It goes without saying that COVID-19 has disrupted the world in a manner not seen before in our lifetimes and has required everyone to make adjustments to their personal and work routines. In response to the outbreak...
Archive - March 2020
Hackathon to Save Small Business
As with millions of other people around the globe, I am sheltering in place. Until last Thursday, my plan for the weekend was to immerse myself in a novel from the never-ending list of “books I intend to read.” But, on...
CECL Deferred for Banks Due to the Impact of the COVID-19 Pandemic
CECL is on the verge of being deferred. Late yesterday, the Senate passed its $2.2 trillion stimulus package. The final bill indicates that no insured depository institution, bank holding company, or any affiliate...
Operational Resilience: Measuring Impact Tolerance the FAIR Way
Among the UK supervisory authorities’ proposals and expectations for building operational resilience, the rules on “impact tolerance” have generated substantial debate and confusion. Mostly, the discussion has centered...
Leading Remote Teams in Times of Uncertainty
As the COVID-19 pandemic continues to disrupt business activity across the globe, organizations are reacting to unexpected challenges and adopting new business practices to align with social distancing, school closures...
The People Side of COVID-19: The Ultimate Test of Resilience?
By any measure, the COVID-19 crisis represents an extraordinary set of circumstances, a perfect storm that could pose the ultimate test of resiliency for business organizations: Can they pivot through this daunting...
CECL and the New AICPA Practice Aid (Part 3): Internal Controls and Governance
A new current expected credit losses (CECL) standard changes the way financial institutions estimate loss reserves from an “incurred loss” to an “expected loss” model. The AICPA has published a Practice Aid to help...
Financial Institutions Should Prepare for High Absenteeism, Operational Disruptions as Coronavirus Outbreak Worsens
While the scale and duration of the Novel Coronavirus (COVID-19) pandemic is not yet fully understood, financial institutions, lawmakers, government and regulatory officials are working urgently to implement measures...
COVID-19: Is Your Business Immunized Against Supply Chain Disruption?
Coronavirus disease 2019 (COVID-19), which emerged in central China in late 2019, had spread to 144 countries by March 15, infecting over 124,800 people. More than 6,500 deaths have been linked to the virus. And there...
Pre-IPO Companies – Put Your Vendors’ SOC Reports on Your 2020 Reading List
For public companies, collecting service organization control (SOC) reports is one of the important activities as of the end of their fiscal year. Companies that have not yet gone public but are considering it are...