Redmond Worldwide, Inc is well experienced in the current Regulatory Standards. Failure to comply with Regulatory Requirements can result in fines, imprisonment, possible civil litigation, and the risk of damage to reputation. Rules also apply to business partners.
Redmond Worldwide, Inc. can help you by providing:
We recommend having Redmond Worldwide conduct a Gap Analysis of your Regulatory Processes. We can help your organization meet its Regulatory Requirements by first conducting a Gap Analysis and then completing all of the necessary documentation for your Organization.
Regulations and Practices
Approaching Enterprise Risk with a 360 degree process
Are you prepared to meet the regulatory requirements in 2005?
Why the Regulatory is Stricter
Regulatory Response
Accounting Irregularities and Financial Abuses
Financial Action Task Force (FATF) – Efforts to Detect and Prevent Terrorist Financing
Redmond Worldwide, Inc is well experienced in the current Regulatory Standards. We recommend having Redmond Worldwide conduct a Gap Analysis of your Regulatory Processes. We can help your organization meet its Regulatory Requirements by first conducting a Gap Analysis and then completing all of the necessary documentation for your Organization.
Redmond Worldwide Regulatory Methodology
Regulatory Gap Analysis
Regulatory Impact Analysis
Regulatory Strategy
Regulatory Check List
Regulatory Plan
Regulatory Implementation
Check 21
We are also up to date on the following for International Clients
New Regulation October 2004
The check Clearing for the 21st Century Act, or Check 21, requires banks, started in October, to present electronic images of checks rather than paper checks for clearing.
New Basal Accord II
Sarbanes-Oxley Auditing
Gramm-Leach-Bliley Act of 1999
Government Compliance Guidelines
US Federal Government is drafting guidelines for Federal Agencies
FFIEC
Latest thinking and best practices on which financial institutions are regulated and examined against. The FFIEC is a formal interagency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions by the Board of Governors of the Federal Reserve System (FRB), the Federal Deposit Insurance Corporation (FDIC), the National Credit Union Administration (NCUA), the Office of the Comptroller of the Currency (OCC), and the Office of Thrift Supervision (OTS), and to make recommendations to promote uniformity in the supervision of financial institutions. FFIEC issuances and guidelines have frequently served as a reference for some of the leading technology risk and data security publications and studies.
PATRIOT ACT
New Requirements — Severe Penalties
USA PATRIOT Act Section 326 imposes new requirements on how organizations screen
existing customers and process new customer information. By October 1, 2003, all
financial services organizations must have in place procedures for:
1. Customer Screening — On a regular basis, customers and transactions must be matched against government-provided lists of suspected terrorists, drug traffickers, money launderers and other criminals
2. Customer Information Program (CIP) — On all new customers, basic identification information must be obtained to verify the customer's identity Failure to comply can result in penalties of up to $1 million, and/or imprisonment.
HEALTH INSURANCE PORTABILITY AND ACCOUNTABILITY ACT OF 1996 (HIPPA)
The Health Insurance Portability and Accountability Act of 1996 (HIPAA) was signed into law on August 21, 1996. This law includes important new protections for millions of working Americans and their families who have preexisting medical conditions or might suffer discrimination in health coverage based on a factor that relates to an individual's health. HIPAA's provisions amend Title I of the Employee Retirement Income Security Act of 1974 (ERISA) as well as the Internal Revenue Code and the Public Health Service Act and place requirements on employer-sponsored group health plans, insurance companies and health maintenance organizations (HMOs).
HIPAA includes changes that:
NASD
NASD regulates the securities industry and virtually all U.S. stockbrokers and brokerage firms.
News Headings:
NASD Files Enforcement Action Against Sigma Financial For Harassing Clients, Violating Arbitration Code (04/28/04)NASD Proposes Specific Requirements for Deferred Variable Annuity Sales (04/26/04)NASD Proposes Increasing Sale Data On Corporate Bonds For Dissemination To Public Through TRACE (04/22/04)NASD Fines Long Island Brokerage Firm David Lerner Assoc. $100,000 for Prohibited Mutual Fund and Variable Product Sales Contests (04/12/04)
The New York Stock Exchange (NYSE) and the National Association of Securities (NASD) developed two virtually identical measures covering business continuity and contingency plans. The NYSE's version, known as Rule 446, and the NASD's Rules 3510 and 3520, received expedited approval from the SEC. While the rules affect only NYSE and NASD member firms, they still serve as valuable guidelines to businesses worldwide
Rule 446, which went into effect on August 5, 2004, requires NYSE members and member organizations "to establish and maintain business continuity and contingency plans relating to an emergency or significant business disruption." Furthermore, it requires the plans be "reasonably designed to enable it [the business] to meet its existing obligations to customers, and address existing relationships with other broker-dealers and counter-parties."
Regardless of the size of the member company, NYSE Rule 446 and NASD Rules 3510 and 3520 outline a set of 10 minimum requirements that must be addressed. These are:
Books and records backup and recovery (hard copy and electronic).
Identification of all mission-critical systems and backup for such systems.
Financial and operational risk assessments.
Alternate communications between customers and the firm.
Alternate communications between the firm and its employees.
Alternate physical location of employees.
Critical business constituent, bank and counter-party activity.
Regulatory reporting.
Communications with regulators.
How the member or member organization will assure customers prompt access to their funds and securities in the event the member or member organization determines it is unable to continue its business
NFPA 1600
NFPA 1600 is a “Standard on Disaster/Emergency Management and Business Continuity Programs” is the National Preparedness Standard for all organizations, including governments and businesses
The American National Standards Institute (ANSI) recommended to the 9-11 Commission on April 30, 2004 that NFPA 1600, Standard on Disaster/Emergency Management and Business Continuity Programs, be recognized as the national preparedness standard
NFPA 1600 is considered by many to be an excellent benchmark for continuity and emergency planners in both the public and private sectors.
The standard addresses methodologies for defining and identifying risks and vulnerabilities and provides planning guidelines which address:
Stabilizing the restoration of the physical infrastructure
Protecting the health and safety of personnel
Crisis communications procedures
Management structures for both short-term recovery and ongoing long-term continuity of operations
Program Management
Laws and Authorities
Hazard Identification and Risk Assessment
Hazard Mitigation
Resource Management
Mutual Aid
Planning
Emergency Operations
Mitigation Plan
Business Impact Analysis
Recovery Continuity Plan
Direction Control and Coordination
Communications and Warning
Operations and Procedures
Logistics and Facilities
Training
Exercises, Evaluations, and Corrective Actions
Crisis Communication, Public Education and Information
Finance and Administration