GRC Report Staff

The Federal Trade Commission (FTC) has unveiled its Privacy and Data Security Update for 2023, showcasing the agency's relentless efforts in safeguarding consumer privacy amidst evolving data usage by companies. Samuel Levine, Director of the FTC’s Bureau of Consumer Protection, emphasized the FTC's proactive stance against indiscriminate data collection and exploitation, underscoring the agency's commitment to securing meaningful remedies to protect consumer information.

The Internal Audit Foundation has released its annual North American Pulse of Internal Audit report, offering critical insights into the state of the internal audit profession. Based on survey responses from 448 Chief Audit Executives (CAEs) and directors, the report sheds light on key trends shaping the industry in 2024.

the U.S. Department of Labor has intervened in response to alarming findings of exploitative child labor practices at a Morristown manufacturing facility. Tuff Torq Corp., a prominent manufacturer of outdoor power equipment components, has been compelled to reckon with the consequences of its actions following investigations revealing egregious violations of federal labor laws.

The Public Company Accounting Oversight Board (PCAOB) has issued a disciplinary order against PricewaterhouseCoopers LLP (PwC), imposing a civil money penalty of $2.75 million for violations of PCAOB quality control standards concerning auditor independence. This decision follows an investigation into deficiencies in PwC's quality control policies and procedures, which failed to ensure timely consultation on complex independence issues.

Today, the U.S. Department of the Treasury unveiled a comprehensive report aimed at navigating the burgeoning intersection of artificial intelligence (AI) and cybersecurity within the financial services sector. The release comes in response to Presidential Executive Order 14110, emphasizing the imperative of safe, secure, and trustworthy AI development and application.

In the wake of the devastating collision between the container ship Dali and the Francis Scott Key Bridge in Baltimore on Tuesday morning, supply chain and third-party risk specialists are closely examining the ramifications of this incident on global trade networks. As experts in identifying and mitigating vulnerabilities within supply chains, they underscore the critical role played by ports like Baltimore and the far-reaching consequences of disruptions in such key nodes.

Acting Comptroller of the Currency Michael J. Hsu delivered a thought-provoking address at CBA LIVE 2024, hosted by the Consumer Bankers Association, focusing on the pivotal role of fairness in enhancing compliance risk management within the banking sector. The event, held under the theme "For the People," underscored the imperative of prioritizing the needs of individuals and communities amidst evolving regulatory landscapes and technological advancements.