Banking Compliance Executive Order on Dodd-Frank and a Wall Street Master of the Universe called Steve Mnuchin

Dodd-Frank under fire from the new president, but will Mnuchin reform banking compliance rather than burn? I discussed several banking and finance targets for an incoming Trump administration back in November, after the extraordinary presidential election win by the establishment outsider. I highlighted three targets back then: The Volcker Rule, Financial Stability Oversight Council, and the Consumer Financial Protection Bureau. Here we are in February, and by executive order and associated executive memorandum, President Trump directs the Secretary of the Treasury to consult with the heads of the members of the Financial Stability Oversight Committee on the efficacy of the existing... Read More »

Lean BPM for Lean Government as Trump’s Hiring Freeze Bites

President Trump’s Hiring Freeze Bigly Underscores Government Need To Do More With Less by Karl Hindle Back in November, we covered the effect of the Federal spending freezes on the delivery of services , and especially the need for government departments to do more with less and the impact on vendor margins. With the flurry of executive orders from President Trump, the hiring freeze presages a Federal government Ice Age and a great deal of disruption. The only exceptions to the hiring freeze are the military, national security, and public safety personnel. The Office of Management and Budget (OMB) released... Read More »

Enterprise Task Management Benefits for Employees

User Adoption is important, but there is much more for employees working with an Enterprise Task Management platform than just ease of use When we are looking at deploying tools and solutions in the enterprise, the focus is typically on “What is in this for the organization?”. Major purchases need to be justified, in terms of cost and ROI, the impact on how the organization will work, and the pros and cons. User adoption does form part of the mix, but this is frequently a tacked-on afterthought, and in any event, does anyone really consider what the benefits for the... Read More »

The Human Touch, Process Optimization, and Platformization

Process-versus-Platform and when should innovation supersede process optimization Michael Schrage is a fellow at the MIT Sloan School for Digital Business, and I read his article over the Holidays, tantalizingly entitled, “Instead of Optimizing Processes, Reimagine Them as Platforms”. I bit and read it, interested to see where this would go, especially after having adopted the concept of viewing a business through a process lens. The main meat of the article centered around a UX tweak for a client, which proposed the provision of inventory data to the prospective customer upfront. The idea was that by showing inventory as in... Read More »

JobTraQ X7.2 Release Announcement

JobTraQ X7.2: Merry Christmas! While developing JobTraQ X7.0 we discovered a strong need for easier collaboration on tasks and projects. JobTraQ X7.2 introduces Conversations to help users quickly ask questions and coordinate about their tasks. This new feature lets your team get the answers they need without a bunch of emails, phone calls, or searching for the right person. And the conversation details are stored in the task for easy reference instead of being spread across many systems or not tracked at all. Self-hosted customers with an active maintenance agreement can immediately download the self-installing upgrade from the JobTraQ customer... Read More »

Decreased Federal Spending Puts a Premium on Performance & Efficiency

Federal hiring freeze and reduced budgets mean government workers will need to do more with less I was fortunate to be able to attend SMART PROC 2016 recently, with a slew of military and federal government procurement attendees, and this gave me a great opportunity to discuss some of the major issues confronting federal government buyers. A common theme was how their budgets are being squeezed, but the drive for performance and efficiency has increased. Speaking with several system integrators, you can see how this is reflected with their margins being tightly squeezed, and they don’t think this is going... Read More »

Making Banking Compliance Great Again – Will Dodd-Frank Survive President Trump?

Trump Administration Making Thanksgiving Turkeys Out of Dodd-Frank, CFPB, Volcker Rule, & FSOC President-elect Trump stated he would dismantle the Dodd-Frank Act during his successful election campaign, so is this now beginning of the end of banking compliance as we know it? Trump’s claim is that Dodd-Frank has failed, and he has a point: enacted in the wake of the 2008 global banking crisis to tackle big banks which posed a systemic threat to the financial system, the big banks have simpler gotten bigger than ever. Love him or hate him, Trump is going to be making some big changes... Read More »

Sarbanes-Oxley: Trust is Not a Control

Sarbanes-Oxley (SOX) compliance is onerous, with heavy penalties that include more than large dollar fines, but serious jail time in a Federal “country club” penitentiary and shades of The Shawshank Redemption. Enacted in 2002, we have been living with SOX for over a decade, and companies subject to SOX have been getting better at managing the associated costs which have declined as a percentage of revenue. But, have companies gotten better at actual compliance with SOX? Personally, I don’t think so as what appears to be a pyramid of sub-certifications built on sub-certifications has simply created a compliance house of... Read More »

Sarbanes-Oxley and the Lean BPM Solution for Executive Fear

Karl Hindle is a former auditor with Arthur Andersen and Pannell Kerr Forster, and covers the issue of Sarbanes-Oxley compliance and the Lean BPM solution for SOX using JobTraQ SOX Compliance: Your Own Bed or ‘Club Fed’ Sarbanes-Oxley was enacted in 2002 in the wake of Enron, Tyco, WorldCom, and a host of executives being arrested and forced to do the “perp walk”, being led away in handcuffs and usually hitting the evening news. Bluntly, SOX introduced real teeth into the world of corporate responsibility, holding the CEO and CFO fully responsible for compliance with the legislation, and threatening large... Read More »

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