said that 21.6% of incidents reported during the fourth quarter in organizations’ hotlines and other reporting mechanisms were related to fraud, including possible corruption, misuse of corporate assets, and accounting irregularities. That number reflects an all-time high since the companies began their quarterly index in 2005, according to Jimmy Lin, vice president of product management and product development at The Network, a governance, risk, and compliance consultancy. The rest of the tips included complaints about…

Be Proactive in the Fight Against Fraud

February 06 2012

by Luis Ramos, CEO, The Network, in The Bank Board Letter (December 2011)

As we climb out of the economic crisis, which began in the last decade, financial institutions large and small face increasing regulatory and compliance demands. While banks and lenders are constantly on guard for consumer-level fraud, internal fraud often goes undetected and can cause irreparable harm. Even with limited resources, many community banks are leveraging progressive, proactive measures to combat internal fraud.

Regardless of the form it takes, what is often true is that internal fraud involves employees with the longest tenure and considered highly “trustworthy.” These employees have access to many of the bank’s most sensitive systems and data, which allows them to siphon off large sums of money over…

Top 12 GRC Considerations for Financial Companies in 2012

January 23 2012

by Luis Ramos, CEO, The Network, in Corporate Compliance Insights (Jan. 18, 2011)

While regulation is certainly not a new concept to the financial industry, the risks posed by regulatory non-compliance will continue to drive global enterprises to tighten their focus on risk management – literally, the center of GRC – and find the balance between business value and business ethics.

Perhaps no market segment has been subjected to more criticism or felt more scrutiny in the recent past than the financial industry. Excessive risk taking, regulatory non-compliance and instances of outright fraud have made headlines around the world. As a result, business enterprises of all types, and particularly financial institutions, are faced with a complex labyrinth of regulations, all in an effort to…

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IN THE NEWS

Strengthening Security Through Compliance

Security measures are essential for protecting people, assets and information, and compliance makes sure those measures are effective. A healthy compliance program will bolster your security measures and find weaknesses before they become problems.