Tag Archives: oversight

A Case Study on The Boeing Company Derivative Class Action

In 2006, plaintiffs in a derivative class action against the directors of The Boeing Company (“Boeing”), led by their counsel Labaton Sucharow, achieved a landmark settlement establishing unique and far-reaching corporate governance standards relating to ethics compliance, provisions that will also obligate Boeing to contribute significant funds over and above base compliance spending to implement the various prescribed initiatives.

In particular, Boeing’s Board of Directors will expressly undertake, through amendment of Boeing’s Corporate Governance Principles, reasonable oversight and monitoring responsibility for the implementation of Boeing’s ethics and compliance program and the effectiveness of those processes on an annual basis. The Audit Committee Charter also will be amended, including to provide for the Audit Committee to undertake responsibility for reporting no less than annually to the Board with respect to the implementation and effectiveness of Boeing’s ethics and compliance program. Click here to read more…

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Case Study on City of Edmonton

The City of Edmonton Web site was inflexible, antiquated, and difficult to navigate. The search didn’t work, and there were some tools that no one understood. People could freely make changes with very little oversight on how the content would be displayed. No one was overseeing what content went up, how long it went up for, and the decisions around what to do with old information. Click here to read more…

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Case Study on Interaction between internal auditors and the audit committee

Case Study about Interaction between internal auditors and the audit committee

Abstract: This study, based on six case studies within a Belgian context, provides a qualitative assessment of the interaction between internal auditors (IA) and audit committees (AC), by analysing their expectations and perceptions. It became clear that both groups have high expectations vis-à-vis each other, although perceptions of IA-AC interactions are not universally positive. Our empirical data indicate that audit committee members want internal auditors to be an important information provider. Therefore they expect internal auditors to demonstrate and communicate, as much as possible, their contribution to the monitoring and functioning of the organisation, and to play both an active and proactive role in risk management.

Introduction: Corporate collapses of the past few years, in the U.S. as well as Europe, have focused global attention on the need for strong corporate governance. This has generated significant discussion about the role of both audit committees and internal auditors in strengthening corporate governance (e.g. McElveen, 2002). Moreover, interactions between internal auditors and the audit committee are considered to be an important element of sound corporate governance In academic research, a large percentage of the empirical work related to audit committee (AC) oversight has focused on audit committee effectiveness. Keep reading…

Case Study on University of Notre Dame

The Challenge: Pupils producing paper. Lots of it. That was getting to be an expensive problem for the University of Notre Dame, which was seeing its costs skyrocket as students printed out reams of themes, dissertations and reports.





A key issue was lack of oversight; there was no way to monitor, much less control, paper output or its costs.The University knew it needed a cost-effective print network to more efficiently manage student paper needs. With such a network – and associated cost tracking – the school’s OIT Department hoped to reduce paper waste, and bring down printing costs..
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Case Study on Internal Audit Solution for a Global Bank

Evaluation and Selection: The bank undertook a comprehensive evaluation of the existing incumbent vendor along with all the leading GRC platform vendors. The systems were examined in detail for integrated capabilities of Internal Audit and Risk Management along with Compliance and Document Management. Comprehensive functionality such as micro risk assessment, audit inventory, operational planning, audit scheduling, audit plan execution, work-paper management, audit issue monitoring and followup, issue tracking, document management, etc was key to success for the bank.






Challenge: Currently, the Internal Audit Group supports the bank’s internal audit processes, from risk assessment to issue tracking, with multiple point solutions and software applications which includes in-house developed applications, legacy applications as well as vendor solutions. The bank’s plan is to replace the existing silos of disintegrated internal audit systems with a new, fully integrated and state-of-theart solution that would foster oversight and transparency and ensure compliance with the banks standards. Click here to read more…



Case Study on Understanding the Economics of Large Banks

Introduction: Supervision of large financial institutions is arguably the central issue in the ongoing debate on bank regulatory reform. Many observers see large banks as prime contributors to the 2007-2009 global economic crisis. Laws and proposals in various stages of adoption or evaluation aim to reduce or avoid such crises. These include Basel III and the Dodd-Frank Act, both of which constrain some large bank activities, increase their capital and liquidity requirements, and subject them to greater oversight.





Banking Activities: The banking system, with banks large and small—is like the circulatory system of the U.S. and global economies—performing a number of critical activities. These include lending or intermediating to allow businesses and individuals to invest and consume, matching those with savings with those who are worthy borrowers, transferring money among individuals and businesses to enable commerce to function, providing stores of liquidity, and facilitating the longer-term savings and investment of individuals and institutions. Banks are thus rarely more than one or two steps removed from all vital economic activities. Click here to read more…



Case Study on Actimize Enterprise Risk Case Manager

Actimize Enterprise Risk Case Manager enables firms to better manage and mitigate organizational risk by centralizing and correlating data and activities from across the enterprise into a single interface, turning multiple flows of information into actionable intelligence.





Actimize Risk Case Manager: Amid a changing landscape of increasing liabilities and even more challenging risk mitigation, financial institutions require consistent monitoring and oversight across disparate systems, data silos, multinational operations, and interaction channels, to effectively evaluate risks and investigate alerts, cases, and issues. Click here to read more…

A Case Study on University of Notre Dame

Challenge: Pupils producing paper. Lots of it. That was getting to be an expensive problem for the University of Notre Dame, which was seeing its costs skyrocket as students printed out reams of themes, dissertations and reports. A key issue was lack of oversight; there was no way to monitor, much less control, paper output or its costs.The University knew it needed a cost-effective print network to more efficiently manage student paper needs. Click here to read more…





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Case Study on CeRTNA

The Challenge: The story of the large-scale E-Recording project began in 2004, when California passed the Electronic Recording Delivery Act (ERDA), an act in which the Attorney General is required to certify and provide oversight for any electronic recording delivery system being developed by a county.CeRTNA needed a system that would allow documents related to land records to be electronically submitted from groups such as title companies, banks, lenders and others as defined by law to be routed to county recorders for recordation, eliminating the need for paper documents to be delivered to the county…






The Solution: CeRTNA called upon Xerox to make their vision a reality, by creating a system that would help ensure the electronic documents met county/state standards and the stringent certification requirements of the California Attorney General.Xerox was up for the challenge, building a system that would allow documents related to land records to be electronically submitted from groups such as title agents, banks, lenders and local governments to be routed to county recorders for processing, eliminating the need for paper documents to be delivered to the county…
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Case Study on Rating the Credit-Rating Agencies

Credit rating started in USA in the late 19th century when early rating agencies began publishing financial analyses on railroad companies. Over the years, numerous regulations were created to govern the level of non-investment grade debt that institutional investors (banks, insurance companies and corporate pension funds) could own. But the turn of the 21st century brought a slew of problems for the credit rating agencies (CRAs) as they failed to detect signals of the collapse of companies like Enron Corp.

The creditworthiness of the rating agencies and validity of the processes and methodologies adopted for rating began to be questioned and demands for strengthening regulations began to be made. The Congress began to pressurise the SEC to re-examine the role of credit rating agencies and proposed greater oversight of the rating firms’ anticompetitive practices and conflicts of interest. A debate on whether subjecting rating agencies to substantive monitoring by the SEC and abandoning the NRSRO designation also ensued. A few critics also proposed establishing a separate regulatory set-up to monitor the rating agencies. Click here to read more…

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